Where are the Millennial Real Estate Agents?

Where are the Millennial Real Estate Agents?

One of the requirements for NuCompass Connect real estate agents is to have a minimum of three years of experience in tax-protected home sale transactions. This ensures our agents are experienced in relocation real estate transactions. As baby boomers begin to retire, though, there has been a decline in experienced real estate agents.

The real estate industry now has a growing demand for millennials to represent the next generation of professionals. However, there is currently a wide demographic disconnect when comparing real estate to the rest of the economy. Last year, millennials were the largest generation in the American workforce, with more than one-third between 18 and 34 years old. Yet, just 5% of REALTORS® are under 30.

Why aren’t younger people selecting real estate as a career? Are there ways to break down the barriers and prepare young millennials for a career in real estate?

Steady Paycheck

It’s tough to get started in any business that does not generate a guaranteed income. To address this issue, one real estate agency in Pleasanton, CA brings on newly licensed agents as shared assistants to more seasoned agents. These “assistant agents” bill for the hours they work, giving them a steady income stream as they learn the business. Other agencies may offer a draw against commissions or encourage a part-time arrangement until the agent is ready to make a full commitment. This can be especially helpful for millennials that have student debt.

Cultural Changes

Real estate agents are an independent breed. While they are affiliated with a real estate office, they may just use it as a stopping point without making meaningful connections. Some companies are trying to change the culture through increased collaboration, brainstorming sessions, and marketing workshops. They are also asking experienced agents to “buddy up” and let new agents accompany them into the field. This type of cooperative learning and educational environment appeals to younger people.

Technology Innovation

Younger agents increase the potential for technology innovation within the industry. They will continue to benefit as technological opportunities and challenges transform real estate.

NuCompass Connect

Our national network, NuCompass Connect, is comprised of highly qualified real estate agents experienced in corporate relocation. As an independent management company, we are free to work with agents from any real estate firm. Unique in the industry, we utilize an Agent-Direct model for agent selection. This means we hand-select agents based on their market coverage, local knowledge, and overall performance.

As the real estate industry changes and evolves, we will continue to work with quality agents and provide NuCompass training to ensure effective communication and accountability for all of our real estate transactions.

Written by 

Lynda Murray, Broker, CRP, GRI
Senior Manager, Operations Real Estate Services

Lesley DeHoney, CRP
Vice President, Worldwide Operations