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What Makes The Millennial Generation Run?

By
Services for Real Estate Pros with Napa Consultants DRE00893924

Long-term planning is important to include in one’s business plan if you are want to be the market leader in your luxury real estate practice/company.  It means understanding the new agents you hire, as well as those you will be selling homes to.  It also means knowing how important spare time as it to the millenial generation.

Next year, 80% of the work force will be comprised of millennials. Ten to fifteen years from today, the biggest spending group in the world will be those individuals who were born between 1980 and 1995.   

What is notable about this generation is that in the professional service section, (accountant, actuary, architect, dentist, doctor, engineer, lawyer, management consultant, and pharmacist for example) a significant number of the millennial set have entered and left this type of career path after a short stint. They were unwilling to sacrifice their free time to work harder for the traditional lure to advance their career by becoming a partner, or making more money. 

 

What is this sector of our population looking for?

 

A work culture that promotes and emphasizes work/life balance

 

Geographical convenience (work closer to home without a lengthy commute)

 

Technology in the workplace, focused on promoting flexibility and efficiency, such as having access to the best tools for collaboration and execution.

 

Having a policy of transparency regarding compensation, rewards and career decisions.

 

A working environment that feels like a community and emphasizes teamwork, appreciation, and support.

 

Even though this characterizes a large segment of the millennial generation, no one size fits all.  There are those in this generation, who do not fit these values. 

 

A there are those of us who are not by virtue of birth date in this category who have the same values as today’s millennial group.  Spare time to enjoy one’s life is definitely a high priority for many of us.

 

Written by Ron & Alexandra Seigel-

ABOUT:  Napa Consultants, International is the leader in brand strategy for the luxury real estate industry.  They work exclusively with professionals who are passionate about gaining or sustaining market leadership. With an expertise in personal branding, company branding, luxury real estate website design and social media marketing they help their clients become the breakaway brand in their marketplace.

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Comments(94)

Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

I agree.  I also think this is one reason home sizes will continue to grow.  The work at home culture will require space for the home office.

May 19, 2015 05:47 AM
Sandra Paulow
Aspen Properties, Inc. - Pinetop Lakeside, AZ
REALTOR, Associate Broker, GRI, SFR

I have to wonder if they will eventually realize that the reality in real estate is different than the ideal.  I hate to generalize because I know there are exceptions, but wanting something for nothing seems to be a trend I see a lot. The seller should throw something in the pot to make the pot bubble and if they don't, these buyers are actually offended.  That is a hard thing for me to deal with.  I have never expected anything for nothing.

May 19, 2015 06:33 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Sandra Paulow I have encountered many of these types in real estate when the milleniums were just born.  There are today and always will be the bottom feeders and those who expect something for nothing.  This is not an exclusive trait of the millennials, as it applied to so many.  If you check out some of the millennial real estate agents that are succesful, you will find that many are great people.  We met a whole bunch of them last week in Boston. And we were delighted for them and with them.

May 19, 2015 06:51 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Gene Riemenschneider I agree with you, and we love working out of our home.  A

Pamela Seley, REALTOR® I understand their suspicion of salespeople, because they have done their homework and they are not sure the agents have done theirs.  There is nothing worse than an agent who does not have their facts down pat.  That is were the suspicion arises.  The luxury industry is spending money to make sure their salespeople know everything there is to know about their products.  

We were all driven by a work ethic, and many forgot about life balance.  I have known people who don't see their kids until the weekend...yes, they are doing it all for the kids, but no real time.   I think we can learn about limits and boundaries. A

May 19, 2015 06:56 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

You know that's why I am so incredibly proud of my daughter.  She has been a paramedic for 4.5 years and gone to college part time to full time depending upon the semester.  In June she will be applying to medical school and she certainly has the dedication to fullfil that dream.  She gives up a lot of "free time", heck nearly all of it to position herself for her dream. I know she has what it takes to work hard enough to change the world.  

People meet her and ask how young she is, then they see her work for a minute and ask "how long have you been doing this". She has one of the best work ethics and dedication I've ever seen.  That all being said, family is the most important thing in her life.

May 19, 2015 08:05 AM
Christopher Winkler
Silverwood Capital, LLC - Costa Mesa, CA
Real Estate Investments Without Getting Dirty

I can't stand that word, Millenial. Why do we now have to classify ourselves into such tiny little subdivided boxes? Baby boomers, Gen X, Millenials. None of these classifications existed before them. Then we further classify ourselves into some form of hyphenated name and skin color; African-American, Mexican-American. Then we classify our sexuality; gay, queer, lesbian. Then we classify our politics; left, right, center.

We are all human, and all bleed red. I am proud to be an un-hyphenated, unclassified American!

May 19, 2015 08:55 AM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Have 3 millenial daughters I can attest to all of the above.  They/we cherish our times together (spare time) wherever we can find it.  They live in 3 other states, are all happy and successful.  The youngest at 27 probably fits the millenial classification the best.  She works VERY hard, but plays even harder.  I can relate to this group because of my daughters and have earned every tech skill in my industry to work efficienty with them.  It keeps me sharp in business and focus!

