{"id":13506,"date":"2015-07-31T15:15:34","date_gmt":"2015-07-31T19:15:34","guid":{"rendered":"https:\/\/bhgrealestateblog.com\/?p=13506"},"modified":"2024-12-30T11:06:53","modified_gmt":"2024-12-30T16:06:53","slug":"bhgre-hosts-first-gen-z-advisory-board-meeting","status":"publish","type":"post","link":"https:\/\/bhgrecareer.com\/bebetterblog\/bhgre-hosts-first-gen-z-advisory-board-meeting\/","title":{"rendered":"BHGRE\u00ae Hosts First Gen Z Advisory Board Meeting"},"content":{"rendered":"

Lessons From the Future of Real Estate<\/h2>\n

Building on the groundbreaking Gen Z study<\/a> on homeownership by Better Homes and Gardens\u00ae Real Estate, we brought together some of the most impressive young minds from around the country to discuss many elements of the real estate transaction \u2013 from both a consumer and talent perspective.<\/p>\n

Generation Z \u2013 Americans age 13 to 17 \u2013 will play a major role in the housing industry in the decades to come. \u201cWe need to understand the way people will find agents, how they will look for homes, and how they want to conduct their research in the future. To do that we have to think outside-of-the-box, and look at how the next generation buys things today to anticipate how we can begin shifting our processes,\u201d says Better Homes and Gardens Real Estate President and CEO Sherry Chris.<\/p>\n

\"BHGRE\u00ae<\/p>\n

The Gen Z Advisory Board provided us a first-hand perspective of this generation\u2019s consumer and entrepreneurial aspirations. Twelve teenagers ranging from 7th<\/sup> to 12th<\/sup> grade applied for the opportunity to join us at the BHGRE\u00ae headquarters. Realogy chairman and CEO, Richard Smith, kicked off the session by acknowledging that the industry has a lot to learn about their generation, so when they do come of age to consider buying a home, we are ready to serve them.<\/p>\n

Read on<\/a> for some of the key learnings from the day!<\/p>\n

<\/p>\n

The Day-After-Tomorrow\u2019s Consumers<\/strong><\/h3>\n

We began by examining how our young consumers currently make purchase decisions. Almost all advisory board members would start out online, relying on reviews and web search when considering a big purchase. Some members pointed out that too much information can be overwhelming and frustrating, which is when they turned to the people they trust including their family, friends and product experts for advice and recommendations.<\/p>\n

A key insight was that online information alone did not drive the ultimate decision. Face-to-face interaction is critically important. In the real estate industry we already know this: no technology can fully replace that human connection and trust that can only be earned, not programmed \u2013 we are glad that this mindset lives on.<\/p>\n

\"BHGRE\u00ae<\/p>\n

From small purchases to major investments, we moved on to discussing how the next generation of house hunters might begin their journey. Since the advisory board\u2019s only experience with home buying was through their parents, Jennifer Marchetti, BHGRE\u00ae\u2019s Chief Marketing Officer, built a compelling analogy between buying a home and choosing a college. Both are major decisions that require huge planning and investment. Board members all confirmed that while huge amounts of information is collected online to narrow down the options, the ultimate decision is made by a gut feeling once on campus and through the trusted recommendations of people close to them.<\/p>\n

\"BHGRE\u00ae<\/p>\n

Though not directly affected by the economic downturn of the last decade, our young advisory board members \u2013 perhaps learning from the mistakes of the previous generations \u2013 displayed a keen acumen when it comes to preparing themselves for future homeownership. They understood the importance of savings as early as possible and maintaining good credit before making big financial commitment such as taking out a mortgage.<\/p>\n

Another critical insight was the recognition of the role and benefits of the agent as a trusted resource not only to help them find their dream home, but also to navigate through the transactional elements of the home buying process. To earn the trust of these future homeowners, however, we as real estate professionals will have to work hard for it. These digital natives expect agents to provide information that is not available via a simple Google search. They will not hesitate to call out when agents are not being truthful.<\/p>\n

Online Listing Exercise<\/strong><\/h3>\n

We asked our Gen Z Advisory Board to review a selection of online listings from across the industry and tell us how they would make them better. Visual appeal and cross-device support appeared to be on top of many teens\u2019 minds when browsing listings. An overwhelming majority agreed that high-quality photos were a must-have feature and expressed their disappointment when listings only had a few photos or when the photos were of poor quality. They suggested that more listings should highlight technology features such as built-in AV system or Internet speeds in different area of the house. Information on social surroundings and the neighborhood was also desired. To improve the home search process even more, our future house hunters would like to see better features that allow users to compare elements of a home for the sake of prioritizing listings. The consistent theme presented was also that all of this must be mobile-friendly.<\/p>\n

