The Millennials Have Arrived!
Millennials, aka Gen Y, aka Pure Awesomeness. At this point, everyone knows who we are. You either love or hate us, but one thing is for sure, we have changed the face of business and taken the world by storm. By the time you read this, I am certain you have been touched by something created by a millennial. We millennials demand quick and easy access to everything at all times and, even if you think we are cocky and arrogant, you can’t deny we are changing your life.Millennials are changing your world. Click To Tweet
CRE – Dinosaur Industry
I’m a millennial working in a dinosaur industry, commercial real estate (CRE). Though we have switched to online listings instead of paper handouts, we still lack numerous amenities residential agents use. Our CRE listings are few with even fewer pictures, diagrams and facts. Commercial agents still say, “See Agent.” It’s the 21st century and you’re telling me I need to call you for information on a property? What about texting? With our shorthand and abbreviations, we are quick and get right to the point. Why have a five minute phone call when we can text for less than 30 seconds? Peter Dumaine, another Millennial CRE agent with Sperry Van Ness | Graham, Langlois & Legendre, made a great point when he said that “In a time when technology runs almost every facet of business, it’s interesting to step into a career where technology is just starting to pick up and be utilized.” I couldn’t agree more.Commercial real estate is a dinosaur industry. Time to evolve. Click To Tweet
Technology in the CRE Industry
This is where the next wave of young professionals are demanding more, specifically, more technology. With more CRE listing websites, social media and online blogs such as Rofo, theBrokersList, Costar and Loopnet, the CRE information highway is being built. Though we still lack the apps to support the push towards a full information tech overhaul, I have faith these websites will catch on and catch up. However, my next request for the dinosaur I work with is to simplify the viewing process.
Drones & Lock Boxes
I work in Baton Rouge, Louisiana and though drone use is a fairly new thing in real estate, their value is undeniable. The ability for a client see the exterior of a building without having to do a drive by saves a client time and they will love you for it. However, video tours are unheard of in Baton Rouge CRE right now. Residential agents use them, but we don’t. Why? Both of these can help our clients take a look and weed out a building much quicker than wasting time for a visit. Lastly, digital lock boxes can transform our industry. Though it is an added expense to cover as an agent, driving to your office to get a key is a complete waste of time.Millennials use technology to get things done. Click To Tweet
With all the technology we millennials grew up with, professional millennials demand time efficiency. We know every app, program and device to help us get things done. Are other millennial CRE agents wondering the same things? I know we have to pay our “dues” but we can teach this old dog of CRE some new tricks.
Getting Reviews in the CRE World
Speaking of time efficiency, millennials are also really great at figuring out who the industry leaders are. Word of mouth is no longer good enough. We like reviews; reviews by real people with real experience. Some fear one bad client review will drive their rating down. While that is a valid fear, millennials are smart and can figure it out if that’s the case. Plus, if we can’t, we will straight up ask you. We tend to be direct like that. We have all heard the saying, “everyone has an opinion and opinions are like [fill in the blank here ☺].” However, opinions are reviews and we like to hear from someone who doesn’t have a personal, vested interest in you. Can we get a Yelp for CRE agents? Who is going to start that app?
Information in the Age of Millennials
In the end, millennials are changing how you do business. Like it or not, we are the future of business and we are here to stay. Interpersonal communication is important, as are hand written cards on occasion, but my overall goal is to get my clients the information they want more quickly. We all know “time can kill a deal,” that’s real life. So, let’s all get aboard the information highway in CRE and zoom along like the rest of the world.
Thank you for reading this post. If you found it interesting, please share the following tweet. =)CRE in the age of the Millennials. Click To Tweet
Kathryn G. Juneau
After breaking into Commercial Real Estate in 2011, Kathryn became licensed in 2013 and began specializing in senior housing. In 2014 Kathryn became and Advisor with Sperry Van Ness | Graham, Langlois & Legendre, LLC. She has represented large users of medical and industrial space in an array of real estate transactions. Kathryn’s reputation of tenaciously protecting her clients’ interest, savvy negotiations and cutting edge marketing strategies has built her a solid foundation of corporate clients through her real estate advisory services. To contact Kathryn, you can email her at [email protected], call her at 225-367-1515 or follow SVN | GLL on Twitter at @svngll.