Unfortunately, Millennials Need Help Getting into Real Estate
Companies are complaining. They are having a difficult time retaining Millennials in their respective organizations. In fact, the US Bureau of Labor Statistics reported that Millennials stay with their respective employers for an average of 2.3 years, almost half the average of a typical US worker. In the real estate industry, the average tenure of these individuals can be much lower owing to the very challenging nature of the job among other factors.
Known as Generation Y or the Peter Pan Generation, Millennials are individuals who were born in the last 20 years before the turn of the new millennium. Tech-savvy, multi-taskers, and internet-connected. They are motivated by instant recognition and gratification. They don’t pay for cable, they sign up for streaming TV services.They also value flexibility in their work as well as maintain a sensible work and life balance. These are just some of the characteristics of Millennials that would seem a perfect fit for the real estate industry. Or so, it seems.
- Many real estate companies simply have a difficult time helping Millennials embrace the real estate industry’s way of doing things. However, there are certain ways in which they can be helped.
- Real estate companies can provide for a system of career advancement that can help motivate Millennials to do well in their respective roles. Companies that are known to promote individuals from within the organization have all been credited with higher retention rates of Millennials, especially in the real estate industry.
- Mentorship programs can help develop and hone the skills of a Millennial real estate agent. Partnering the Millennial with a seasoned realtor or a member of the management team can also help boost his confidence and make him feel that he is important to the organization. Additionally, the organization values his talents.
- Millennials expect a work-life balance which can mean they want to do more outside their work. Providing public service activities such as charity events can help foster Millennials’ sense of social importance.
- Millennials expect transparency and as such organizations must have a system in place that allows for an effective feedback system as well as a system of accountability. If companies expect their Millennials to do well in their roles, then they need to see the integrity in the decisions of the upper management.
- Millennials are also highly team-oriented. Real estate companies can, therefore, help Millennials a lot more if they create sales teams that support each other. Assigning a mentor for the team members will also be productive.