How Millennial’s Are Changing Commercial Real Estate
There’s no denying that Millennial’s are coming into the commercial real estate industry by storm, and they are ready to hit the ground running. Millennial’s, sometimes referred to as “Generation Y”, are those who were born between the early 1980’s and 1990’s. See how Millennial’s are affecting the CRE industry and how our commercial real estate software can help them find success:
Millennial’s Want Technology
Millennial’s have always had access to technology; their lives have always included computers, smartphones, email, and social media. They are used to being able to access information with just a few clicks, they know how to research and gather data quickly, and they are always just a second away from connecting with others (whether it’s via text, direct messages, email, or social media).
Millennial’s don’t just want access to advanced technology, they expect it. Commercial real estate firms that are not utilizing the latest technologies run the risk of not appealing to this in-demand generation, or at the very least the top talent won’t stick around for very long. This tech-savvy generation understands that technology will impact the way they work and how efficient they can be in the workplace.
So how can the commercial real estate industry attract and keep the most talented Millennial’s? First of all, provide technology tools that give them access to everything at the tip of their fingertips. Millennial’s enjoy working, but they want to work smarter, not harder. Simple things such as being able to access email, files, contacts, and essential work information from their smartphones is a must-have. A commercial real estate CRM, such as ClientLook, gives Millennial’s access to their entire database whether they’re in the office or on the go via our iPhone app.
Second, keep in mind that with this advanced technology there is no longer a reason for employees to sit at a desk for 8+ hours per day. Millennial’s don’t just want to punch a time clock, or simply put in their hours to get paid. They want to do meaningful work – whether that’s done inside an office building, or from their phone as they’re out of the office. With the increase of technology, a vast majority of work can be done with a laptop – or even a smartphone – and an internet connection. As long as you hire responsible and trustworthy individuals, let them work where they work best.
Millennial’s Want Personal Connections
Contrary to popular belief, Millennial’s want to make personal connections. They may talk on the phone less than previous generations, since texting, direct messages, and emails have been so prominent for most of their lives. However, they are used to connecting with people and sharing personal interests. For example, Millennial’s have grown up with social media. They are used to sharing their lives online. They are used to learning about other people by seeing what they share online. This generation enjoys creating personal connections and building relationships with the core people they work with. In the workplace, they can succeed and be most productive when they truly understand the other people they are working with.
Millennial’s Want Work-Life Balance
You may have heard the rumor that Millennial’s are “lazy” or feel “entitled”. In my opinion, this couldn’t be further from the truth. There are lazy and entitled people in every generation, so it’s not fair to label an entire generation based on a small percentage of the population. In contrast, Millennial’s are extremely hard-working, but they work in a way that is different from previous generations. With the increase of technology, Millennial’s can accomplish tasks faster than ever before. They thrive on being productive and adding value to the workplace, and they will utilize all of the tools and resources that are available to them; such as our exclusive Virtual Assistant team that can handle all of their data entry and CRM updates within ClientLook. Millennial’s adapt and learn new technology very quickly.
With their ability to work faster, Millennial’s crave a better work-life balance than they have seen with previous generations. Family, friends, community involvement, traveling, and new experiences are important to this generation. They excel on being able to balance their time so they can do the things that are important to them. They work hard, but they play hard also. Keep in mind that a Millennial is never too far away; even if they’re not in the office they are almost always still checking and responding to emails and completing important work when they’re on the go.
Millennial’s In The Commercial Real Estate Industry
So, what can the commercial real estate industry learn from this? Millennial’s crave technology, personal connections, work-life balance, and the freedom to work on the go. Give them guidance (especially at the beginning), but also give them the flexibility they desire and you will be impressed with their commitment to their clients, their speed and efficiency, and their ability to connect with others.
If you’re ready to work smarter, not harder, scheduling a complimentary ClientLook demo today. You’ll be amazed at how our advanced technology can help you save time, be more productive, and make more money.