3 Ways to Improve The Reputation in the Real Estate Industry
It’s time we address the elephant in the room: this year, the real estate industry was ranked as the least ethical profession according to the GIA (Governance Institute of Australia) 2023 Ethics Index.
Even below politicians and the typical car salesperson.
Surprised? Maybe not. Concerned? Absolutely.
As an efficiency expert working with real estate teams, I’ve seen firsthand the scrutiny our industry faces, particularly when it comes to the property management sector. Interestingly the Ethics Index 2023 findings shows that the top three ethical challenges identified by participants more broadley are; the rising cost of living, cybersecurity breaches and the increasing use of AI.
It’s abundantly clear that with the increasing housing crisis, more eyes are looking toward our industry for solutions, rather than services. When we as an industry fail to deliver real solutions, we are perceived as the problem leads to a not-so-favorable image in the public eye.
It’s a challenging time, especially in property management, where our teams are constantly adapting to an evolving workplace whilst still delivering a vital service to the housing market – yet you might not hear about that on A Current Affair….
It’s not all bad news though. If the agencies and industry professionals I have the pleasure of working with are anything to go by, it is safe to say that our industry has a good shot at turning our reputation around..
Personally, I am committed to turning these challenges into opportunities for growth and positive change – so much so that I founded The Efficiency Co. And that’s exactly what we’re doing. Our focus is on maximising your business’s efficiency through optimised systems, increased team performance, and expert agency management – a trifecta that benefits your wallet in the long run, but also raises the entire industry’s reputation.
So, how do we work towards a better reputation for our own office (and the whole industry)?
Here are three key strategies to get you started:
1. Transparency and Communication
These can feel like buzzwords, but when used literally, they’re not. They’re foundational principles. By being transparent about our processes and decisions, and communicating these clearly to clients and the public, we can build a foundation of trust and dispel any misconceptions. My tip here is to always place the customer at the center of every decision and design your operations around the customers needs – this will require flexibility in your workflow, but this is where your customers will gain the most value!
2. Community Engagement
It’s crucial that we extend community engagement beyond attending real estate galas, awards nights and maybe one or two charity events each year. By actively participating in community initiatives, offering educational resources, and addressing housing challenges head-on, we position ourselves not just as industry professionals, but as caring, responsible members of the community. Which you are. The community just needs to see it.
3. Elevating Standards
This involves setting and adhering to strict ethical guidelines and ensuring compliance across the board. Regular training and development for our teams are vital in this regard, helping to reinforce a culture of integrity and professionalism. But, regular training, even by the best provider, means very little if the lessons are not put into practice. This is where our industry leaders, licensees and agency owners hold a great responsibility to lead by example and hold their team accountable for upholding these ethical values.
At The Efficiency Co, everything we do is geared towards enhancing your office’s reputation, which also elevates the standing of our industry as a whole. We believe in streamlining operations and fostering team cultures that resonate with the core values of integrity and professionalism. Each step we take, no matter how small, is a contribution towards changing the perception of our industry.
It’s a collective effort, and we’re in this together. Each positive action contributes to the bigger picture of how our industry is viewed. We’re on a mission to shift gears and drive towards a future where the terms ‘real estate’ and ‘property management’ are synonymous with trust, reliability, and excellence.
But what do you think?
How can we further enhance the reputation of our industry?
What steps is your office taking toward this goal?
Send me your thoughts and feedback, I would love to hear your perspective.