May 19, 2015 09:15 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Tammy Lankford thanks for piping in.  Like you, I think this is a great generation, and your daughter is making you and herself proud.  Love how she is managing her ambition, and glad that her family is of utmost importance to her.

Christopher Winkler I agree with you on many of these monikers.  However, it is easier to think in terms of labels providing that one understands no one size fits all.  Both Ron and I have always thought that the labels make us more divisive rather than respectful of each other.  We stopped our LA times subscription when the paper showed Tiger Woods embracing his African American father, and his Thai American mother.  What the hell did that mean.  I never thought of my father as my Russian American father, or my mother as my French Amercan mother.  I agree we are all humans, but as humans we naturally classify.., sadly even an unclassification is a classification.  Thanks for the comment. A

May 19, 2015 10:21 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Jan Green that is exactly why we would never live in a 55 plus community.  I want to know what is happening with the whole population.  So glad that you are delighted with your 3 daughters, as I am sure they are with you.  Every millennial we have met , we have liked and each one has been a delight to relate to, exactly as you described.  They are teaching us that life is more than chasing that elusive dollar, we all need balance.  Thanks for you comment. A

May 19, 2015 10:25 AM
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

This is good info. Can you blame them for what they want? Sounds like what we strive for too. By the way, I grew up in Lake Berryessa, St. Helena, Yontville and the like. Great place to be a kid in the 1970's & 1980's...what difference now eh? 

May 19, 2015 10:36 AM
Jim Miner
Miner Noh & Associates - Phoenix, AZ
Loan Modfication & Short Sale Specialist

Sometimes I think naming each generation is like area codes, we are always having to create a new label, very seldom does human nature make a hard turn rather the turns are very slow and gradual.  Both of my kids are in the millenial generation, daughter waiting to go to med-school and son is an aritllery paratrooper officer with the 82nd. Airborne, and both love their free time.

May 19, 2015 10:52 AM
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

I hope I live long enough to see the female millenials get into powerful positions that affect real change for women in the traditional workplace.  There have been some changes, but not nearly enough.

May 19, 2015 11:08 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Thomas J. Nelson, Realtor lovely area where you grew up.  We moved from Napa after 6 years there from LA.  We missed the ocean and the weather, and we are now living in the Santa Barbara area.  I understand why this generation wants what they want, and thank you for your comment.

Jim Miner What a great analogy, and I agree with you.  Labels are a never ending occupation in marketing.  Both your kids are doing well, which definitely dispels all the negative myths about millennials.  I remember so many parents that worry about how their kids will turn out, only to find that they are just fabulous the way they are.

May 19, 2015 01:06 PM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Mary Hutchison, SRES, ABR and I am sure there will be more changes.  All in all this has been a time of many changes on many aspects of life and how we see others.  Like with all change, there has been resistance, and we are hoping for the best.  Thank you for taking the time to comment. A

May 19, 2015 01:08 PM
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

In every generation we find those who get it and those who don't ... I am also very proud of my kids ... both who work hard and play hard ... but know what they want and are willing to work and sacrifice to get to their Dream.  Enjoyed this post ... lots of good discussion here.

May 19, 2015 03:25 PM
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Ron and Alexandra - I do believe that the entire working culture is changing, and wonder if it is the same in other countries.

This seems to be a hot topic.

May 20, 2015 03:11 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Diana Dahlberg thanks for your comment.  I am glad to hear your kids are doing well, and I think they are on to something very special.  We all know the old adage, all work and no play  makes one very dull.

Troy Erickson I agree with you, and the corporations are relooking at their values and how to accomodate this new generation, and I am delighted that it is happening.  It is a hot topic!  Thanks for your comment. A

May 20, 2015 07:20 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Ron and Alexandra Seigel 

Like any generation there are generalities that apply, but always exceptions. And to some extent the dates of a generation are a tad bit arbitrary. Why not 1979? 1996?  With so many changes n our society one can't help but think a 15 year period would have a different impact and influence on those born at the beginning vs the end. And having talked to a number of those in this generation they themselve claim they are not that way and even resent being labeled accordingly and lumped together.

That said, there are generalizations that one might make that proabbly apply pretty well, and being aware of generation differences in terms of what's important, how they prefer to communicate, etc. is valuable in real estate, and the business world in general

Jeff

May 20, 2015 10:00 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Jeff Dowler CRS 

You make an excellent point.  I think those 15 years were chosen due to the birth rate.  Personally, I don't like to be lumped in any categories, some of our dominant core value agree with this generation.  

On  your asking how they prefer to communicate, many would say "texting" as you see from some of the comments.  I have seen them communicate directly using speech, with personally written thank you notes, email, etc.  They are redefining the way businesses run to allow people to have spare time.  This is intself is a huge contribution.  All in all we have faith in this group, we met quite a few who are in real estate thriving in the high 6 figures as their income.  They are doing plenty right.  A

May 21, 2015 06:41 AM
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

We will also see realtors wear many hats to make ends meet. Some have a FT job and wish to do it on the weekends.  We have one in our office she works for Uber taking people to places, a credit repairer, loan processor.  

Many realtors are also loan agent....

Jun 29, 2015 01:54 AM