Business Trends: Millennials Rejecting the Default

Posted on March 28, 2016 by SVN

Millennials Are Rejecting the Default

… and It’s a Very Good Thing

We all know that Millennials are challenging our traditional work environments. But the big question is “why?” Why are Millennials challenging the system rather than assimilating like earlier generations? I struggled with finding an explanation other than demographics until I read a sentence written by professor Adam Grant in his recent book: Originals: How Non-Conformists Move the World.

“The hallmark of originality is rejecting the default and exploring whether a better operation exists.” – Adam Grant.

Millennials are rejecting the default and it’s disconcerting, but necessary and in my view, a very good thing. When it comes to the work environment, Generation X, Baby Boomers and the Silent Generation don’t just represent the default … we are the default. This might be why so many of us take this personally. Why are Millennials so eager and able to reject a default that has been in place for generations?

Two reasons: technology and societal shift.

Technology. Millennials are digital natives. They grew up with technology and view everything through a technological filter. They look at our daily lives and think “there’s got to be an app for that.” It’s ingrained in them to use technology to question, dismantle, and reconfigure processes. They are rejecting the default option in search of a better way.

Societal shift. Generation X and Baby Boomers actually know people who worked 40 hours a week for 40 years at the same company, earned that gold watch and retired at 65 to play golf in Florida. We also know of people who had pensions; who were protected by unions; and for whom a single breadwinner could support a family even while working for a minimum wage. This is the default.

But, Millennials are not part of that default. Retire at 65? Not if they are still paying off their college loans. Pensions, funded 401ks, or a home with equity for retirement? Not likely. Even if we set aside monetary limitations, people are living longer. Retiring at 65 is no longer that appealing or feasible for most. The default no longer works, and this is why Millennials are forcing us to re-examine everything about our work culture.

One example of this came out of our recent SVN Millennials Career report (How Commercial Real Estate Firms can Attract and Retain Millennials) around the topic of flexibility in the workplace. According to our survey, flexibility of hours and location for work was a top five “must have” for Millennials and in fact, more men than women cited it as an important factor when choosing companies. This is quite a switch from 5-10 years ago when flexibility was a “woman” or “parent” issue. To even mention the word back then would set you on the Mommy track.

But, what is driving this new quest for flexibility? Part of it goes back to the technology filters. If technology allows us to work wherever and whenever we want, why can’t we? If culturally no one is racing to retirement and the other default rewards don’t exist, why do we have to stick to a 9-5, 5 days per week schedule? Flexibility does not mean Millennials want to work less. In fact, most want to work more, but they also want to work smarter… and to avoid rush hour. When the default is sitting an extra 30 to 60 minutes in traffic, when you don’t actually have to… why do we?

It’s not about a different work ethic. It’s about a different work style.

That’s an important distinction to make; especially because that different work style benefits more than just Millennials. Opening up the flexibility conversation beyond women and parents is a benefit to all employees, whether it’s the single employee who doesn’t have anyone to help them drop off a car for repairs or wait for a furniture delivery; the Gen X’er dealing with aging parents; or the Baby Boomer who wants to take a brief career pause or sabbatical.

If you look around, the default no longer works for the majority of us, and this is why the Millennials’ rejection of the default is a very good thing.

Please visit our SVNICorp YouTube page to see my recent keynote to learn more about the how Millennials are challenging and changing how and where we live and work.

[bctt tweet=”If technology allows us to work wherever and whenever we want, why can’t we?”]

The story behind the Sperry Van Ness Monday Morning Call

Posted on July 14, 2013 by Diane Danielson

One of the hallmarks of the Sperry Van Ness® (SVN) brand is our Monday Morning Sales Call. While almost all commercial real estate teams have a weekly sales meeting of some sort, the SVN call is not only national in scope, but it’s open to the entire brokerage community. Why do we do this? Because we believe in basic economic fundamentals:

The greater the exposure, the bigger demand; the bigger the demand, the higher the sale price of an asset. It’s economics 101.

To find out more, view our SVN Difference video.

At SVN we believe that achieving the highest and best price is always in our clients’ best interests. We practice compensated cooperation where we pay equitable co-brokerage fees on all properties to not only our own Advisors, but to any and all outside brokers. This is where the Monday Morning Sales Call comes in.

SVN Parke Group watches the Sperry Van Ness national call as an office in their conference room.

With co-brokerage fees motivating the marketplace, compensated cooperation guarantees that more buyers view our clients’ properties, pumping up demand, and ultimately the purchase price.

When an SVN advisor receives a new listing, it’s immediately entered into our innovative cloud-based system, creating instantaneous marketing materials and websites as well as syndication links to multiple listing services.

Qualified properties are then featured on our weekly Monday National Sales call, which is attended by our SVN advisors and other guests who are potential partners for a deal. Following the call, SVN publicizes those properties across the Internet to thousands of more potential purchasers. The result? Here’s what our advisors have to say:

“I’ve done 4 or 5 deals … with other SVN Advisors and most of them came from the Monday morning call.”

