GENERATION GAPS
Our tradition with FFF, is that the first Friday of the month is for an update on the basic economic and social fundamentals that drive real estate.
We’re veering off course today, and simply focusing on how communication is at the centre of every real estate and rental housing interaction.
Why would we do such a thing? Just ask any employer: how’s that “Zoomer to Boomer” workplace culture going? Today’s labour market now includes 5 generations, from Gen Z and Millennials, to Gen X and Boomers, with a few Traditionalists sprinkled around for extra flavour!
This week we learned that Gen Z views phone calls as “confrontational,” “intrusive,” and “aggressive.” You can google it; there are even research studies!
Huh. Well, that certainly wasn’t our intention. The Gen Z’s in our life inform us that phone calls are kind-of-like using ALL CAPs—rude!
My son says, “what if I say something wrong?” His fear is that in a phone call, he could easily be labelled sexist, or racist, or any number of other “wrong” characteristics—just for a slip of the tongue. It’s too much pressure to always be careful with every word choice. In a text or an email, he says, it can be edited multiple times.
In contrast, last year, we had multiple lessons about how emails and text messages could so easily be misinterpreted. Those experiences involved Millennials, Gen X and Boomers.
And please don’t get me started about Social Media. From trolls to misunderstandings, that’s just a weird way to communicate. But we also understand that social media is an important part of “the game” in today’s world, both personally and professionally. Yup, that’s why this blog exists.
For real estate investors, we need to communicate, negotiate, advertise, clarify and problem solve—and that’s just a Monday morning!
Yes, we make every effort to be open and inclusive. Yes, we are respectful that each generation has unique and valuable skills and experience to bring to any interaction. And Yes, we encourage dialogue (listening, questions, feedback, etc…). And that’s before even bringing in multiple cultures and languages!
So how do real estate investors navigate the “new rules,” while remaining authentic and clearly communicating? Beats us! It looks like we’ll probably continue offending someone every day –but please know that is not our intention.
For our tenants, text is usually fine. We’ll email receipts and when a message requires an attachment. But sometimes, we still need to call. Sorry, not sorry, Gen Z.
For our colleagues, trades, and professionals, email and text is usually effective. Sometimes, our trades require phone calls. And worse! Sometimes we need to be there in person to communicate and verify understanding with eye contact and body language. If you’ve ever done a reno, you know.
And for our partners and lenders, we have some flexibility. I know some of you just need your spreadsheets, and a Dropbox account, and an annual phone call. And we are learning that others prefer much more detailed and frequent interactions. Our intention is clarity and two-way communication.
Next week, we’ll return to our regular programming with updates about Calgary and Alberta’s real estate fundamentals.
