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BCREA JOURNEY OF DISCOVERY THEME 1: CONSUMER AUTONOMY 23 MAY 2014 VERSION 2
21

Rise of the Autonomous Consumer & the Opportunities for REALTORS®

Aug 23, 2014

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Real Estate

Consumers are increasingly taking control of the purchasing process across a wide range of industries, and making decisions with far less reliance on ‘experts’. It is important for REALTORS® to understand the resulting impacts and find ways to respond to trends such as decreasing loyalty, low perceived REALTOR® value, increased switching, REALTOR® auditioning, increasing demands for transparency, Buyer Agency Agreement tension and removing the REALTOR® as middleman.

This research report is a part of the British Columbia Real Estate Association's Journey of Discovery. BCREA launched the Journey of Discovery (JOD) to help our organization and BC’s eleven member boards strategically plan for the next five years. This project seeks to understand where the greatest contributions of products and services could be for increasing the innovation of REALTORS® in service of their consumers. If organized real estate is to effectively adapt to and proactively initiate change, which we believe is necessary now more than ever, the first stage is to gain a solid understanding of the current and future states of the industry. For access to the slides with links and our other reports, please visit http://web.bcrea.bc.ca/jod/reports.htm

This presentation was prepared by CE Holmes Consulting, Solvable & Monique Morden Consulting
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Page 1: Rise of the Autonomous Consumer & the Opportunities for REALTORS®

BCREAJOURNEY OF DISCOVERYTHEME 1: CONSUMER AUTONOMY23 MAY 2014VERSION 2

Page 2: Rise of the Autonomous Consumer & the Opportunities for REALTORS®

Image Credit: Arturo de Albornoz “Nike Transparent Billboard”, under Creative Commons Attribution-ShareAlike 2.0 GenericImage Credit: James Willock, “build($ikea->desks),” under Creative Commons Attribution-ShareAlike 2.0 Generic

Page 3: Rise of the Autonomous Consumer & the Opportunities for REALTORS®

How can we create opportunities for greater consumer involvement across the transaction process?

How could the REALTOR® and consumer co-create within the transaction process?

Many industries struggle to gain the attention of their cus-tomers, and engage them in their product or service. Think of insurance, accountants or antivirus software, where consumers glaze over or avoid the product or service entirely (or until they can no longer afford not to). Market-ers in these industries require creativity to get the attention of consumers (e.g., Geico) in low involvement categories while marketers in even moderate involvement categories have more room to create engaging and inspiring brands (e.g., Nike).

Nike doesn’t involve their customers through inspiring advertising alone. They employ a multi-pronged approach:• NikeID allows consumers design their own product,• NikeTown stores let consumers testdrive products

onsite, and • Nike+ Running App gives consumers the ability to track

their workouts and share through an online community.

Leverage Consumer Involvement

Apple similarly involves their customers in many ways through their interconnected web of products and services including the one million plus apps created by other com-panies.

More and more companies are bringing the consumer into the process through “co-creation activities” to strengthen the consumer relationship and increase loyalty. Dan Ariely speaks of the IKEA effect where consumers have a closer connection to a product they have helped create. The effort involved equals more love for the outcome and a greater willingness to pay.

The real estate industry benefits from a high involvement product category where consumers spend considerable time, thought, energy and information process capacity to the purchase process. After all it is “biggest purchase of your life” and “the biggest investment you’ll ever make.”

High consumer involvement is half the battle…but only half.

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Image Credit: Extraordinary Moments in the Real Estate Experience Image Credit: Mercedes-Benz of Austin, Bob Nolen

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as performance transparency increases. The brokerage and REALTOR® profession play will still play important supporting roles in the overall image of the REALTOR®. Successful, established REALTORS® will create personal-ized services centred on the emotional process of buying or selling a home. REALTORS® entering the profession may rely more on the credibility of the brokerage for brand credibility, but only until they have substance to build their own personal brand. In the case of the REALTOR® brand, it may even play a negative role due to overall negative per-ceptions of the profession. (See Theme Deck 2: Professionalism)

Car manufacturers are creating emotional attachment to their brands by involving the consumer into the delivery process. Companies like Volvo, BMW, Mercedes and Porsche allow purchasers to pick up their new vehicle at the European factory, drive around Europe and then ship the car home to North America. What better way to cre-ate emotional attachment to your brand than through the creation of memorable experiences as a result of your pur-chase! Home purchasing is ripe with opportunity for emo-tion laden moments facilitated by the REALTOR®.

