The commercial real estate industry is struggling to hire new, young professionals. Kids don’t grow up hoping to become a commercial real estate professional, so firms need to adopt a new approaching to attracting young talent. Through leveraging cutting-edge technology and making some critical changes to workplace processes and culture, commercial firms can begin to attract more young talent, according to Dylan Taylor at RealtorMag.
- About 77% of real estate firms are having trouble hiring young talent
- Commercial firms need to adapt to technology and address workplace culture
- Invest in interesting new technology like virtual reality
- Millennial workers need inspiration and purpose in their work
Commercial firms will need to adapt in order to hire young talent and stay competitive. Alongside more than three-quarters of real estate firms reporting trouble hiring young professionals, the average age of commercial real estate professional is almost 50, according to U.S. census data.
The first change that most commercial real estate firms should be looking into is new technology. Digitizing the firm with more modern tools like internet portfolios, business apps and remote mobile technologies can boost productivity as well as customer satisfaction, according to RealtorMag.
Investments into mobile technology could also attract younger generations that grew up on smart phones. Mobile technology allows workers to access resources from anywhere and caters better to younger generations’ workflow. In addition, millennials love to travel the world, meaning a job that provides flexibility in that regard might be their selling point.
Cutting-edge technology can be a huge pull for young talent. Virtual reality tours not only attract millennials, but they will also impress clients and buyers. The Internet of Things building technology is also a growing trend. As technology continues to evolve, staying on the cutting-edge will require a lot of work, but is almost always worth it in the end.
Workplace culture is also important to millennials, even more so than most commercial firms would guess. Millennials, more than any other generation, desire a workplace that aligns with their own personal values and beliefs. They would much rather work for employers with ethics that benefit society, according to a study from Deloitte University.
Millennials need a purpose in their work. But that does not have to be as vague as it sounds. Workplaces can easily promote purpose and motivation through a healthy workplace culture and environment. For example, making strides towards green energy and sustainability will help your company image in the eyes’ of younger generations. In addition, offering a variety of mentorship, advancement and/or development opportunities will help attract and retain young professionals. Career progression is important to 88% of millennials, a generation that is competitive and eager-to-learn by nature, according to a Gallup poll.
Flexible work schedules are also highly important to millennials – the generation that loves to travel. About 75% of millennial workers said they prefer to work remotely, while only 43% claimed that their situation allowed them to do so. Although it won’t be easy, commercial firms need to start addressing flexible work schedules and the needs of younger generations.