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September 21, 2014

Warren Buffett’s Real Estate Franchise Targets Millennials

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Warren Buffett’s Real Estate Franchise Targets Millennials

Warren Buffett’s new real estate franchise, Berkshire Hathaway HomeServices, has created a council of millennial real estate professionals that will educate others in the business about how to better reach and serve 20- and 30-something buyer and sellers. 

The franchise has selected 10 real estate professionals who are 35 years old or younger – also based on professional achievements – to serve on its REthink Council. The council is to advise the franchise’s leadership on how to better connect with millennial customers.

On a national scale, only 11 percent of REALTORS® are under the age of 40, according to the National Association of REALTORS® 2013 Member Profile. That percentage has fallen from 20 percent in 2003. The median age for a REALTOR® has climbed to 57. 

“The REthink Council is an opportunity to harness the ingenuity of these young professionals and turn that power to the advantage of the network and the industry,” says Earl Lee, CEO of HSF Affiliates LLC. “It’s a new era in real estate, and this council will better connect us with a large and emerging generation of home buyers and sellers.”

The council runs a Facebook page for sharing best business practices among younger real estate professionals, and it also plans to distribute an occasional newsletter about improving relationships with millennial customers.  

“Millennials are very independent,” Margaux Pelegrin, 32, with Berkshire Hathaway HomeServices Fox & Roach in Philadelphia, who is one of the council’s members, told Inman News. “If they knew more about the benefits of being in real estate, they would be more interested. We have a need for innovative, smart young professionals. Real estate is a missed opportunity for them.”

Source: Berkshire Hathaway HomeServices and “Warren Buffett’s new real estate brand wants to learn from — and recruit — millennials,” Inman News (Dec. 12, 2013)

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