You Should Care More about the Brand Experience

What can we do to create more extraordinary moments? What will the future brand of the REALTOR® represent?

Brand experiences are the moments that form an emo-tional or rational attachment between a person and a brand. But in the case of a real estate transaction, who/what represents the brand? It isn’t the running shoe (i.e., home or property). It is the individual REALTOR®’s exper-tise and services consumers are buying. REALTORS® benefit from a process that puts them in direct contact with the consumer (as opposed to consumer brands), facilitat-ing brand engagement through personal connections with their customers. Brand engagement provides multifaceted Return on Investment (ROI) from a higher likelihood to recommend, willingness to pay more and acting as a brand advocate (e.g., wear a brands logo).

Of course, individual brands don’t usually stand by them-selves. They are influenced by other elements of the brand hierarchy including the “corporate” brand (REALTOR® profession) and the family brand (brokerage). While all three levels have an impact, our research shows the in-dividual REALTOR® brand will become more dominant,

Image Credit: Mercedes-Benz of Austin, Bob Nolen

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Image Credit: Apple EasyPay Image Credit: Bruce Spear, Berlin School of Economics

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them up to play higher value customer service roles. Apple Easy Pay allows consumer to scan any item from an Apple Store with their iPhone and walk out with the receipt in under 60 seconds, completely bypassing the need for sales associates in the process.

The real estate industry similarly sits at a crossroad where the signs of the middleman being pushed out of the equation are evident but not widely acknowledge by the industry. Similarly, the drivers behind disintermediation are not yet crystal clear. Technology is often blamed for something that may more realistically lie in the hands of the REALTOR® and the industry as a whole.

“The industry frets about Zillow and Trulia and spawns theory after theory about how they’re out to disinterme-diate the real estate agent. I got news for ya [sic]. Zil-low doesn’t need to do a damn thing to disintermediate anybody. The real estate brokers and agents are doing a damn fine job of disintermediating themselves with lackluster, lackadaisical, lackwit [sic] service.”

A Tale of Two Listings: Foreshadowing of the Future Rob Hahn, 9 May 2014

Slippery Slope of Consumer Autonomy

What is ORE doing to pre-empt the disintermediation of the REALTOR®? Does ORE have the courage to disintermediate itself in order to provide the consumer with more value?

Consumer autonomy is defined as the ability for consumers to choose products independently, rationally and without undue influence or pressure. Buyers and sellers are striving for autonomy in the real estate transaction process, slowly pushing REALTORS® out of the way, one stage at a time. This growing autonomy is being driven by a desire for an unbiased process and perceptions of value for service. Disintermediation is the process of removing the middle-man from the transaction. The travel industry largely re-moved the travel agent by letting consumers book direct. In 2004, Ana Marie Cox provided an avenue for the public to bypass traditional media through her political blog making previous heavy weights like The New York Times and Balti-more Sun appear like relics of the past as they struggled to keep up with the transformation of the newspaper industry. Apple didn’t just disintermediate the music industry; it had the courage to disintermediate its own employees, freeing

Page 8: Rise of the Autonomous Consumer & the Opportunities for REALTORS®

Image Credit: MyStarbucks Image Credit: Dash by AmazonFreshOfficial

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What can we do to reduce friction across all stages of the real estate transaction?

Could frictionless transactions enable consumers to conduct transactions more frequently thereby increasing market liquidity?

The consumer experiences many points of friction in the transaction process, potentially inhibiting some from enter-ing the market and others from conducting transactions more often. In a world where REALTORS® may face the reality of doing more for less, an increased number of transactions can mitigate the situation. This can be achieved by reducing friction in buying and selling.

