1 YPN: Y Not? Presented by A forward thinking community of YPN: Y Not? Presented by A forward thinking community of REALTORS® enhancing the future of real estate
2 The Boomer Exodus The boomer generation now makes up 27% of the Canadian population. For the first time Canada has more people over 65 than under 15. So far only 18% of the boomer generation, or 5% of the Canadian population, has reached 65. By 2025, more than 20% of the national population will be traditional retirement age. By 2035, this number will be closer to 25%. The Globe and Mail recently did a series about baby boomers and how they will affect Canada’s economy over the next 15 years. Although this issue has been on the horizon for a long time, the Globe noted that so far less than one fifth of the of the boomer generation, or only about 5% of Canada’s population, has actually reached the traditional age of retirement. This number is expected to grow four times as large by The Globe noted that the growing number of Canadians who are 65 and older is being matched by a decrease in the number that are 15 or younger – which begs the question, where is the next generation of workers going to come from?
3 How REALTORS® Stack Up Age breakout in 2016:More than three-in-ten REALTORS® in Ontario are 55 years of age or older (32%). The average Ontario Realtor is 54. One-third or more of REALTORS® are at or will have closed in on traditional retirement age by the start of This is 50% higher than the proportion of Canada’s overall population. OREA’s 2016 Member Profile Study showed that one-third or more of REALTORS® are in the wave that will reach traditional retirement age by 2025 – which is 50% higher than the proportion of Canada’s overall population. Given that the ratio of retirement age to working age Realtors is growing, the real estate industry will have to contend with where it’s future talent pool is going to come from. Source: OREA 2016 Member Profile Study
4 What this Means for Organized Real EstateCurrent Volunteer Level: 25% of REALTORS® currently volunteer within organized real estate Past studies indicate that this number is steadily declining. These demographic changes could jeopardize the future of leadership in the real estate industry. As this slide illustrates, 25% of REALTORS® currently volunteer with some level of organized real estate. Past studies indicate that this number is overall on the decline. Source: OREA Member Profile Study
5 What this Means for Organized Real EstateVolunteer Level by Age: Older REALTORS® are more likely to be volunteers than younger REALTORS® OREA’s 2014 Member Profile study indicated that there is a strong correlation between age and volunteerism, with the cohort of REALTORS that is set to retire being the most likely to volunteer. This means there is work to do in order to find and groom the next generation of leaders. Source: OREA 2014 Member Profile Study
6 Time for a Rethink Top 3 Motivators for Boomers:Customer Orientation Learning Identity and Purpose Top 3 Motivators for Gen Xers: Customer Orientation Achievement Inspiration Top 3 Motivators for Millennials: Achievement Customer Orientation Fun and Enjoyment This slide illustrates that the same incentives that motivated the Boomer Generation to get involved will not work for Gen X and Gen Y. While there are some similarities between these three demographics, there are also some significant differences. Achievement tops the list of career motivators for Millennials, as does fun and enjoyment – neither of these qualities factor into the top three motivators for boomers. In an ever changing world the real estate industry needs to be flexible in how it engages with members and volunteers in order to ensure a foundation for continued success. In order to keep the REALTOR® Community valid, it is critical to bring in fresh perspectives and new outside-the-box ideas. Source:
7 What is the REALTOR® Community?Organized Real Estate: Refers to the various industry associations (CREA, OREA, local boards) who work together to bring about structure, standards and accepted practices in real estate, as well as promote the value of REALTORS® to the public. REALTORS®: Are members of the organized real estate bodies in Canada. REALTORS® have met the same education requirements as set out by the regulator but they also adhere to a code of ethics, The REALTOR® Code. Many new REALTORS® are not familiar with how the REALTOR® Community, otherwise known as Organized Real Estate, works in practice. Starting from a common, accepted definition is key for achieving our collective goals as an industry. Organized Real Estate refers to the various industry associations (CREA, OREA, local boards) who work together to bring about structure, standards and accepted practices in real estate, as well as promote the value of REALTORS® to the public. REALTORS® are members of the organized real estate bodies in Canada. REALTORS® have met the same education requirements as set out by the regulator but they also adhere to a code of ethics, The REALTOR® Code. Being part of the REALTOR® Community leads to several benefits beyond simply the distinction of the REALTOR® brand. REALTORS® have a profile on REALTOR.ca; access to industry leading apps, technology, and marketing tools; access to trademarked forms; assistance with technology, business, and professional issues; networking and professional development opportunities; access to specialized information including consumer insights; and opportunities to shape policy issues affecting the industry. REALTORS® who volunteer for organized real estate can leverage even more of these opportunities while honing their leadership and professional skills, all of which helps contribute to their professional success.
