About 18 months ago, I wrote a WorkPuzzle about the best age for candidates to make a transition to real estate.
The theory applied to the Millennial generation (those currently 19 – 35 years old) and claimed the best window to start working in the real estate industry may happen in a candidate’s early thirties.
Statistically, it’s the time in life when many individuals settle down and start to look for a long-term career.
Due to changes in the economy and job market, there may be another “ideal hiring window” opening for real estate hiring.
This time, it applies to Gen X (those currently 35 – 50) and it’s happening because working as a real estate agent may be one of the best employment options available.
Gen X Wage Earning Realities
In a recent article in Quartz, Allison Schrager points out a strange economic phenomenon happening to Gen Xers: they’re not earning enough money at the critical high income stage of their careers.
As you age and progress in your career, your earnings normally increase…. And, like generations before them, the typical Gen Xer’s earnings increased over that time. The figure below plots Gen X earnings and the median earnings of the whole population.
When an individual hits their mid-thirties, they should be entering the peak-earning period of their careers. For Gen Xers, this started happening around the year 2000.
By early 2002, the mid-career gains start to become apparent (as expected) and Gen X starts to separate itself from the median American income.
In 2008, the great recession happened and wages declined (also as expected). Here’s what was not expected: there has not been a proportional increase in wages for Gen X workers after the recession. Schrager points out,
But here’s a really important point about the Gen X data: nearly all the gains occurred before 2009, and the increases you’ve seen over the last couple years have only gotten us back to our pre-recession levels. Hardly anyone has gotten a significant raise since the recession.
Gen Xers are worth singling out because they’re in their peak earning years. They’ve now missed out on what should be the biggest raises of their careers.
Gen X and Real Estate Hiring
For the top end of Gen X (those approaching 50), time is running out on their peak earning years.
If someone in their late 40s is established in a career where wages have stagnated, they may want out. Also, some of these individuals may be very motivated to make up for lost time.
Where could a person who finds themself in this situation start a new career and be a top wage earner within a short five to ten-year period?
There are not a lot of options out there for making this happen!
Unless, you have the talent and motivation to become a high-performing real estate sales professional.
Granted, this is not for everyone. However, when it is a good fit for a candidate, there are few other opportunities capable of solving this dilemma.
The New Gen X Hiring Window
A second “ideal hiring window” may have opened up for real estate hiring.
Window #1: Individuals in their early ‘30s looking to settle into a career that can provide generous income during their peak earning years. Read the WorkPuzzle on this window.
Window #2: Individuals in their late ‘40s or early ‘50s who are looking at a career transition to make up for lost time and stagnating wages.
In both cases, the real estate industry has unique and compelling solutions to these age-related career problems.
If you sense a candidate is in one of these age ranges (it’s illegal to ask directly), occasionally steer the interview and follow-up dialog towards these income-related issues.
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