Companies like Amazon recognize that their success is contingent not just on providing top products and services at low prices, but making it as convenient as possible to buy quickly and anywhere consumers might want to purchase. Amazon has taken incredible efforts to identify where purchasing friction exists, and create offerings targeted at eliminating the purchase friction. Amazon continually reduces friction from shipping (free purchases greater than $25) to Amazon Prime (membership gets you free shipping) to Flow an augmented reality app allowing

Frictionless Transactions

you to scan the bar codes of products around you at home or in-store to find it on Amazon, to adding products they discover on Twitter without leaving the microblogging site. Amazon Dash allows consumers to say or scan their groceries from home directly to their AmazonFresh shopping list.

Amazon isn’t the only company creating frictionless trans-actions. Starbucks has two mobile apps: mySTARBUCKS APP is about the ease of finding stores and consuming their products while the Starbucks Card Mobile App does everything to ease the purchase process including tweet a coffee where you can use twitter to send a friend a coffee.

Car manufacturers have made it easier to understand the many makes, models and options they offer putting config-uration in the hands of the consumer (e.g., Build your own Mini, Audi Configurator, Toyota Build & Price). Further to the build and price features are additional shopping tools designed to facilitate a transaction: model comparison, payment estimator and inventory search.

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Image Credit: WealthbarImage Credit: Intellimortgage via ratehub.ca

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The legal industry is also being affected: Contractual.ly offers cloud based contract management, Will-o-Matic creates your will through a user friendly online wizard, and LawDepot helps you create customized legal documents. These services haven’t disintermediate lawyers completely, but it has for some types of transactions.

What if all those online dating sites with sophisticated algorithms based on profile information was adapted to connecting home buyers and home sellers instead of sin-gles? Imagine the transformation of the FSBO market: eHarmony offers eHarmonyHome, Plenty of Fish offers Plenty of Homes, or Match.com offers HomeMatch.com. The same matching service could extend to lawyers, home stagers, mortgage brokers, and home inspectors making the REALTOR®’s personal network less relevant. (See JOD Theme Deck 3: REALTOR® Match)

New Wave of Professional Services Ease

If you hold the view that the complexity of a real estate transaction can’t be compared to the simplicity of buying a $5 latte, let’s look at examples of enabling complex profes-sional services.

There are many examples of friction reducing mechanisms in more complex consumer transactions. Vancouver start-up Wealthbar is a professionally guided approach to online investing where they develop a financial plan, create a bal-anced investment strategy and monitor investments. Intelli-Mortgage lets consumers build their own custom mortgage and obtain quotes from dozens competing lenders but also connects them with a mortgage broker should they require additional advice. Get access to information and advice on investments from independent enablers (e.g., Globe Inves-tor, Fool Canada, Yahoo! Finance) or those associated with financial institutions (e.g., BMO InvestorLine, RBC Direct Investing) and complete transactions yourself with any number of online stock brokers (e.g., Questrade, Scotia iTRADE, Interactive Brokers).

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Image Credit: Wind Mobile Image Credit: Divorce by Luis Prado from The Noun Project

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Are REALTORS® perceived as innovative?

What can ORE do to increase industry innovation?

What can ORE doing to help consumers choose the best REALTOR® fit?

Consumers are shying away from locking into an agree-ment without a guarantee of value. Buyers are delaying the choice of a REALTOR®, waiting or refusing to sign the Buyer Agency Agreement or backing out of agreements to switch REALTORS®. NAR 2014 Buyer Seller Generation-al Trends Report states that only 40% of consumers had a written agreement with their agent. Some buyers delay the choice of a REALTOR® right up to the point of making an offer, or bypass a buyer agent entirely by approaching the listing agent directly.

In the mobile phone market where consumers switch providers often, research found that perceptions of the provider being innovative and providing high quality service not only prevents switching but encourages the purchase of add on services. In other words, the perception of being innovative is equally as important as the perception of the service quality delivered by the provider.

Switching on the Rise

Mobile phone carriers experienced a similar paradigm shift. 25% of North American consumers (New Millenium Research Council) now have prepaid plans due a market response to a price sensitive segment of the market disgruntled with rigid long-term contracts.

With 15% and 20% of the population switching one or more financial services products annually (Hay Research: Financial Switching Study), financial institutions like TD and RBC have make it easier for consumers to switch, not only covering the costs but doing the work for them. By recognizing the behaviour is occurring despite them, finan-cial institutions are facilitating the switching even with the knowledge switching could work against them. However, knowing they provide value over the competition gives companies the willingness to see threats as an opportunity.

