As Baby-boomers reach and pass retirement age, businesses must rethink how to replace them with Millennials, and how to nurture young talent. In an article written by Scott Morgan in DS News, he explores the changing times and the transition in the business world and real estate as technology, age, and time replace and rewrite how business is done.
As technology moves forward, certain needs within industry have changed and been replaced by technology, causing the need for total replacement (of baby boomers) to decrease rapidly. Just compare 2006 to 2016, there aren't as many loan writers and product developers -- not only did the recession create change in industry, but technology replaced jobs at a huge rate, and that increases each year.
After the mortgage industry crashed, reform policies went into place that have permanently changed the face of the industry. As a result, there are fewer jobs in the areas of brokerage and mortgage writing. This, however, has ended up being a positive thing -- the new policies have detracted the dishonest in the industry, and have strengthened it as a result. When the mortgage industry crashed -- a new generation of mortgage professionals stepped up.
The new regulations in the industry have forced it to keep up with technology and the way that mortgages are done, causing mortgage companies to consider themselves tech companies more often than traditional mortgage companies! This new transition into tech is creating more jobs for millennials -- replacing the ones lost during the mortgage crisis.
"The challenge, of course, is getting young professionals interested in a field that they, rather understandably, don't quite trust. Millennials, being like all other young people throughout history, are idealistic. They want to feel like they're doing something fulfilling, something that matters, something that helps."
Mortgage companies will see exponential growth the more tech-savvy and user-friendly they become. As millennials come of age and start buying homes, they will look for simple, elegant processes in buying, taking out loans, etc. Those mortgage companies that can keep up with the times, prioritize ease, and stay ethical, will attract these younger home buyers and continue on into the future of real estate.