In the last edition, titled "Three Timeless Time Management Ideas," you might have noticed that the video was not related to the topic. I apologize. Please refer back to WorkPuzzle.com to see the video originally intended.
Now back to today's subject: Responses to Appealing To Younger Agents, Part 1 (posted a week ago) generated stronger opinions than I've seen from any previous blog entry that I can recall. All the feedback I've received comes from industry professionals who've witnessed the evolution of the real estate industry, far before I dipped my toe into the mix. It certainly seems to be a topic of interest and worthy of serious discussion.
The responses seem to be split down the middle. One group believes that recruiting a younger candidate mix must be taken very seriously, and actively pursued. The other side makes a credible argument for continuing the way the industry always has…sticking to primarily recruiting and hiring older (38+ yr olds) candidates.
Let's first consider the second group. Here's the well thought out argument: Real estate has traditionally attracted people in their second careers, or individuals whose spouses have a steady income and who already have school-aged children. This population has garnered a network of friends, has a history of success, and doesn't need as much hand holding to get things moving. Scott Nelson (CEO of Comey and Shepherd in Cincinnati) referred to this as "..relying on fundamental human behavior rather than embracing a so-called trend too quickly." Having witnessed the real estate industry first hand since he was a child, he says, "My belief in business is that we can make as many mistakes by moving too slowly to embrace new things as we can by moving too fast."
Additionally, this camp is also concerned about younger people having the financial means to begin a full-commission sales job. Many believe that the older, more experienced agents, have the means and motivation to work well in the industry.
On the flip side, others believe that hiring younger people should be a top priority in order to fill in the gap that was left when the easy money dried up. Easy money in the last real estate "up" cycle, they argue, attracted non-committed younger people who weren't really in it to do good work. The veterans hung in there and as a result the age average shot up as the less effective bailed in droves.
These people believe that younger people are attracted to working in a more mobile way, either from home or from Starbucks, and want to come into an office less often. Ironically, despite the need for mobility, some in this group believe that younger people like to work in teams and with more reciprocal work, rather than as lone rangers.
Rod Eller of Prudential Carolinas actually introduced us to some of his younger agents (approximately early 30's). The agents in this cohort, he says, have been some of the most productive since last November. He says, "It seems the older agents almost packed up shop over the winter. Most of the production has come from the younger…and newer agents in the last four months."
Another thoughtful response I received is that, "Younger agents are looking for a blend of the old with the new, and a culture that gives them flexibility and understanding. They want a manager and company that teaches them how to sell, but shows them that there's no bad way to generate a lead – go ahead and use technology or old fashioned shoe leather – as long as you are generating!" This person goes on to say, "I found the younger agents are also attracted to stability. They may be willing to take a risk getting into this business, IF they know that other young agents are finding success in your company ahead of them."
Before I elaborate on my thoughts, let me first describe what has stood out to me most in the above responses: It is apparent that what counts most is a having a thoughtful and somewhat definite philosophy, and a plan. Only then can you execute and maintain your position as a dominant player in your market. If you operate your plan while knowing the trends and carefully weighing all alternatives, you'll probably be in good shape.
I know that I promised you my thoughts about this, but addressing them today will make this blog twice as long as it usually is, so I'll chime in next edition. Having read the varying opinions, appearing to be sliced down the middle, it's going to take me a few days to digest it all and deliver some independent thoughts. In the meantime, be sure to write me if you have anything additional to add. Thanks for your responses – They have been very helpful!
Editor's Note: A correction was made to the video segment of our previous blog posting. To revisit the article, please go to http://workpuzzle.com/~workpuzz/workpuzzle/2011/03/three-timeless-time-management-ideas.html
Editor's Note: This article was written by Dr. David Mashburn. Dave is a Clinical and Consulting Psychologist, a Partner at Tidemark, Inc. and a regular contributor to WorkPuzzle. Comments or questions are welcome. If you're an email subscriber, reply to this WorkPuzzle email. If you read the blog directly from the web, you can click the "comments" link below.
