Millennials have had a major impact on real estate, according to Steven Kaufman, contributor to Entrepreneur.com. “Crowdfunding mortgages, increased listings automation and changes to office culture are only a few business aspects they’ve already impacted,” Kaufman wrote in “6 Things Millennials Have Taught Me About Real Estate.”
Millennials are the largest percentage of the workforce, according to Kaufman. As such, he believes real estate agents can learn a lot from their work styles. Here are six ways Kaufman said millennials are influencing the real estate industry:
1. Questioning the way things are done — Millennials tend to question why things are done the way they are. Kaufman suggested doing the same instead of continuing to do things because that’s the way they’ve always been done. “Throw ‘if it isn’t broken, don’t fix it’ out the door,” he wrote. “There’s always room for improvement, and the first step is questioning processes that are already in place.”
2. Getting experimental — Millennials take risks to get things done. “And the only way to see if these new ways will work is to experiment,” Kaufman wrote. “Existing companies in the real estate industry need to take hold of this mentality to evolve and stay relevant.”
3. Embracing technology — Online listings have been around for some time, but automated software and customer relationship management systems have begun to revolutionize market pricing and lead generation, according to Kaufman. “Digitally enhanced processes are making real estate transactions much faster, a quality that millennials truly value,” Kaufman wrote in the article.
4. Embracing a flexible schedule —This generation has made flexible work schedules a staple of young startup companies, Kaufman noted. Closing the deal may require agents to be available at unconventional times, so a 9 to 5 workday may not cut it if you want to build a strong relationship with your clients. “Your schedule must mirror your clients’ to truly develop trust and meaningful relationships,” Kaufman wrote.
5. Using nonconventional forms of financing — Crowdfunding began as a way for young entrepreneurs to turn their ideas into a reality without obtaining bank loans. That concept has made its way into real estate. “Alternative lending includes crowdsourcing funds for investment properties from small investors,” Kaufman wrote. “Mortgages remain the most solid option to enable the quick turnaround needed in hot real estate markets.”
6. Being loyal — “Millennials believe in not compromising integrity, in developing a strong connection with colleagues and in working for a company whose vision they’re aligned with,” Kaufman wrote. That loyalty corresponds to their passion for their chosen field. When you work on ideas you’re passionate about, it can make all the difference in the outcome.
The moral of the story? “Taking a little risk on something — or someone — new can keep your business booming,” Kaufman wrote. “It’s time for the rest of the real estate industry to catch up.”