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While real estate businesses are very good at managing their engagement with the market, they’re not necessarily as good at engaging and communicating with staff in the same way.
The managing director of The Consulting Space, Adam Libbis, has highlighted the need for real estate agencies and employers to ensure they are on the front foot when it comes to their human resource management.
While HR is key to any company, Mr Libbis said that the real estate industry faces several industry-specific issues — especially given “the commonly used commission-based remuneration structure prevalent in the industry”.
Not only that, but the “incredibly tight” nature of the current Australian labour market and the fact that research is pointing to more than 3 million working Australians thinking about changing careers post-COVID; and Mr Libbis said that agencies across the country could have a problem on their hands.
“High levels of people churn can create significant risks to organisations in terms of business continuity and ongoing profitability,” he warned.
“The labour market isn’t as stable and loyal as it used to be — employees don’t ‘pick and stick’ to careers and employers for the long-term unless their needs continue to be met.”
It’s why the managing director has stressed the importance of organisations being proactive when it comes to their people — not only to ensure ongoing compliance, especially with regular changes in the safety net system — but also with respect to engaging with their staff.
For him, a two-way dialogue between an employer and an employee is key — and it’s “more than having the occasional staff meeting”.
“A key motivator for staff is feeling engaged and understanding the direction of the business,” Mr Libbis imparted, before adding that “real estate businesses are normally very good at managing how they engage and communicate with the market, but this should also extend to engaging and communicating with staff in a structured and proactive way”.
This should go above and beyond what may be on offer from the franchise model with which a business is aligned, according to the consultant.
From his perspective, while franchises can deliver significant benefits from a branding and marketing perspective, it does not necessarily mean that regular access to HR expertise is guaranteed.
Noting that the arising of HR problems isn’t so much an “if” problem but a “when” problem, Mr Libbis encouraged those businesses without internal HR support to gain access to experienced external advisers.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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