If you think there are too many Realtors, a new report by Deloitte suggests otherwise. High turnover rates and an aging workforce will soon result in a huge global talent shortage for residential and commercial real estate companies.

The real estate industry employs nearly 4 million people in the U.S., 2.3 million of which were born before 1962. That means that nearly 58 percent of the real estate work force will be of retirement age by 2010, says the report.

But wait -- isn't Generation X, those aged 25 to 37, waiting in the wings. No. Gen X isn't large enough to replace the bulge of boomers, no pun intended, and besides, the industry already blew it with them. We didn't make it academically or financially compelling enough, and we haven't done anything to show the Gen Xers that things have changed. In fact, they're worse. Now Gen Xers have seen two housing meltdowns in their lifetimes in the early 90s and now and when you see more people lose money than make money, it's hard to recruit.

Let's take property management, for example. Today, property managers have to be increasingly sophisticated. They have to manage the physical aspects of the job, and oversee their asset management duties which includes budgeting, financial forecasting and market analysis. The problem is the two-year training cycle clashes with the 31-percent annual turnover rate, which suggests that salaries aren't complementing the demands of the job.

So if you're wondering why the sprinkler never gets fixed at your condo, that's why.

At the other end of the working age spectrum, you have Generation Y, the 46.7 million people born between 1982 and 1993. And they may not want to get into real estate, at least not without the proper motivation.

Gen Y's young workers are about 12 percent of the real estate workforce. They see themselves as the customers of their companies -- so they look for technologically advanced workplaces. They have a different value set than the workaholic baby boomers. They want flexibility and insist on a better work-life balance.

Don't ask them to put in overtime, or you'll be reported to the department of labor. On the other hand, this generation is socially responsible and just might save your Social Security butt down the road.

So what can be done to recruit members of Generation Y to your company? Make it clear that your company meets their core needs and values -- flexibility, balance, respect, and accessibility.

Deloitte also suggests:

1. Long-term career development and multiple experiences within a single organization

2. Sense of purpose and meaning in the work

3. Availability and access to mentors and other company champions

4. Social networks that embrace open/honest communication.

You could also try paying them more money, too.

Published: December 28, 2007

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Blanche is a renowned author of five real estate books. Her newest, Bubbles, Booms and Busts: Make Money In Any Real Estate Market, McGraw-Hill, was rave-reviewed by The New York Times. She was also selected from hundreds of real estate experts to contribute to Donald Trump's book, Trump: The Best Real Estate Advice I Ever Received: 100 Top Experts Share Their Strategies, Rutledge Hill Press, and is featured on page 68. Order Now Review - Honors In 2006, Blanche was selected among scores of candidates to author two consumer real estate guidebooks for the National Association of Realtors: The NAR Guide to Home Buying, and The NAR Guide to Home Selling, Wiley & Sons. She is currently planning two new books for the NAR and its members.       Known for her keen insight into real estate industry issues and for her ability to make complex subjects easy to understand, Blanche is a sought-after keynote and continuing education speaker. Real estate organizations from MLSs, to brokerages, to franchisors, to associations hire her to provide up-to-the-minute analysis of real estate industry news and advice on how to improve revenues. Her passionate delivery, peppered with stinging wit, is a huge hit with audiences and fans. Don Klein, CEO Greater Nashville Association of Realtors, Blanche Evans, Richard Courtney, president 2007, GRAR "The GNAR membership meeting last week featured Blanche Evans as the keynote speaker. Her comments and insights resonated extremely well with those in attendance and we have had many requests for copies of her PowerPoint Presentation. She was a terrific part of the membership meeting and convention program!" - Don Klein, CEO Greater Nashville Association of Realtors Coverage from WSMV, Nashville - 8-14-2007 That Interview Guy - Get Inside The Head Of Today's Generation 2007 AE Institute Session - To purchase 2006 AE Institute Session - Parts 1 2 3 4 5 6 7 8 9 HouseValues Mastermind call - Parts 1 2 Blanche's fireside chat with Jeremy Conaway, HAR - Click here. For more articles by Blanche, click here.