“Sold two [NNN Investment] properties in 2012 [due to Monday morning call].”

“I’ve closed many transactions as Buyer’s broker or Seller’s broker due to the Monday Morning Call.”

“Just this week, I sent a property to my buyer, and that buyer is looking hard at it.”

By exposing listings to not only SVN advisors across the country, but also members of the outside brokerage community our advisors have more opportunities to find the right partner to close more deals. You may think that Advisors are giving up some by splitting the commission 50/50, but they gain a lot more when they close more deals, more quickly and at a higher price.

This dedication to transparency and collaboration is something we work into every facet of SVN services from investment sales to tenant representation, from property and asset management to corporate, leasing and auction services.

To register for our Monday Morning Sales Call click here.

To find out more about franchise opportunities click here.

Mobile technology and mass customization by Diane Danielson

Posted on February 4, 2013 by Diane Danielson

Mobile technology has changed more than the fact that we can work anywhere at anytime. Earlier we discussed how mobilization has affected how we perceive time and use space. This week, we’re looking at how it has increased the need for personalized services and mass customization, even in the B2B realm.

One of the interesting things about mobile technology is that we all use the same devices, but we customize them to fit our own needs. With over 775,000 apps in the iPhone store (including our own SVN™ Connect iPad and iPhone apps), and multiple settings for font size, ringtones, and hundreds of other options, it’s statistically impossible to duplicate another individual’s mobile experience. On top of that, the smartphone case market is booming – everyone wants to personalize his or her identical device.

When it comes to content on your device, again, no two people see the same Twitter or Facebook feed. We personalize our feeds to fit our own unique interests. For example, my Twitter feed is full of local news + social media and business gurus + commercial real estate contacts + a handful of pop culture tweeters. This is a mix that is not likely to be duplicated by anyone else, but it works for me.

As a result of all this personalization in the palm of our hands, mobile technology has helped solidify the era of mass customization.

How is customization being used in your industry? In the hospitality industry, hotels are all delivering the same basic product: a room for rent. Yet, at many hotels these days, you can:

Big mugs and “to go” cups. Now that’s mass customization in a hotel that I really appreciate!

choose different rates that might include different benefits like breakfast or complimentary internet access
have a wake-up call, use an old-fashioned alarm clock or dock your iphone right next to your bed.
make coffee in your room, and even have your choice of mugs or “to go” cups.
Self-park or valet-park
Check out online or in person
Earn points towards future stays
Use points from other frequent traveler programs

Providing customization in the details, whether it’s at initial contact or during delivery of services, can become your differentiator and the key to client loyalty.

So what does this mean for the commercial real estate industry? It means that you have to look at your business from the user’s perspective and get personal. Here are two areas where you can incorporate some customization.

Communication

Start with something as basic as your website contact page. Nothing is more frustrating than wanting to contact someone by phone and there is only a generic contact form on the page or vice versa. You need to give site visitors both options. In addition, you can further personalize your communications by allowing site visitors to directly contact individuals at the firm or by area of expertise.

In addition, there are potential clients out there who may prefer to get to know you and your business via LinkedIn, Twitter, Facebook or even an eNewsletter. Provide them with options. Do you send out email blasts? Consider segmenting your list. Most email distribution programs have this option, which even allows recipients to select the type of offerings about which they want to hear.

Services

This past year, SVNIC focused on rolling out two more service options for our franchisees to adopt: Property Management and Auction Services. We also have specialty product councils, where our Advisors can team up with others who have a product specialty like hospitality or marinas. The ability to provide multiple, related services for a client creates the perfect platform for client personalization.

How are you setting up your business up for customization this year?

Diane K. Danielson is the Chief Platform Officer at Sperry Van Ness International Corp. Click here to follow her on Twitter.

Mobile Technology – Why having the Internet in your pocket changes how we use space.

Posted on January 21, 2013 by Diane Danielson

We all know mobile is a huge trend this year, but I believe that we need to break it down further to really understand its reach. Earlier this month, I wrote about how mobile technology has changed how we perceive time. This week, I’m focused on how it changes our use of space.

In real estate, whether it’s residential or commercial, we are selling space and location and mobile technology has changed that forever.

You can now work anywhere. Companies like Sperry Van Ness International Corp. are storing their data and accessing software in the cloud. This means our employees and Advisors can work from wherever they want. This change affects the traditional definition of “office space.” One example of the new era of office space is the Boston Innovation District (@IDBoston). This new district is a true testament to their “Live Play Work” slogan, with innovation centers where entrepreneurs can come together and smaller housing units with shared workspaces right in the building. We’ve also recently seen the launch of Marriott’s workspace on demand program (powered by LiquidSpace) where a traditional hotelier is now providing short-term office space.

