Managing Multi-Generational Brokerages | Dotloop

Baby Boomers, Gen Xers and Millennials – What They Really Want From Today’s Real Estate Brokerage



July 02, 2018 | comments

A Recent dotloop Survey Revealed What Agents of Different Generations Value Most and How You Can Tap their Top Potential

MILLENNIALS | 1981-1996

Millennial were raised on a steady diet of screen time in rapid-fire succession of memes, Vines, tweets, apps, Snapchats and texts. They grew up in an age with selfies serving as the new form of self-expression and texting preferred over face-to-face communication.

Thus it should come as no surprise that a recent dotloop survey revealed that 99% of the 760 millennial agents polled said they felt at least “comfortable” or “very comfortable” with technology.

But here’s where the twenty- and thirty-somethings part ways with their elder counterparts: While boomers and Gen X agents prioritize commission splits over flexible schedules, millennials are more likely to choose flex time and work/life balance over money.

Trend: Millennials have a strong propensity for collaboration and teamwork (think: trophies for all). In fact, this generation, which comprises the largest population in the U.S. workforce today, is more than twice as likely to join a real estate team than their baby boomer counterparts.

Takeaway: Brokerages who want to tap into the millennial generation should support and promote a healthy team structure that fosters collaboration and provides as much flex time as is feasible. Nearly half of millennials surveyed by dotloop said collaboration is the main benefit they value the most in the transaction management platform. Play on this powerful motivating force by encouraging team-based goals and office-wide recognition programs that make everyone feel like valuable contributors.


GENERATION X | 1965-1980

Generation Xers have seen cassettes morph into CDs, CDs into DVDs and DVDs dovetail into the full-blown digital age. They’ve watched real estate communication evolve from fax machines and filing cabinets to email, eSignatures and seamless SMS texting. With social media a daily habit among most Gen Xers, this middle-aged agent is more inclined to favor Facebook (with user rates of 80%) over Twitter for their social channel of choice.

Like millennials, Gen Xers feel at least “comfortable” (42%) or “very comfortable” (54%) with tech. At 53 million workers, Gen Xers represent the second largest population in the U.S. workforce and one that brokers cannot afford to ignore.

Trend: While an average 70% of the nearly 4,000 agents polled felt it was “very important” for brokerages to provide technology tools, Gen Xers lead the charge as prioritizing tech as a resource provided by their brokerage.

Takeaway: To attract, recruit and retain “America’s neglected middle child,” it’s essential for brokers to present tech tools in the early stages of onboarding. A digital transaction platform like dotloop helps provide the Gen Xer with the features they value most: eSignatures (86%), document editing (58%), storage (39%), collaboration (24%) and compliance (22%).


BABY BOOMERS | 1946-1964

Baby boomers did not grow up with the same technology as their younger counterparts and thus either had to sink, swim or self-teach the necessary tech skills to avoid getting left behind.

Today’s boomers tend to be less adaptable to new technology, yet they make great mentors to their younger millennial colleagues and can offer a wealth of knowledge from years in the industry. Brokers and team managers can help bridge agent generational gaps by developing mentorship programs that encourage millennials to share their tech skills with boomers, who, in turn, offer professional and relationship-building knowledge with millennials.

Trend: Like Gen Xers, boomers value a healthy commission split over culture fit and work/life balance. Money as a motivator may explain why boomers find “speedy transactions” dotloop’s greatest strength. In fact, 68% of agents across the board agree that dotloop speeds up real estate deals.

Takeaway: Help your seasoned, commission-focused boomer agents adopt new tech by demonstrating how a transaction management system like dotloop can help them increase their client response time with real-time push notifications, CRM integrations and streamlined lead-to-close transactions on one platform.


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