Page 14: Rise of the Autonomous Consumer & the Opportunities for REALTORS®

Image Credit: Dan Ariely, Chapter 1: The Truth About Relativity, Predictably Irrational Image Credit: realtor.ca

You might think the one on the left is, but they’re actually the same size. The use of surrounding dots makes one relatively bigger and the other relatively smaller

Which dark orange dot is bigger?

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needed across all transaction stages. We are good at com-paring things that are similar but not so good at comparing those that are not. Dan Ariely uses a real estate example to make this point using the scenario of an agent show-ing you three houses. The first is a contemporary house, while the second is a cheaper colonial house needing roof repairs and the third is a colonial house in good condition. Ariely argues that we would irrationally choose the colonial in good condition. Why? We take the contemporary house off the table because we have nothing to compare it with but we can directly compare the two colonial homes pick-ing the one in better condition.

“The REALTOR® had nothing to do with finding our house.” - JOD Research Participant Only 17% of consumers report contacting a REALTOR® as their first step during the home buying process (NAR 2014 Buyer Seller Generational Report). More and more buyers finding their home themselves–43% of consumers found their home online versus 33% through a REALTOR® (NAR 2014 Buyer Seller Generational Report). This further proves the trend toward consumer empowerment and autonomy as they make decisions without the undue influence of the REALTOR® which can be perceived as pushy and aggressive.

REALTORS® Relinquish Control of Front-End Buying Process

How can REALTORS® add value to the search process? Are we facilitating or controlling the buying process?

REALTORS® are allowing consumers to shut them out of the early stages of the buying process (JOD Transaction View Report). Consumers are doing this due to a percep-tion they can better perform these functions themselves. And this is for a free service from their REALTOR®! Or is it? Buyers realize they are indirectly paying for the services of their REALTOR® and the seller’s REALTOR®. The value for services received is influencing the perceived value. If REALTORS® cannot determine how to add value at the early stage, this opens the door for consumers to take over later stages of the process as well.

“Research in psychology has revealed that our decisions are disrupted by an array of biases and irrationalities: We’re overconfident. We seek out information that supports us and downplay information that doesn’t. We get distracted by short-term emotions. When it comes to making choices, it seems, our brains are flawed instruments...The real question is: How can we do better?”

Chip and Dan Heath, Decisive

If we think of the role of the REALTOR® is to help consum-ers make good decisions, it is clear that REALTORS® are

Image Credit: realtor.ca

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Image Credit: Truecar

Image Credit: nican45, “Blood & Chocolate - audition, 27 April (30),” under Creative Commons Attribution-NoDerivs 2.0 Generic

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tioning their work to buyers. After having done their listing research, some sellers are holding listing auditions where they invite REALTORS® to provide proposals for the listing including the list price and their marketing strategy.

“Clients are interviewing other REALTORS®... with about 75% of my listings the clients had 3 other REALTORS® in besides me. They have a very good idea of what they want to price at.”

REALTOR® Michelle, JOD Research Participant

How can we help REALTORS® provide differentiated marketing plans?This process allows sellers to easily compare the value proposition of REALTORS®. Consumers indicate there are few innovative marketing techniques REALTORS® are undertaking. Successful REALTORS® are executing on the fundamental marketing plans employed by most REALTORS® but through quality execution. In general, they are not providing unique solutions so sellers are taking the initiative to market their home through different channels and to different customer segments—potentially reducing the perceived value of the REALTOR®.

Consumers Gain Control Over the Selling Process

Are we facilitating or controlling the pricing information?Sellers perform considerable research setting the listing price for their home, leveraging easily accessible informa-tion (MLS listings) or less accessible information (neigh-bours, REALTOR® marketing materials, open houses or old fashioned word-of-mouth). Consumers are somewhat resentful of having to work so hard (friction points) to get this information, and increasingly using REALTORS® as a final check for the listing price to create peace of mind (JOD Transaction View Report). A similar sentiment can be found with car buyers. Truecar enables consumers to obtain market-based pricing data on new and used cars, and to connect with their network of Certified Dealers. Other sites assist consumers with pricing information on consumer products (e.g., Consumer Reports, Consumer-search).

