BrokerageIndustry News

6 tools for recruiting Gen Y agents

ERA study looks at demographic challenges facing real estate brokerage industry

When real estate professionals think about demographics, they're often focused on the impact that aging baby boomers will have on housing markets as they retire.The "baby bust" generation coming up behind the boomers -- "Generation X," those born from the mid-1960s to early 1980s -- is nowhere near as big. Many are counting on Generation Y to fuel demand for homes.Even as brokers and agents learn new ways to market to Gen Y clients, they must grapple with the same demographic trends within their own ranks.The National Association of Realtors' latest member survey shows the median age of a Realtor is now 56, up from 51 in 2007. Just over half of Realtors are between ages 40 and 59, and only 11 percent are under 40.Realtors' ranks are also shrinking. During the decade that culminated in the housing bust, NAR membership grew from 700,000 in 1996 to a peak of 1.37 million in October 2006. Membership has been slipping ever since, falling below 1 million in January ...