Recruiting Realtors®: Attracting Generation Y

A recent study by Deloitte stated that more than 50 percent of the four million Realtors® are baby boomers heading to retirement.

Generation Y is the first generation that has the ability to fill that void, and recruitment is essential to keeping the industry thriving.

Accounting for 25 percent of America’s population, Gen Y totals more than 77 million people. Gen Y is defined as people born from 1980 to 1995.

In a recent study by ERA, Gen Y is defined as people who are tech savvy, with the ability to provide new perspectives and generally have a wide personal network.

In that survey, 50 percent of Gen Y members said they wouldn’t consider a career in real estate, but 90 percent admitted they weren’t that familiar with what a career in real estate entails. ERA pointed out that because this generation is comprised of willing learners, this is an opportunity to educate them on the benefits of a career as a Realtor®.

The pros of a real estate career to a Gen Y member include schedule flexibility, no mandatory office time and the money-making potential. However, research suggests that they may be unprepared for the stress of the job, working nights and weekends and the start-up costs associated with real estate, like education and marketing.

ERA suggests a few talking points to show Gen Y that real estate is a worthwhile career. These include the ability to develop extensive personal and professional networks; be your own boss, but also be part of a large company, like a brokerage; help build communities and also to do something different each day on the job.

Social recruiting also resonates with Gen Y. Facebook and LinkedIn are both great resources to use to reach Gen Y. Additionally, a mentor program, like PAR’s internship program is a superior way to recruit Gen Y.

What ways, if any, have you used to attract Gen Y to a career in real estate?