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Presentation at the CRB Board of Directors meetings held February 12, 2009 in Chicago, IL at the National Association of REALTORS headquarters. Presentation includes summary information taken from Generation Y research and surveys conducted January 2009 by the Company CEO, Inc.
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Emerging Member ProfilesGen Y Research and InterviewsJonathan D. Nicholas - FacilitatorCRB Board Meeting – 02/12/09
Emerging Profiles
Emerging Profiles
Gen Y Associate Interviews
• Average age of associates 24• Average 2008 volume $4.5 Million• Average experience 3 years• Interviews conducted during Jan. 2009• Contacted by phone, email, text, social media• 20% - Did not respond to inquiries
Emerging Profiles
Generation Y Overview
• 26% of total adult population• Adaptability• Tech Savvy• Learning-oriented• Effective Multi-taskers• Tolerant• Very Pragmatic • Competitive with Self and Others
Emerging Profiles
Generation Y Expectations
• Peer to Peer• Acceptance• Recognition• Input • Make a difference• Top of chain tomorrow• Support
Emerging Profiles
What are you looking for in an office…
• Mentor Me • Teach Me• Support Me• Help me to develop my business
Emerging Profiles
What type of support is critical to you?
• Business development• Lead generation• Peer support
Emerging Profiles
Expectations of your office…
• Fast-paced environment• Wired• Accountability• Lead management• Education• Stricter quality guidelines
Emerging Profiles
Minimum technology standards…
• Website• Exchange type email system• Social network engagement • Online database• Blogging• Paperless when possible• Walk the walk
Emerging Profiles
How they educate themselves…
• Went outside the office• “Most company programs are antiquated.”• “Education won’t make you money; systems will.”
Emerging Profiles
What training does their office offer…
• Most outsourced beyond new agent • Forced to go outside
Emerging Profiles
Biggest challenge with management…
• Communication • Old school• Old ideas• Old model
Emerging Profiles
Need to know about Gen Y…
• Be open minded• Drop your assumptions• Be a mentor, not a manager• “We have a guarded exterior that says, we know it all.”
Emerging Profiles
Use and impact of Web 2.0
• Social Network without exception• Instinctively go to internet instead of expert• Exchange of information• Peer to Peer education• YPN
Emerging Profiles
Key Challenges for Brokerage Managers:
• Need for mentoring style of education• Cradle to grave performance strategy• Indifference to experts• Communication & management styles• Brokerage standards & accountability
Emerging Profiles
Gen Y Broker/Owner Interviews
• Average age 26• Average office size 22 agents• Average experience 3 years
Emerging Profiles
Why a Broker/Owner?
• Couldn’t find the environment• Vacuum - opportunity• Mentoring• Apprenticeship
Emerging Profiles
Management style…
• Mentor• Systems/Technology• Accountability• Lead management• Benevolent dictatorships• Keyword: support
Emerging Profiles
Level of technology…
• Remote and portable• Tablets• Social networking• Newer open environments
Emerging Profiles
How do you educate yourself…
• Networking groups (P2P)• Conferences• Webinars• Online research for answers• There is no place – not aware of any
Emerging Profiles
How would you prefer to be educated…
• Online resource• Interactive database • Virtual education• P2P
Emerging Profiles
How do you educate your agents…
• Mentoring (all)• Constant in-house opportunities• Systems and Skills
Emerging Profiles
Where do you turn for brokerage information…
• Other brokers (peers)• No other place to turn
• Brokerage profitability• Recruiting• Strategy• Financial planning
Emerging Profiles
When asked about the value of designations…
• Why?• Good content – old ideas• “I’m not the type to wear my medals and trophies across the stage like the older agents at our conventions.”
Emerging Profiles
How do they fit the mold…
• Impatient (all)• Constant state of communication• Work peer to peer
Emerging Profiles
Biggest Challenge…
• Being in the bubble• Time/Life balance• Dealing with old school competitors• Being by yourself
Emerging Profiles
Kind of support you could use the most…
• Experienced B/O peer network• “know-how” to fix problems• 24/7 resource
Emerging Profiles
What do you expect from membership org…
• Newest technology• Timely updates• Support with challenges
Emerging Profiles
What do others need to know about Gen Y…
• Age is not an issue• This isn’t a fad that will pass• “Get in touch with what your customer is experiencing.”
Emerging Profiles
For more information about this research project, contact:
Jonathan D. Nicholas, Virtual CEO - Founder The Company CEO, Inc.
JonathanNicholas.com(847) 881-6535
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