8 Professional Development Advocacy Creating OpportunitiesWhere YPN Comes In… Resources and Support Networking Professional Development Advocacy Creating Opportunities Community Involvement Young Professionals Networks are not unique to the real estate industry. The YPN moniker refers to groups of like-minded individuals that can be found across associations, government agencies, non-profit organizations, and the private sector. There are even networks that transcend specific industries. The Young Professionals Network of Ontario, for example, is a network of networks, designed to connect and support YPNs across the province, as well as engage them in the overall success of the province. Being part of a Young Professionals Network is therefore to be part of a broader movement that is growing in terms of resources and reach. The goals of young professional networks vary depending on the specific context, however they typically have in common a focus on improving the professionalism and capabilities of young professionals. Common focus areas are: Professional development Networking Providing resources and support Opening up opportunities for young professionals Community involvement Mentoring Advocacy Given their focus on enhancing newer REALTORS’® professional capabilities, YPNs are well positioned to help identify, develop, and recruit the next generation of leaders. Mentoring
9 YPNs in Real Estate Key Organizations:National Association of REALTORS® (NAR) Ontario Real Estate Association (OREA) Canadian Real Estate Association (CREA) Local real estate boards: Brampton Cornwall & District Southern Georgian Bay Hamilton Burlington Kitchener Waterloo Oakville-Milton & District Lakelands Ottawa Quinte & District Sarnia-Lambton Sault Ste. Marie Timmins, Cochrane & Timiskaming Toronto Chatham-Kent The real estate industry has a strong track record of implementing successful YPNs. National, state, provincial, and local YPNs have been created and are providing effective avenues for engagement with their memberships as well as across borders and between levels of organized real estate. The U.S. based National Association of REALTORS® has an active YPN that acts as a hub of information and resources for YPNs throughout the U.S. and Canada. In the Canadian Context, the Ontario Real Estate Association was one of the first provincial associations to implement a YPN, and has played a similar role in helping other provincial and local associations get off the ground. In 2016 the Canadian Real Estate Association also introduced an official YPN, bringing a more formalized pan-Canadian focus to the YPN movement. The number of local real estate boards with YPNs in Ontario has risen swiftly over the past five years. As of 2016, there were 14 boards with established YPNs. Several more boards are in the development process or hoping to follow suit. Organizations with successful YPNs have seen former and current YPN members take on leadership roles in other aspects of the association, and YPN members are influencing the internal policies and practices and public voice of their associations.
10 Goals of YPN Networks OREA NAR CREAProvide young professionals with a voice and link to their provincial association. Facilitate opportunities for involvement in association leadership through education and networking. Encourage participation in the association’s activities and committees. Enable young professionals with an opportunity to connect with each other and tap into valuable resources that will help them succeed in business. Assist OREA with identifying and delivering services to address the unique needs of young professionals and new members. NAR Help young real estate professionals: Attend REALTOR® conferences and pursue leadership roles with their local, state and national association Take an active role in policy discussions and advocacy issues; be informed about the latest industry news and trends Network and learn from one another by attending events, participating in online communication, and seeking out mentorship opportunities Become exceptional members of their community by demonstrating a high level of professionalism and volunteering for causes they are passionate about CREA Support local and provincial YPN Efforts Promote professionalism and identify and nurture future REALTOR® leaders Foster a culture of engagement and promote thought leadership This slide covers the goals of three of the YPN chapters from the previous slide. As we read through these three mandates, start to think about which of these goals may be relevant in the context of your own organization. Read off slide
11 Key Activities: Example of a Provincial AssociationNetworking and Information Sharing Leadership Development Awareness-Raising Professional Development Support to Local Boards The Ontario Real Estate Association’s YPN delivers on it’s mandate through an array of programs and activities pertaining to its key pillars. We’ll touch briefly on each one to give you a sense of what a YPN looks like in practice. Networking and Information Sharing: OREA’s YPN maintains a strong, active social media presence on Facebook and the OREA blog via regular contributions from YPN members. This year OREA introduced a Vlogging Toolkit for members, to offer YPNers enhanced opportunities for thought leadership. Leadership Development: The YPN Blog and Vlog are examples of platforms available to YPN members to give them a stronger voice within their industry. Other leadership development activities include: video interviews with YPN Leadership Award winners; speaking roles at OREA and local events, and opportunities to be a YPN Committee Chair or Team Lead. OREA is currently working to create a more formalized pipeline between it’s YPN Committee and other Committees and leadership roles within the organization. Professional Development: OREA’s YPN Committee is a working Committee that plays a hands-on role in the planning and implementation of Committee activities. This gives Committee members an opportunity to hone their skills in areas such as branding, marketing, event-planning, project management, outreach, stakeholder relations, and related areas. Awareness Raising: Members of the OREA YPN Committee work to continually elevate the profile of the movement as a whole through acting as ambassadors to the public and local boards, giving an online voice to the YPN, and recognizing emerging industry leaders at the Annual YPN Leadership Awards. In 2016, OREA received a record 26 nominations for its awards, attesting to the growing reach of the YPN. Support to Local Boards/YPNs: One of the core activities of the YPN committee since its inception has been supporting member boards who have or would like to have their own YPN. YPN Ambassadors connect with local boards to help them move their YPNs forward or help out with specific initiatives. The OREA YPN provides on the ground support to local YPNs by providing updates at events, speaking about topics of interest to members, and through small sponsorship investments. In addition, OREA’s YPN Chair holds a regular conference call with local boards to update them about provincial activities, enable an information-exchange, and brainstorm ideas for local initiatives.