\"BHGRE\u00ae<\/p>\n

Echoing their opinion on online research and information transparency, many expressed concern when listings did not include a picture of the agent. They went further to express a desire to see more information about the agent including their achievements and qualifications.<\/p>\n

Find out what members of our Gen Z Advisory Board think of a career in real estate on the next page<\/a>!<\/p>\n

<\/p>\n

Career Ambitions<\/strong><\/h3>\n

After earning a well-deserved break and riding off of a candy-induced sugar rush, we switched gears to career ambitions. Amy Chorew, BHGRE\u00ae Vice President\u00a0of Platform Development, led a discussion on the value proposition of having a real estate career. Our Gen Z Advisory Board shared with us what they would like to do when they grow up. Shockingly, an overwhelming majority had pinpointed their future career goal, none of which communicated wealth potential as a primary factor in their decision. There were even two members who identified real estate careers as their ideal career goal.<\/p>\n

\"BHGRE\u00ae<\/p>\n

There appeared to be a lack of understanding of all the responsibilities that come with being a real estate agent. The overall perception from our board members was the agent\u2019s job was \u201ceasy.\u201d This is a real risk and opportunity for the industry in terms education and awareness.<\/p>\n

Undaunted by the characterization of a real estate agent as a wearer of many hats, quite a few teens found a career in real estate very appealing because of the flexible hours. This being the generation to which the concept of cloud storage and remote access is a necessity of life, many recognized the benefits of being able to managing their own time as a real estate agent and not being tied to a cubicle all day.<\/p>\n

On the subject of qualities that a real estate agent should have, they identified confidence, pleasant manners, networking skills, compassion and charisma as the factors that separate a good agent from the competition. Two teens cited examples of their friends\u2019 dads who are successful real estate agents and well-respected in the community for being a great resource and always wanting to help people.<\/p>\n

\"BHGRE\u00ae<\/p>\n

Unlike many seasoned real estate professionals who are still questioning the value of social media marketing, these teens unanimously agreed that social media would be a major focus of their selling strategy, while staying within boundaries. Unsurprisingly, they expressed their love for technology and how it makes life easier and, coming back to the subject of work life balance, allows them to untether themselves from the confines of an office setting.<\/p>\n

The American Dream is Alive<\/strong><\/h3>\n

Overall, the day-long session can be best summarized by comments from Alex Perriello, President and CEO, Realogy Franchise Group. He commented that Realogy and BHGRE\u00ae must be on the cusp of how the industry will change in the future. To do that we need to listen to the customer of today, tomorrow and even the day after tomorrow.<\/p>\n

By engaging with Gen Z, we confirmed our belief that homeownership is still a part of the American Dream. More importantly, Gen Z validated the importance of the agent and human connection in real estate. If we continue to work toward enhancing our level of service and trust by keeping our eye on the future we will secure our place during all phases of the real estate transaction \u2014 whether dreaming, searching, buying or making a house a home.<\/p>\n

\"BHGRE\u00ae<\/p>\n","protected":false},"excerpt":{"rendered":"

Lessons From the Future of Real Estate Building on the groundbreaking Gen Z study on homeownership by Better Homes and Gardens\u00ae Real Estate, we brought together some of the most impressive young minds from around the country to discuss many elements of the real estate transaction \u2013 from both a consumer and talent perspective. Generation […]<\/p>\n","protected":false},"author":181,"featured_media":13537,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[101,271],"tags":[16281,16401,29091,34261,34581,35451,39151],"class_list":["post-13506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured-post","category-thought-leadership-2","tag-gen-z-advisory-board","tag-generation-z","tag-next-gen-agent-and-consumer","tag-real-estate-careers","tag-real-estate-listing","tag-realogy","tag-sherry-chris"],"yoast_head":"\nBHGRE\u00ae Hosts First Gen Z Advisory Board Meeting - Clean Slate<\/title>\n<meta name=\"description\" content=\"Building on the groundbreaking Gen Z study on homeownership by Better Homes and Gardens\u00ae Real Estate, we brought together some of the most impressive young minds from around the country to discuss many elements of the real estate transaction \u2013 from both a consumer and talent perspective.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bhgrecareer.com\/bebetterblog\/bhgre-hosts-first-gen-z-advisory-board-meeting\/\" \/>\n<link rel=\"next\" href=\"https:\/\/bhgrecareer.com\/bebetterblog\/bhgre-hosts-first-gen-z-advisory-board-meeting\/2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BHGRE\u00ae Hosts First Gen Z Advisory Board Meeting - 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