How does the REALTOR® stand out during an audition?Service providers all go through auditions whether formal or informal, stringent or lax. Lawyers are similarly going through auditions. Crowdsourcing sites have changed the advertising industry for logo designs, graphic design, and websites where designers create on spec essentially audi-

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Image Credit: Josh Breinlinger, Disintermediation in Marketplaces and How to Avoid It

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past 10-20 years has fueled this decline in value percep-tion as associated fees have increased proportionately, yet the services rendered are unchanged while consumers are doing more. The future points towards a market where REALTORS® will need to do more for less money per transaction, thereby necessitating more transactions. The Journey of Discovery qualitative research revealed discon-tentment about the value for services received in a market where the practice of the REALTOR® is homogeneous to that of his peers. Looking into the future, this discontent-ment will grow more intense for two reasons: 1) if left unchecked, commissions in BC will continue to rise with the market, and 2) if the services provided remains as is, the value perception will continue to decrease. Dissatisfaction will motivate more consumers to cut out the REALTOR®.

What did I Get for that Commission?

How can ORE help REALTORS® enhance their value for services received?

Josh Breinlinger makes the link between consumers’ per-ceived value of a service/product with the likelihood for disintermediation in his blog post. “The only truly sustain-able ways to combat disintermediation is to either lower the fees or raise the perceived value.”

When the perceived value is lower than the fees charged, the consumer will find a way around the process. REALTORS® risk being bypassed as consumer percep-tions that the value for services received from a REALTOR® is declining, creating discontent. This may seem counterintuitive when NAR reports that the vast majority of consumers are very or somewhat satisfied with the process: 91% for the buying process and 85% for the selling process. However, just over half are very satis-fied with buying process (57%) or selling process (56%). When thousands of dollars of fees are being paid, being somewhat satisfied won’t positively influence value percep-tions. The dramatic increase in BC home prices over the

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Image Credit: The New York Times, “Is It Better to Rent or Buy?”4

The chart below gives you a snapshot of generational characteristics and what they want from an association membership.

Baby Boomers Generation X Generation Y

Born 1946 -1964 1965 - 1981 1982 - 1995

Size 78 million 48 million 80 million

NicknamesMe Generation

Love GenerationThe Gray Ceiling

SlackersMTV Generation

MillennialsEcho Boomers

Trophy Generation

CharacteristicsHard-working, loyal, confident, cynical,

competitive

Anti-authority, highly individualistic, self-reliant,

family-focused

Confident, digital thinkers, sense of entitlement, needy

Why they are the way they are

The wealthiest, healthiest, largest generation of their time. Raised to pursue the

American Dream.

Children of workaholics and divorce, the arrival of cable television and computers.

Raised to be self-sufficient.

Micro-managed by their parents, technology, always rewarded for participation.

Raised to be high achievers.

Communication styles

Prefer detailed dialogue in-person or via phone.

Appreciate meetings. Believe no news is good news.

Prefer close, concise communication—not

over-explaining, clichés or corporate jargon. Prefer

e-mail.

Prefer frequent feedback and problem-solving via

technology instead of phone calls or meetings.

Problems they are facing right now

Dwindling retirement funds, job dislocation, rising health

care costs or inadequate health care coverage.

Debt, caring for young children and aging

parents, balancing life and career, stuck in middle

management.

Debt, unemployment, difficulty transitioning from college career, negative stereotypes, being taken

seriously.

What they want from an association

Opportunities to lead and leave a legacy.

Opportunities to further their careers and foster

relationships with their peers.

Opportunities to learn from mentors and gain access to new skills and information.

Volunteer stylesWant to lead. Like to manage others. Like to hold meetings

and discuss strategies.

Want autonomy. Hate being micro-managed or anything

that wastes their time.

Want structure. Expect immediate feedback and increasing responsibility.

FlawsHave a “been there, done that” attitude, not always

open to new ideas.

Have difficulty committing, tend to have a “wait-and-

see” approach.

Have short attention spans and high demands and ask

“what’s in it for me?”.

Turn-offsPeople questioning their

abilities or suggesting they try something new.

