Millennial Spotlight: Meet Brian Bailey of Keller Williams Realty
Interview by Jessica Wise
It’s become common knowledge now that homeownership in America has decreased as the millennial generation struggles with today’s high-rent and insurmountable student debt. According to Forbes, the millennials who do own homes are disproportionately married, well-educated, affluent, and white (Source: Forbes.com). In the city of Atlanta, as gentrification is quickly seizing the market and proving Forbes’ analysis to be true, more millennials are scrambling to pay rent and becoming curious about the stability that comes with ownership as mortgages and rental rates start to look more and more the same. Brian Bailey, a millennial real estate agent who grew up in this changing city, is here to give a quick rundown on both homeownership and his genuine love for his career.
When did a career in real estate spark your interest? What was appealing about it to you?
It was about 3 years ago. I was working a salary position at a thriving company when I realized a career in real estate would be the perfect fit for me. I’ve always enjoyed art, architecture, landscape, and business. And the real estate industry appealed to me when I noticed it was a blend of all the attributes I yearned for wrapped into one.
What is your favorite part about your job?
The best part of this career is helping clients find their vision of a new lifestyle. To see clients gain not only wealth, but also knowledge of one of the oldest investment opportunities around, is truly the reason that drives me.
Are you a homeowner yourself? What was your journey of homeownership like?
Yes, my journey into homeownership was fun and exciting but also stressful. It’s been my mission to help take some of the unnecessary stress out of the buying process for my clients through simplicity and transparency.
Being in Atlanta, surely you have a diverse clientele. How many of those buyers or sellers tend to be from our generation?
Atlanta undoubtedly has a very diverse group of people. It has been my pleasure to work with clients from all walks of life. My experience from buyers in our generation has been about 50% of my business thus far.
A lot of people are uneducated about the process of homeownership. Can you give a quick summary on how this process works?
The process of buying a home has a lot of moving parts, however, a great agent can help you navigate with fewer disappointments.
The first step is to select a real estate agent and obtain financial pre-approval from your bank.
Your agent will then help you analyze your needs in a Buyer Consultation.
The next step is to identify properties of interest and view them.
Once you find the perfect home, you will write an Offer to Purchase and then negotiate the Terms.
Once your offer has been accepted, you will remove the Contingencies (events or circumstances that are unforeseen).
Conduct Inspections of the home will follow shortly after.
Resolve any issues found in the inspection.
Conduct a title search.
Remove any Encumbrances (liabilities).
Obtain title insurance.
6. Now you simply need to obtain funds for closing.
7. Close on your new home and take Possession!
Why do you think millennials have a hard time purchasing a home?
Affordability, high student debt, and less loan availability are just a few of the reasons that millennials aren't buying homes at the rate of previous generations. Technology has also changed the way millennials view “wants” versus “needs.”
What do you have to say to people who are anticipating another recession? How do you expect the real estate industry to be affected?
Recessions are necessary to correct a volatile or unstable market. Real estate is like any other investment. It has ups and downs. However, the real estate industry has always been constantly increasing despite its small dips. People will always need a place to stay, so the demand for homes constantly rises, especially now that land is getting scarce.
What advice do you have for millennials who want to become homeowners in the future?
Educate yourself through multiple resources of opinions and facts, and create a budget that allocates every dollar you earn.
What about millennials who are considering a career in real estate? How can they get started, and what advice do you have for them?
It’s just like any other job. You have to identify your “Big Why.” Then find an accountability partner to help with the steps to obtaining your license.
Want to learn more about homeownership or the real estate business? Get in touch:
Website: brianbailey.kwrealty.com
Instagram: @brianbailey.inc
“Thanks much for allowing me the opportunity to participate in this interview. I’m thrilled to be with Keller Williams and I am available to you all at any time to be an asset and resource to you, your family, and your friends. Please ccontact me whenever a question or need comes up. I appreciate you all and wish you all the best!” -Brian
Brian Bailey, Keller Williams Realty