12 What was Your Most Successful YPN Initiative?OREA spoke to three local real estate boards that have launched YPNs about their most successful initiatives. We asked each of the boards to tell us about a successful and innovative initiative spearheaded by their YPN, including the most significant outcome. One of the boards we spoke to was Chatham Kent. Chatham Kent is the most recent local board to launch a YPN in Ontario, and it held its inaugural event in September The Chatham Kent YPN used an approach that has been successfully used by other YPNs, and held it’s event in conjunction with it’s association AGM. The YPN portion of the event consisted of a full day of learning focused on new technologies such as going paperless and featuring numerous speakers. The event included participatory break-out sessions, which typically also work well with YPN audiences because younger demographics are more likely than other age groups to value two way engagement. The day finished off with a late afternoon cocktail reception and official launch of the YPN. The event was one of the most highly attended on record, a success which was attributed to linking it to the AGM, which made it easier for people to attend and more likely to stay. Chatham Kent Tech Day
13 Oakville/Milton Speed Networking and LunchThe Oakville, Milton and District Real Estate Board YPN has been around for a number of years, but was renamed GenR and formalized in Through GenR’s leadership, the board has successfully added a valuable new avenue for membership engagement. Twice a year GenR presents its Real Estate Speed Networking and Lunch to a full house of REALTORS®. The event connects members to industry experts who help them navigate various stages of the real estate life cycle. Members break into small groups and each group moves between multiple pods which are set up in various parts of the venue. The groups spend 15 minutes hearing from and interacting with the experts at each pod. This GenR event helps with several key aspects of the learning curve for new Realtors, including introducing them to the world of organized real estate. The Ontario Real Estate Association has participated in the event since its inception, and helps participants understand everything from how to complete their education requirements to how to learn about about standard forms to how to leverage the various training and development opportunities available through the provincial association. The event is also a very important opportunity for the associations that serve Realtors to understand the current issues they are facing and how they can better help their members.
14 Sault Ste Marie YPN EventsThe Sault Ste Marie Real Estate Board launched its YPN Committee in Since then the committee has introduced several innovative initiatives aimed at engaging the grassroots member, including Round Table Discussions, which are shown here. To help kick off its events, the Committee involved OREA YPN leaders who attended the events to participate in the dialogue. The Committee’s largest event to date was its “Show & Sell”, which it held bi-monthly for a number of years. The event was a forum for members to get together and discuss one or two of their listings with a larger group in order to help promote them. The event was structured as a one stop shop similar to a typical agent open house. It was two hours in length, including a one hour social. With the introduction of it’s Show and Sell, the Sault Ste Marie YPN saw participation in its initiatives increase from five or six participants to members, an outcome it is extremely happy about. Overall the Sault Ste Marie Real Estate Board has seen great value in the contribution of the YPN, and plans to continue moving forward with events every year. Sault Ste Marie YPN Events
15 Event Ideas Types of Events: REALTORS Care® or local volunteer projectHappy hour networking events Workshops and webinars Speed networking events Potlucks and/or BBQs Wine or craft beer tastings YPN Book Club Open house caravan tour Golf, bowling, or softball tournament Mentor meet-up event Motivational lunch Job fairs Town hall or debate Ugly sweater event Possible Topics: Top producer panel Role play Overcoming objections Scripts & dialogues Win the day formula for a perfect day in real estate Business planning and annual budgeting Systems of prospecting How to build a team successfully Top 20 buyer questions Top 20 seller questions Listing Presentation Buyer Presentation Earn Designations Those were just a few examples of how YPNs have made an impact within their associations and the broader REALTOR® Community. As these lists provided by CREA and NAR illustrate, there are many other types of events that your YPN can organize in order to contribute to the goals of your association. Remember that one of the biggest benefits of having a YPN is having a source of outside-the-box ideas to help your association stay innovative and relevant with your members. So don’t be afraid to test drive a few different ideas or try something completely new. There’s no reason that you can’t come up with a different formula that works perfectly for you and your members.