Loyalty that goes unrewarded.

Dismissing their ideas for lack of experience.

Image Credit: XYZ University, Engaging Young Generations

Page 21: Rise of the Autonomous Consumer & the Opportunities for REALTORS®

While everyone demands value, Millennials have proven to be even more value driven than most. Having come of age during a major recession with high rates of unemployment, high rates of underemployment and modest household income levels, many are struggling to make ends meet let alone get ahead. SymphonyIRI’s Shopper Sentiment Index indicates Millennials have a low level of financial confi-dence since they are debt loaded, strapped for cash and price sensitive causing them to be particularly value driven. Tech savvy Millenials are expressing discontent with the perceived value of services provided by REALTORS® and helping one another manoeuver through a system where they perceive no real value (Real Estate Agent Commis-sions – Decoded!). Don’t expect discontentment about perceived value to be driven by sellers alone. Millenials, who represent the bulk of new home buyers entering the market, are well aware they are indirectly paying for REALTOR® fees through the purchase price of their home and would much rather pay a lower overall purchase price (minus the commissions). Millenials present the per-fect storm for disintermediating the REALTOR® – cash strapped, value driven, tech savvy, open to new process.

Millennial Generation Ups the Ante

Are REALTORS® prepared to engage and service Millennials?

Is ORE prepared for the type of services the Millennial generation demands?

The NAR 2014 Buyer Seller Generational Report pro-vides a wealth of information on Millennials approach to real estate. Despite needing the most guidance in the process, Millennials are the least likely to contact a REAL-TOR® as their first step in the process and the most likely to find their house online. Being hugely tech savvy, this demographic has high expectations for customer service including mobile solutions, social media connections and fast response times. An aging REALTOR® population chal-lenged to keep up with technology may struggle to keep up with this customer segment and how to create brand engagement through technology as opposed to personal interactions. For more information on Millennial expecta-tions see the JOD Secondary Research Synthesis Report or Engaging Young Generations by XYZ University.

4

The chart below gives you a snapshot of generational characteristics and what they want from an association membership.

Baby Boomers Generation X Generation Y

Born 1946 -1964 1965 - 1981 1982 - 1995

Size 78 million 48 million 80 million

NicknamesMe Generation

Love GenerationThe Gray Ceiling

SlackersMTV Generation

MillennialsEcho Boomers

Trophy Generation

CharacteristicsHard-working, loyal, confident, cynical,

competitive

Anti-authority, highly individualistic, self-reliant,

family-focused

Confident, digital thinkers, sense of entitlement, needy

Why they are the way they are

The wealthiest, healthiest, largest generation of their time. Raised to pursue the

American Dream.

Children of workaholics and divorce, the arrival of cable television and computers.

Raised to be self-sufficient.

Micro-managed by their parents, technology, always rewarded for participation.

Raised to be high achievers.

Communication styles

Prefer detailed dialogue in-person or via phone.

Appreciate meetings. Believe no news is good news.

Prefer close, concise communication—not

over-explaining, clichés or corporate jargon. Prefer

e-mail.

Prefer frequent feedback and problem-solving via

technology instead of phone calls or meetings.

Problems they are facing right now

Dwindling retirement funds, job dislocation, rising health

care costs or inadequate health care coverage.

Debt, caring for young children and aging

parents, balancing life and career, stuck in middle

management.

Debt, unemployment, difficulty transitioning from college career, negative stereotypes, being taken

seriously.

What they want from an association

Opportunities to lead and leave a legacy.

Opportunities to further their careers and foster

relationships with their peers.

Opportunities to learn from mentors and gain access to new skills and information.

Volunteer stylesWant to lead. Like to manage others. Like to hold meetings

and discuss strategies.

Want autonomy. Hate being micro-managed or anything

that wastes their time.

Want structure. Expect immediate feedback and increasing responsibility.

FlawsHave a “been there, done that” attitude, not always

open to new ideas.

Have difficulty committing, tend to have a “wait-and-

see” approach.

Have short attention spans and high demands and ask

“what’s in it for me?”.

Turn-offsPeople questioning their

abilities or suggesting they try something new.

Loyalty that goes unrewarded.

Dismissing their ideas for lack of experience.