You can now live smaller. When you downsize your desktop computer to a laptop or tablet, do you really need a desk? If you carry your books around on a Kindle, what would you do with a bookshelf? What if your iPad is your TV? We used to need hundreds of square feet to hold all our stuff, but the next generation is able to fit all their possessions in the back of a Zipcar. And, who needs a parking space if you can share a car? This is why the Boston Innovation District is testing out micro-units with housing as small as 300 sf.

You can now share space across industries. While this has been a trend for dying industries, it may be a way to revive a few. In retail, with the ease of purchasing books, music and games on mobile devices, bookstores are trying to stay in business by adding cafés; and GameStop and others are pursuing kiosks, pop-ups and sub-leases within other stores. The Boston Globe, mired in another struggling industry, has even opened up it’s extra space to entrepreneurs. While some might see this as a depressing last ditch save, others might see the opportunity in the cross-pollination of ideas. What true entrepreneur would be able to resist telling their landlord how they might improve their service?

How do we address these changes in the commercial real estate industry? We can do the following:

Help tenants and owners incorporate flexibility and adaptability into their space planning. Whether it’s for growth, remote workers, or in the worst case, downsizing, the more we can incorporate flexibility and adaptability into their space planning, the better service we are providing. It’s likely that tenant reps may end up doing a bit of space matchmaking in order to make a deal work.
Update traditional space calculations. Does that law firm really need that many square feet per attorney when you cut out the library? Is one conference room enough? Or can you create more shared spaces? How we calculate and use space is changing. There is a need for more “we space” and less “my space.”
Look for office opportunities within residential settings and vice versa. As the Boston Innovation District demonstrates, people want to blend where they work with where they live now that mobile technology allows them to do so. In urban planning, the key will be to prevent financial districts or under-developed areas from becoming ghost towns. Washington DC did this with a stadium. In that case, they built it and the people, and businesses, did come.
Analyze your own true space needs. Has your ability to access the web from anywhere changed how you work? Are there adjustments in your space needs or in how you use your space that could either lower operating expenses or increase productivity? You might be surprised to find how much your mobility has changed how you work and use your current space.

Has mobile technology changed how you operate your business? Please comment below, I’d like to know.

Diane K. Danielson is the Chief Platform Officer of Sperry Van Ness International Corp. Follow her on Twitter at @DianeDanielson.

*All Sperry Van Ness® offices are independently owned and operated.

Mobile Technology’s Effect on Time and Business

Posted on January 5, 2013 by Diane Danielson

Diane Danielson, Chief Platform Officer, Sperry Van Ness International Corp.

It’s unanimous that “mobile” is a top trend in 2013. But, it really needs to be broken down to examine how greatly it affects business. One aspect that mobile has changed tremendously in the past year is our perception of time.

How often do we talk with colleagues and immediately have to “look something up” to solve a debate. What did we do without Google at our fingertips?

When we download a season of our favorite TV show onto a mobile device, or watch via Hulu, we generally have no idea what night of the week it might be on. Gone are the days when we flocked to NBC’s Must See TV Thursday Night Lineup on Thursday night.

We see and read the news as it happens. No more waiting for a 6:00 pm news broadcast or the morning paper.

But, how does this time shift affect your business? It means that delivering services and information the same way you did in 2008 won’t work in a world where time has new, or no, meaning. It means we all need to adjust how we deliver services to meet the demands of the mobile world.

One example of a company that understands the new shift in how we perceive time is Comcast. They were one of the pioneers of using Twitter as instant customer service. Have an issue with Comcast? Tweet about it. Or better yet, tweet @comcastcares directly and their online twitter team will respond faster than you would ever get off hold on the phone!

In addition to Twitter, Comcast made another change. Remember the 4-hour window of wait time for service? Seems outrageous in an era of mobile technology and real-time communication, especially when drivers can be tracked by GPS. This is why Comcast dropped it to 2-hours with a guarantee to be within the window or you receive a $20 credit.

In commercial real estate, time as we know it is similarly collapsing. With new CRE tools like www.42Floors.com, clients (in certain markets) don’t have to wait to view a building. They can see photographs, street views, and maps from their computer (or tablet). Through www.teneightapp.com, brokers and clients can rate buildings in real time.

There are also productivity tools like www.dropbox.com that make real-time data-sharing easy (and free). My latest find is www.slideshark.com, which allows you to view powerpoint shows on iPads and iPhones. Check out www.cre-apps.com or www.CREvine.com’s tool section for more.

At Sperry Van Ness International Corp., we have cloud-based systems for communication, marketing, CRM and project management so that our Advisors can deliver information to clients quickly and instantaneously.

How are you working in the new “time-less” era? Have you changed how you deliver services to clients? Are there new tools that help you shift time? Chime in below, we’d love to know.

Diane Danielson is the Chief Platform Officer of Sperry Van Ness International Corp.

*All Sperry Van Ness® offices are independently owned and operated.