Long-term planning is important to include in one’s business plan if you 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 is to the millennial 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. After researching and reading several studies, it is evident that what makes the millennial generation run is the insistence on having spare time to enjoy their personal life.
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 are 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, and 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.