- The average age of the American worker is 34.6 years old. While that number is expected to rise to 40.6 in the next several years, there is a huge disparity between the average American worker and the average Realtor.
So the question is, So What? Well here is the issue. Something called "Knowledge Walkout". Those agents that are 54 years old are going to retire and as a group they are going to retire sooner than later. In addition, those agents have a huge amount of knowledge in the field of real estate. While many things have changed in the field of real estate over the last 10 years, the fundamentals remain the same. Yes, internet marketing has made a difference, but the fundamentals of customer service, referrals, knowledge of a local area, and contracts are essentially unchanged.
Click HERE for a example of how defense giant Northrop Grumman tried to deal with this issue.
The real estate industry is well behind the power curve of knowledge walkout, but better late than never. How is it that real estate companies can establish systems and procedures to capture the knowledge of it's agents before they retire. The answer of capturing knowledge is largely NOT a result of some great technology. Instead it is most effective done through tactics such as Communities of Practice (COP) and story telling. Many people will laugh at the idea of something like story telling. Steve Denning, is a leader in this field. Before discrediting some of these "non-technical" aspects of KM I would encourage you to investigate some of his works.