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3 Things CRE Tech Has Learned from Millennials

Posted by RealNex on Jan 18, 2018 9:00:00 AM

Millennials are quickly growing to become a dominant force in the workplace as well as in terms of consumer behavior and drivers of societal norms. So it only makes sense to take their values and needs into consideration when giving thought to commercial real estate technology.

In fact, it may be most instructive to turn it around and ask: what has CRE tech gleaned from millennials themselves, and how may they be applied to the industry itself?

The Heat Is On

Millennials want what they want, and they want it now. That’s because they’ve been raised in an era where anything from crucial data to one’s favorite song lies a few keystrokes away. Innovation is increasing, metrics are crucial, intelligence is sexy, and the flow of information is key.

CRE tech needs to be prepared to keep up with this fast-paced demand through a combination of flexibility, built-in intuition, and plain-spoken common sense. Stodgy software that cannot be easily tailored to meet individual needs or can’t evolve at a rapid pace simply won’t do. Rather, the winners in this sector will show not just a willingness but a serious desire to set the pace and smile while they do it.

Technology Talent is Available – But the Pool is Running Dry

Millennials don’t just understand technology – they live technology. These are people who barely know life without email, smartphones, or the millions of ways simple combinations of pixels make everyday life simpler and more streamlined.

CRE tech needs to embody this in order to succeed. In order to do this, they must recruit millennials themselves, which is not always an easy task as talented young people are in hot demand throughout a wide variety of professions. Firms should be prepared to offer strong salaries as well as enticing perks in order to find and keep the best in the business.

Millennials demand good work-life balance as well as the flexibility to perform their duties from just about anywhere. Don’t try to pin a millennial into a fluorescent-lit cubicle for forty hours per week. It just won’t work. Instead, offer a type of work environment that makes a millennial want to perform beyond expectations and watch them do just that.

Millennials Want Connection

Connection doesn’t just mean connectivity, though certainly this is something millennials seek whether they’re looking for cafes, apartment buildings, or beachfront resorts where they will vacation. It also means workplaces where they can build strong relationships with the people around them and feel as though they are valued by the powers that be.

Additionally, millennials are looking to live in environments where they are in close proximity to things that are important to them. They want to be able to walk or take easy public transit to the places that matter – the cultural events, the nightlife, the amenities of a city.

So what can CRE tech glean from this? Once again, millennials want what they want, and they not only want it now, but here. Give them what they want and watch your success meter rise off the charts.

Topics: CRE Marketing, CRETech, Company Culture, Commercial Real Estate, RealNex, Real Estate Technology, CRE Tech