A recent survey of CORFAC International Millennials was conducted in which young commercial real estate brokers responded to questions about what motivates them, whether their career choices were influenced by family members, the kind of training they received, and more. The results of the survey were summarized in a series of GlobeStreet.com articles by Natalie Dolce.
According to part one of the articles, most of the professionals in their 20s and early 30s surveyed started in brokerage fresh out of college, and almost half (47%) had a parent or family member who worked or still works in commercial real estate.
“I would be lying if I said my father had nothing to do with my career choice,” wrote Max Stone of the Voit Real Estate Services/CORFAC International San Diego office in his survey response.
“I wanted a career with no ceiling, and I have always been interested in getting to know people,” Stone continued. “I have no doubt that I would have ended up in some sort of sales position with a commission element, but because my father was a broker and I saw the potential to make money, real estate was an easy choice.”
Regarding what motivates these millennials, money remains a large factor, but not the only one. In part two of the article series, such things as being engaged, providing excellent service and learning were cited by survey respondents as motivating factors.
“I grew up in a business environment and appreciate how dynamic of an industry it is,” wrote Dino Alevizos, B. Comm. (Hons.), Shindico Realty/CORFAC International in Winnipeg, Manitoba. “I get the opportunity to learn about various different sectors of business in a short timeframe.”
Part two also looked at what kind of training and compensation young brokers received in their first couple of years on the job. Most received a modest stipend the first year, and some got help from family.
Aaron Smith, 34, the oldest of the respondents, is a broker with L. Mason Capitani/CORFAC International of Detroit. He wrote that he received spousal support – “my wife worked full time.”
In part three of the GlobeStreet.com article series, the responses to the number of hours worked was examined. The survey showed a wide range, from as little as 40 hours a week to as many as 70 a week, although the average was 47 hours a week.
A good portion of the millennials surveyed sought a good work-life balance, according to the article, with about half saying they never work weekends or “rarely” and “sometimes,” if necessary, did.
The survey also showed these young professionals have “similar levels of intelligence, education, passion, motivation and strategic thinking as previous generations of commercial real estate brokerage professionals,” Dolce wrote in the third article.
She also noted the survey revealed a lack of diversity, “and with some exceptions, the industry is not doing enough to attract women and people from different ethnic backgrounds. Virtually 100% of the responses to the CORFAC survey were from men, and all but one of them is white.”