4 Findings About the Generational Divide
Recently, Coldwell Banker Commercial teamed up with National Real Estate Investor, also known as NREI, to survey both young workers and older workers to find out their views on technology in commercial real estate how it affects them both currently and in the future.
There is a clear generational divide in some areas that might surprise you. For this study, the two generations are divided into those that are 45 and younger (younger workers) and those that are older than 45 (older workers). Here are a few of the findings of the survey.
1. Young Workers Want More Technology
Like many industries, CRE is seeing many advances in technology to help improve the business as well as keep agents more informed of what is happening in their markets. The survey found that a larger percentage, 65% to be exact, of young workers want more technology and adoption of technology in commercial real estate. In contrast, only 23% of older workers thought the same.
The interesting part of these results is that 68% of older workers think that CRE is keeping pace with other industry or in some cases even ahead, almost the same percentage of young workers who think there needs to be more.
2. Preferred Device is a Tablet
One thing that both generations agree on is that their preferred device is a tablet. 35% of young workers use a tablet daily and what may be a surprise to some is that 50% of older workers use a tablet daily. It is no surprise though that a tablet is the overall preferred device as it provides a larger screen to share information and presentations with clients but does not take up much space to carry with you wherever you go.
3. A Difference in Values
The values of both older workers and young workers may not differ as much as one would think. Without a doubt, older workers believe that one’s skills should be stronger in personal relationship building than in technology.
However, both groups believe that technology is important to achieving success within the commercial real estate industry. As much of the industry is still about personal interaction with clients, 96% of all survey respondents agree that face-to-face meetings are still important in the industry.
4. Technologies Effect on Real Estate
Both parties were surveyed on if they think certain technologies will have a large impact on the industry. These technologies included an increase in cyber security, cloud software, increase in mobile devices and a more tech savvy workforce.
Young workers and older workers were split with more than 50% of young workers believing these would have a large impact on the industry and less than 50% of older workers believing that these things would have a significant impact on their own business.