Millennials, (those born between 1980 and 2000) have already overtaken the Generation Xers (born between 1965-1980) and the Boomers (1946-1964) as the nation’s largest living adult generation. This means that these young people between the ages of 20 to 40 are driving our economy and the decisions being made in our country every day. One of the most influential millennial real estate brokers is Brosnan C. Hoban. “The first step for a millennial approaching commercial real estate is to understand who we are and how powerful an impact we have on the market itself,” says Brosnan. According to an article by Webopedia.com, by 2020 millennial spending is expected to reach $1.4 trillion a year, representing about thirty percent of total retail sales. Several other studies show that millennials are intelligent and loyal employees: they are the most educated American generation ever (63% with a bachelor’s degree) and are also far more likely to stick with their employers and not change organizations to work somewhere else when compared to other generations. According to Hoban, “This shows that we make an informed decision and stick with it.”
“We are also very discerning regarding where we will spend our money and who we trust to make those decisions,” Brosnan also tells us. Two other studies showed that millennials embrace brands on social media more than those who don’t have an online presence, and they regard brand equity higher than Boomers in most retail categories. They also don’t like being told what to buy, as over two-thirds of them use ad blockers on their computers and mobile devices. “I am the kind of person who likes to do my own research online when it comes to looking for properties and not letting what others say influence my decision,” Brosnan explains.
So how does Brosnan find and list properties? He tells us, “I make sure that any property I’m considering buying or selling is easily found online and looks good on mobile platforms.” This means making sure that the property incorporates more visual and interactive elements. The use of drone photography and virtual walk-throughs are becoming more popular. “My clients and I want to feel like we’re there without actually being there,” he continues. Millennials are also more likely to prefer using apps or online forms and digital communication throughout the transaction process.
According to Brosnan, “It’s knowledge of these things that I feel will give me a competitive edge over other development companies, and in the end, will make me and my clients a lot more money.”
Brosnan C. Hoban is a graduate of Duquesne University, Brosnan who used his business degree to get his foot in the real estate world working for Jones Lang LaSalle, the second-largest commercial real estate firm in the world. He then took the knowledge gleaned from JLL and joined his father’s commercial real estate company, Hoban Realty, and helped transform it into the $10+ million-dollar company it is today.