Commercial Real Estate and Company Culture

Welcome to the Topic “Commercial Real Estate and Company Culture”

Developing a culture where real estate professionals feel at ease, inspired, and able to succeed is one of the most critical elements of this industry. The mission, goals, and even the actual work environment can all be considered part of a company’s culture.

Real estate agents have a lot of alternatives when it comes to finding a brokerage that is a good fit for them, so investing in and growing the culture at your brokerage and providing assistance and education is critical. Culture will be crucial in attracting new agents, but it will also be important in retaining them. Below, I will go through several key factors in understanding and developing a strong company culture that can help attract and retain top real estate talent in your area.

What is the culture of your company?

Shared values and beliefs constitute the foundation of organizational culture. Members of an organization draw their values from shared ideas about human nature, feelings, effectiveness, and the relationship between their company and its surroundings. Every organization’s culture is alive, breathing, and changing. Positive company culture is critical to its success. A company’s culture is what it represents and how its worker’s act.

Lately, organizational culture has become a hot topic. It’s often regarded as one of the most critical factors in employee recruitment, retention, and performance. It’s no surprise that so many firms want to understand and adopt this secret sauce in today’s extremely competitive marketplace for top-tier teams.

Role of company culture in real estate

Real estate must be functional on the most fundamental basis. When we join together to carry out the company’s goal, we need a place to perform our work. So we have offices and conference rooms where we can contemplate quietly or converse privately. And when we need to work in small groups, we have pleasant venues in which to meet.

Fast networks, comfortable chairs, ample storage, and all the operational infrastructure your brokerage requires are all examples of functional space your team will utilize.

Another factor to consider is whether your spaces have an abundance of natural light, living plants, and/or easy access to a clean kitchen and nutritious food. If the area is also adaptable, pleasant, and appealing, you’ll get bonus points.

And first impressions are crucial! 

How does it feel when you go through the door into the office? For your workers? For your clients? For your prospective clients? The best locations entice you forward and pique your interest, possibly evoking a “Wow!” 

The front door to your office headquarters can be an excellent ice-breaker when designed with intentionality, and can even elicit questions that lead to a meaningful discussion about the essential work and your services.

From your team’s standpoint, authenticity speaks volumes about your company culture. 

Do your company’s leaders follow through on their promises? Do they share and embody your fundamental values? Are the organization’s core principles a true reflection of its priorities and practices? Do the activities of the corporate executives foster this authenticity? Because if they don’t, the staff will see straight through it.

Your workplace should represent the company values and inspire your team to represent those values as well. After all, your most significant asset is your team. They are the ones in the workplace day in and day out, making the needle move for the company’s overall success. It’s vital to value your team and remain authentic to the core values and principles of the company. This will serve as motivation for your team to perform at their best and move your organization ahead to pursue your objectives.

I’ve created a culture that I’m proud of by focusing on essential factors. Here’s how you can improve your real estate firm’s culture:

Find out why your agents do what they do.

Individuals enter the real estate industry for various reasons, but one of the most compelling is the lifestyle that a real estate career can bring. A real estate job might give you the freedom to establish your hours and earn unlimited money. It’s also common for it to be someone’s second or third job. 

While some business portions may be enjoyable for agents, it is uncommon to hear someone state they enjoy preparing contracts or waiting at an open house. Brokers should learn about their agent’s “why”. Engage them in conversations to find out why they got into the business, and find out what their ultimate objectives are in the field. Advise them to consider this answer if they don’t know why.

Coaching & Influence

Coaching is something I believe in and advocate for my team members. It’s crucial to have someone who can push and encourage you and act as a sounding board at times. Coaching can help an agent feel more at ease in their profession by providing support and honest replies. A coach can also help them stay on track with their business goals by holding them accountable.

Create a welcoming environment in your workplace

If your organization has a physical location, make sure it’s a welcoming environment for agents. Consider creating an open floor layout for your facility, which allows for high-impact workshops and social events. 

Colorful decor and encouraging artwork can help to create a positive atmosphere. Include couches, open workstations with PCs, and various seating options or room arrangements to encourage agents to interact, chat, and feel at ease while working. An engaging and pleasant culture can aid a company’s long-term performance. 

I advise those who are beginning a brokerage and designing their workplace to think about how they might contribute to the company’s culture through the interior design of the space.

Never give up on learning

There are constantly new laws, software, and even social media channels to learn about in the real estate industry. Most of what you learn in your pre-licensing training is significantly different from the company’s real-world experience, as agents and brokerages know personally. Beyond the license requirements, a brokerage must provide continuing educational opportunities. A learning-oriented culture will assist agents in gaining confidence in themselves, which will help them generate new business and retain their existing clientele. 

Rejoice

Many real estate brokers, in my experience, are very sociable beings. They like communicating with others and taking part in exciting activities. They work long hours, including evenings and weekends, so arranging entertaining activities for your agents will allow them to relax, celebrate their accomplishments, and socialize with their coworkers.

Your team’s well-being is vital. So first focus on developing a positive and healthy culture with your team. Top agents want to work for a firm that enables growth, recognizes family time, respects each teammate, encourages community involvement, and accomplishes wins! They’re looking for a firm that can coach, inspire, challenge, and encourage them. 

More than half of the modern workplace is disengaged in their work, and there’s a direct correlation between that feeling of disengagement and how culture influences it. 

To attain an engaged and motivated workforce, a leader must focus on establishing a good culture.

Commercial Real Estate and Company Culture

Profits will come as a result

While each company’s culture is different, ours is driven by honest and accessible communication, respect for our agents and clients, excellent character, creative cooperation, unwavering trust, tireless focus, and a lot of fun!

As a leader, it is obligatory to ensure that these tenets are followed by every member of our team, in every interaction with our clients, and throughout every transaction. 

And when we ensure that happens, guess what? 

Profits follow! 

When these standards are instilled in each team member and throughout our company practices, business increases and as a natural result – profits follow. 

Cultural Recruitment

Spend time telling potential employees about your distinct culture as you recruit team members. One of the determining elements in whether or not you make an offer should be their fit within that culture or how they can add to/benefit the company culture. You may wish to pass on a candidate who has the talents and expertise but not the drive to go above and beyond for the client. On the other hand, if you interact with somebody with less knowledge but a passion for learning and motivation to perform, you might want to take a chance. It’s a case by case basis, but knowing what’s important to the overall health of the company and culture will help you make the best decision possible. 

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Also Read: Introduction to Commercial Real Estate