Millennials made up 32% of the home buying market in 2015—the largest generational market—as they made up 68% of the market for first time home buyers. The typical purchaser is 33 years old. According to realtor.org, however, the average realtor with some college education is roughly 57 years old. Check out these statistics concerning this generation:
• Their buying power is around $170 billion per year.
• Millennials will account for half of the workforce in the U.S. by 2030.
• There are roughly 79 million millennials around the U.S.
• 31% of Millennials state that they make enough of an income to have their desired life.
With the increasing number and sheer influence millennials have in the market, your business has to adapt to the changing desires, needs and preferences of this generation.
Although many older brokers and agents have made great leaps when it comes to keeping up with technology and the shifting tides of the market, recruiting real estate agents from this younger generation can be a valuable investment.
Now is the perfect time to concentrate on recruiting millennials and here are some tips to do just that.
Connect With Them in the Real World
Real estate is—first and foremost—a face-to-face endeavor. Even though it often seems like millennials use most of their time with their smartphones, they value real relationships just as much as anyone. If this is a potential employee of your business, wouldn’t you want to know them personally anyway? This is how you can engage with qualified prospective hires in-person:
• Join a young professionals network near you. When there isn’t one in your area, be the first to start one! When it seems like it might not be “age appropriate” for you to mingle with this group, see if someone in your office who’s “young at heart” could be your spokesperson.
• Try to recruit individuals from associated industries like finance, insurance, title, escrow and mortgage.
• Join a sales group near you. They’re used to working on a commission-style basis.