RISMedia's Real Estate Magazine

FEB 2018

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

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16 February 2018 RISMedia's REAL ESTATE {The NAR Power Broker Roundtable} Christina Pappas: Some millennials are taking a bad rap. But as the Pew Research Center and other respected pollsters are reporting, the nation's 75.4 million millennials aren't lazy or entitled at all. They very much want, in fact, to be achievers. But they are eager to create their own pathways, largely because they see that some of the old, traditional pathways aren't working very well. And lucky for us, many of these budding entrepreneurs see real estate as a career opportunity. So how does the industry see this new generation of agents? Lennox Sco: I see them as the most powerful generation ever to hit this or any profession. They are technology-infused and connected with community—they're a reflection of the world we're in, and I, for one, am happy to tap into the energy and excitement they bring. Joe Clement: You're right about the energy. I love their desire and their spirit. We have a few self-starters who are absolutely killing it. One of our younger agents who is in her fourth year in the business did 70 transactions last year. In the month of December, while most people were focused on the holidays, she brought in 14 new listings. Jason Waugh: Millennials have a unique kind of energy and perspec- tive. They were born into social media, which makes them incred- ibly well-connected—and yet, while technology has afforded a more mobile business environment, our millennials want to be in the office. They want the coaching, they want to collaborate, idea-share and soak up information. CP: Is this changing your office dynamic? JW: You bet! We're building out offices with less square footage and more open space, where mentors, coaches and agents can openly communicate—which is way different, and so much better than putting ev- eryone in isolated cubicles or behind closed doors. Millennials seem to thrive on collaboration, and that's the atmosphere we're providing. LS: We don't even have "managers" anymore. We have "office leaders" and quick-start training. We have a whole new vibe in our offices— we're upgrading the conversation, and we're sharing new core values. Our motto is, 'Everybody is produc- tive quicker.' This new energy is inspiring us to do more than sell a lot of real estate. We sponsored 30 separate charitable events last year to raise $13 million for children's hospitals. CP: Wow! Yes, I am a millennial, in my seventh year of business. In my dad's company we are very focused on creating a next-generation culture. We know our younger agents thrive on quick produc- tion, so our coaching and mentoring programs have been retooled to get them to the first deal faster. JC: Tweaking our training program to an intensive nine weeks and as- signing mentors to our new people has been very helpful in doing that. Millennials are fast learners, eager to get going, huge on social media, and, for the most part, pretty confident. What's yet to be tested is their stay- ing power—and their loyalty. Will they stick with the company that trained them, or look for greener pastures? Or will they decide to jump to other careers altogether? CP: Which begs the question: Are you actively recruiting millennials? JW: Definitely. Their presence creates a valuable two-way street; they're learning from our veteran agents, who, in turn, are learning new ways of communicating from millen- nials—using texting and videos, for example, to compliment time-tested methods, like phone calls and hand- written notes. LS: Millennials are taking us to a whole new level—and not just in real estate. Tapping into their fresh approach can give us all a new perspective. RE 8For an expanded version of this article and other NAR Power Broker Roundtable topics, please visit www.rismedia.com. Tapping Into Millennial Talent: How Next-Generation Agents Are Redefining Real Estate MODERATOR: Christina Pappas District Sales Manager, The Keyes Company, Miami, Fla.; Liaison for Large Firms & Industry Relations, NAR PARTICIPANTS: J. Lennox Sco President, John L. Scott Real Estate, Seattle, Wash. Joe Clement CEO, RE/MAX Properties, Colorado Springs, Colo. Jason Waugh President and CEO, Berkshire Hathaway HomeServices Northwest Real Estate, Portland, Ore. The Power Broker Roundtable is brought to you by the National Association of REALTORS® and Christina Pappas, NAR's Liaison for Large Firms & Industry Relations. Watch for this column each month, where we address broker issues, concerns and milestones.

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