Members of Generation Y were born after 1980. Millennials grew up with video games and tend to interact over their smart phones. Social media also plays as huge role in the life of a millennial.

"They're very high tech, they sit in their world gaming a lot and don't like authority. They do their own thing," Whitehead says. "They do research on the web. They like challenging work but balanced with having fun. They're more into texting and instant messaging as far as how what forms of communication they like."

Brokers and agents should be prepared to use just about every kind of electronic communications tools they have, including social media, texting, instant messaging and email. Millennials place weight in online comments and messages boards, too.

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