16 Getting Started Steps Involved in Launching a YPN:Assessment of YPN Viability Proposal Structure of Your Network First Meeting Awareness & Recruitment See more at REALTORLink.ca/YPN CREA’s recently developed YPN Handbook provides a great overview of the steps to take in order to launch your own YPN. The key steps are: An Assessment of YPN Viability A Proposal to decision makers outlining, among other things, the value add and purpose of the YPN The creation of a Structure for your network as well as the selection of members A plan for your First Meeting A plan to raise Awareness and Recruit new members This Handbook and the several additional tools that it references can be found at Keep in mind that each organization is different, and yours may not have the resources to perform each of these steps in depth. Don’t let factors like start up costs or time prevent you from trying. The most important thing is that there is a leader who is willing and able to keep the initiative on track and that that person has the support of your organization’s board of directors – even if it’s just on a trial basis. It’s also important not to get discouraged if your first event is not a knock out. What’s worked for other Associations and industry best practices can be a good starting point, but ultimately your association will have to find it’s own unique style and rhythm.
17 Staying On Track Common Challenges: Funds/budgetSupport from Board of Directors Support from staff Naming your network Setting age limits Volunteer involvement What to Do: Start small and build momentum Listen to your members Communicate using the right methods Solicit feedback It’s impossible to successfully pre-empt every challenge. However, there are some common obstacles that new YPNs encounter as well as some general rules of thumb that can help you navigate some of the sticky situations you may find yourself in. The most likely roadblocks that you’ll encounter when getting your new YPN started are: Funds/Budget: this can be tricky when the value proposition has not yet been tested, which is why many YPNs rely on donations and resource-sharing in the early days Support from Board of Directors: politics is not everything but it definitely plays a role; it’s important to consider the big picture and issues facing your association in order to give your YPN the best chance of success Support from Board Staff: this can be an issue when it comes time to put your ideas into action; your event or initiative will be up against competing priorities, and staff support may not always be forthcoming Naming your Network: although the YPN moniker has significant brand recognition, not every network wants to limit their group to members of a certain age; there are pros and cons to adopting the YPN name which your association will need to consider Setting age limits: this builds on the last point and is also something that you will want to consider alongside the goals of your YPN upfront Volunteer involvement: for the reasons just mentioned finding committed volunteers is crucial but in the fast-paced world of real estate not always easy; getting the right volunteers in place will have a big impact on your overall success. There are a few guidelines that can help you to address some of these issues head on and set your YPN up for long-term success: Start small and build momentum to larger events – this way there is less room for failure Listen to your members – seek their input into the types of events they would like to participate in Communicate with your members via their preferred communication methods Solicit feedback through surveys to identify areas for improvement
18 Goals - to be set by the presenter and their association once interest is obtained. Will be different for each association - maybe they want to engage a younger generation, or a more successful generation, or maybe they just want to engage anyone, at all, desperately.
19 Additional Resources Background Materials OREA Key ContactsNAR YPN Start Up Kit and accompanying Resources: CREA YPN Handbook and accompanying resources: REALTORLink.ca/YPN British Columbia Real Estate Association Youth Leadership Network Resources: Young Professionals Network of Ontario YPN in-a-Box Template: Ontario Real Estate College Introduction to Organized Real Estate video: https://www.orea.com/OREA-Real-Estate-College OREA Key Contacts Natasha Lemire-Blair YPN Committee Staff Liaison Steve Kotan Chair, 2016 OREA YPN Committee When it comes time to start your YPN there are several really good places to go for help. NAR has the longest standing list of resources including a comprehensive start up guide and playbook as well as sample documents and templates that can help with structuring your YPN and running meetings and events. All of these tools can be accessed through the NAR Facebook Group, which can be joined by all those affiliated with a YPN. CREA has recently introduced similar tools including a YPN Handbook for Boards and Associations. The YPN Handbook is available alongside templates, a speaker directory, a directory of existing YPNs, and other tools on REALTORLink.ca. The British Columbia Real Estate Associations Youth Leadership Network has completed comprehensive environmental scans of YPNs inside and outside of Real Estate, including their marketing strategies, professional development activities, and resources. The Young Professionals Network of Ontario’s YPN also offers a succinct and handy YPN in-a-Box Template. A supplementary resource that you may find useful is the recent video created by OREA’s Real Estate College which provides an introductory overview of organized real estate for those who are new to the profession (or simply need a refresher!) “What is organized real estate?” is one of the most common questions asked by new Realtors, making this a handy resource. Last but certainly not least, the Ontario Real Estate Association is always here to help answer your questions, fine tune your tactics, or simply get you pointed in the right direction. Natasha and Steve are just an or phone call away. And as discussed earlier, the OREA YPN has programs in place to provide on the ground support for local initiatives, whether you’re looking for someone to give a YPN update at your event, speak about a topic of interest to your members, or simply need a little bit of seed money for your group or initiative.