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Young leaders are not accustomed to instability and change. Morgan Hoffman, now 38, saw the aftermath of the 2008 housing crash firsthand. She received her real estate license in 2003 at the age of 18, and the company she worked for specialized only in foreclosure properties.
Six years ago, she and her business partner founded JPAR Live Local in Boise, Idaho. After a few “normal” years, she found herself coaching a brokerage firm during a pandemic. She said there was a time when she worked 54 days in a row, with bidding wars and a cutthroat market of customers who felt desperate to find a home, she couldn't take time off, she said. is reminiscing.
“I have empathy for agents. I've been there and I guide them through what happens next,” she says.
Millennial and Gen Z leaders are emerging in top roles in the real estate industry. Hoffman is just one example of the influx of young leaders who are using his personal perspective and experience to infuse fresh ideas into the field. According to his research, one such area is his work-life balance, and the younger generation says it is the center of life. According to the 2023 Deloitte Global Gen Z and Millennial Survey, these two generations say career is central to their identity, but happiness and mental health are equally important.
Empathy guides the way
Hoffman has seen every aspect of the business. While working in the marketing world, she has worked as an assistant, agent, and currently works as a broker. She has faced market ups and downs. She says her superpower is using her own experience to guide agents through the myriad problems they may face as they grow their business.
“I can help create a roadmap. After all, that's my job as a leader,” she says. “I give them resources to guide them through the questions they have, but I give them a buffer zone about what they don't know.”
Hoffman says that when she started her career, she learned the necessary skills on her own. She didn't necessarily have a guide in business. She doesn't want her agents to have that experience, so she offers weekly classes to help her team members learn the skills they need to be successful. Her classes cover building relationships, confidence, and communication with her clients.
Hoffman says she finds that millennials often get a bad rap. Overall, this generation is seen as whining, too nice, or not willing to work hard. She believes otherwise, and that is demonstrated by her own grit and her determination. She also considers empathy to be one of Millennials' greatest assets. She believes that this generation cares about people, wants a more balanced and meaningful life outside of work, and is not afraid to go for it.
“In my parents' generation, you climb the corporate ladder. But are you happy? Are you fulfilled? That wasn't the focus,” she says.
That's why she's working hard to build a brokerage where agents and clients can find balance and fulfillment. She accomplishes this by fostering trust and leading with empathy.
create space for young people
Alec Ross was working at a local grocery store during high school when he was quickly promoted to the position of office manager. This opportunity provided him with experiences that greatly influenced his career in real estate.
“I used to work with people two or three times my age. But in real estate, I feel like it's not that different,” says Arthur of Edina Realty in Edina, Minn. said Ross, team leader and partner at & Ross Real Estate. industry. Some people are starting their first job, while others have been in the job for many years. ”
While attending college in Minnesota, I worked as an assistant at a real estate company and then took a position as a transaction coordinator. He reviews the files of approximately 1,000 transactions per year, providing valuable insight into the industry. When he decided to get his real estate license, he felt he was in a position to succeed.
“When I got into this industry, I really knew what I was doing,” says Ross, now 25. His first sale was a small townhouse when he was 20 years old. These customers then completed five more transactions with him.
Ross says moving from Chicago to Minnesota for college helped him develop his skills. Since he had no territory or network, he had to build his confidence and business with intention.
“I've done deals that other agents don't want to do: travel more widely,” he says.
This experience shaped Ross as a leader. He believes he will invest much of his time into helping the four agents develop their businesses. He also believes in intentionally creating space for young real estate professionals.
Edina Realty is a non-franchise brokerage with approximately 2,400 agents. About 450 of them are under the age of 35. Mr. Ross and his fellow agents approached brokerage presidents last year with a proposal to form a new organization called New Voices. The organization within the brokerage provides a dedicated space for young agents and agents new to the business to foster connections.
“More and more, we have to show new agents that they have the potential to be here for the long term. We have events every month or every other month, like volunteer events and games,” he says. says. “We brought this group together just to show that there are people our age in this industry.”
In recognition of his leadership, Mr. Ross has been invited by the president of the brokerage firm to have lunch with several other professionals and frankly discuss the future of the company and how to improve it.
Honesty and determination make the difference
Kadie French, a sales representative with Keller Williams Central in Edmond, Okla., and vice chair of the Realtors Young Professionals Network Advisory Committee, believes there are three qualities that make a successful real estate professional. states that it is necessary. A willingness to adapt to change and explain things to people in an open, honest and kind way.
As a leader in many areas of the real estate industry, French, 29, does his best to see the big picture and not let negativity get in his way. “I don't want to be set in my ways. I want to hear other people's opinions, but I also want to listen to my own ethics and morals.”
She said she knows her age won't be a hindrance to her clientele and that her principles of honesty and adaptability will make a difference. “Some people hire me because I'm young and straight to the point,” she says.
French recently obtained an expired listing from another agent. French was hosting an open house in the same neighborhood, and her new client invited her to come see his property. After seeing her space, she was very upfront with him, encouraged him to be flexible with pricing, and suggested some improvements before relisting.
“We're painting the whole house,” she told him. “And we're going to reduce the price by another $40,000. That's where I think we need to be.”
He was reassured by her honesty and willingness to be upfront about what she thought was needed to sell in the current market. Ultimately, the home received multiple offers after being relisted.
When French began her real estate career at age 22, she did so with leadership in mind. In her short time, she achieved quite a bit, but it all started with her active involvement in local, state, and national associations. Two years ago, she was named to REALTOR® Magazine's 30 Under 30. She serves as her 2023 Chair of the Edmond Board of REALTORS®, and the organization named her the 2023 REALTOR® of the Year.
In addition to his vice-chair position at the national YPN level, he currently serves as chair of the Edmond YPN and Oklahoma YPN advisory boards.
She says many of the committees she's been on have involved seniors from different generations.
“The good thing was they came to me with open arms. They wanted a young voice,” she says. “I've kept pushing myself and I'm actually good at what I do. Even though I'm young, they respect me.”
