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New guard in real estate beginning to make their distinctive mark
Category Property News
Doing things differently, the new guard of real estate agents are beginning to make their distinctive mark on the industry, says Yael Geffen, CEO of Lew Geffen Sotheby's International Realty. In the global property market, millennials have overtaken baby boomers as the largest property buying demographic and their needs are very different than their predecessors, including what they expect from their real estate agents - and new generation agents know exactly what it is that they want.
Geffen adds that the growing number of reality TV shows, like Million Dollar Listing, have also been fuelling the transformation and glamorisation of an ostensibly staid industry which has previously seen little change in five decades.
Defined as between the ages of 24 and 39 years old, millennials now account for almost 30% of South Africa's total population according to Statistics SA and also largest generation to enter the country's workforce (51%).
"Until very recently, baby boomers were the largest property-buying group and, although they are far more dynamic than generations before them, their realtor and property investment expectations and needs have remained fairly conventional.
Millennials take a more active role
"Interestingly, although millennials instinctively turn to Google and YouTube when they don't know how to do something and will take it upon themselves to learn about the property market before investing, they do still prefer working with an agent.
"But, unlike their parents who interviewed an average of 1.6 agents according to a Zillow Group report, and were happy to let the professionals get on with it, millennials will interview on average 2.7 realtors and are likely to assume an active role in the process, expecting to be updated every step of the way."
And this, says Geffen, is where the new generation agents have a distinct edge because they understand what millennial buyers are looking for in a property professional.
"They are extremely brand savvy - not only do they recognise the value of establishing their own personal brands, they know that the best way to do so is to align themselves with established and successful large real estate brands.
"They also continually engage with clients and potential clients much more - they don't just use social media to advertise properties for sale, they cultivate a strong following by making and posting their own videos which share as much about them as people and professionals as it does about real estate.
"Never before have agents been so 'up close and personal' and it appeals strongly to the younger buyers, which is why all our new agents attend our Experience Academy to learn how to perform on camera, how to translate and project and how to successfully grow their personal brand."
Author: Lew Geffen Sotheby's International Realty