Top Tips For Improving Employee Satisfaction In Your Real Estate Business
There are many benefits to starting a real estate business. After all, not only does it make for an exciting and varied career, but it is also highly profitable. In fact, a recent study found that the US housing market is currently valued at more than $43 trillion - meaning there is a lot of money to be made within the industry.
However, that is not to say that stepping into the world of real estate is not without its challenges. For example, you'll have to find a way to market your real estate business that enables you to stand out from the crowd. However, one of the biggest obstacles you'll face along the way is building an awesome real estate team that will help drive your company towards success.
This is due to the fact that it's near impossible to run a real estate business alone, as there are various different roles and duties that must be carried out on a basis. For example, you'll need to source administrative staff alongside realtors and more. However, you must also ensure that you are able to retain employees.
Thankfully, there are various steps you can take to aid employee retention - though the easiest by far is focusing on staff satisfaction rates. After all, when employees are happy at work, they are less likely to seek employment elsewhere. They're also likely to work harder, be more productive, and complete tasks to a higher standard.
With that in mind - here are just some of the ways you can begin to improve employee satisfaction.
Identify your problems. You cannot work to improve employee satisfaction rates if you are unsure how your employees really feel. Thankfully, there are various ways to remedy this. For example, you could conduct exit interviews with any staff that are about to leave, so you can gain insight into their decision to leave. You should also give your current employees the opportunity to voice any problems they are having - preferably through an anonymous form so they feel as though they can speak openly.
Make thir days as easy as possible. In every career, some workdays will be more challenging than others - but you don't want to overwork your employees as this will only put them on the path toward burnout. Fortunately, there are various ways in which you can make sure that their workdays are as easy and stress-free as possible. For example, you could put together a clear schedule for them to follow. To do this, you should use a template that enables you to put precise schedules in place for each employee, taking into account the fact that no two days are really the same. You can find out more about the important employee scheduling template elements here.
Help your employees grow. Opportunity for professional growth is something that all employees will seek out when looking for a job. After all, it's only natural for them to want to progress in their career. As a result, and in order to avoid low retention rates, you must make sure that you present your employees with plenty of opportunities to develop new skills when working with you. For example, you could cover the cost of additional training for those wanting to proceed into managerial roles. Alternatively, you could put together an in-house mentoring scheme, where junior-level employees can learn from the more experienced members of staff.
Create a positive working environment. Working in real estate means you'll already understand the importance of creating a welcoming atmosphere for clients, especially when staging a house for a viewing. This same logic should apply to your workspace, as employees will be much happier entering a workspace that feels friendly and welcoming. To do this, you must focus on encouraging your employees to collaborate with each other as opposed to competing.
Upgrade your office. When working, we're influenced by our surroundings a lot more than we realize (this was made clear during lockdown when working from home meant listening to your annoying neighbors' TV through the wall). As such, you should also work on upgrading your office if you want to see an increase in staff satisfaction. This doesn't necessarily mean relocating your office space but instead giving it a makeover. For example, if the space is looking a little worse for wear, you could brighten it up with a fresh coat of paint.
Allow them to work remotely. During the pandemic, remote working was a necessity, but many businesses now require their staff to work in-house full-time again. However, studies suggested that remote working actually did wonders for employee satisfaction (and productivity) rates as it allowed them to create a better work-life balance. As a result, you may want to consider the benefits of continuing remote working where possible, or at the very least constructing a hybrid model where employees work part-time in the office and part-time at home. If doing so, you should also make sure that you improve your working from home technology so that your staff can carry out their jobs to the highest possible standard.
Make sure your wages are fair. While there are various reasons why an employee may choose to seek new employment, wages often play a crucial role in their decision. As a result, you must make sure your wages are competitive, even if your business is on the smaller side. To put it simply, in order to keep staff around, you need to acknowledge their value and compensate them fairly for their time and effort. Failing to do so could actually cost you more money - as the hiring process can get expensive pretty fast.
Offer out some praise. Employees who feel valued in the workplace are more likely to stick around, meaning that you should be sure to offer out some praise and compliments to your team. Even something as simple as a quick 'well done' at the end of the day or upon the completion of a project can work to help you achieve this goal. Alternatively, you could introduce an employee of the month/week scheme.
In addition to these strategies, implementing corporate gifting platforms can significantly foster employee satisfaction and loyalty. Such platforms streamline the process of selecting, personalizing, and sending gifts to employees, making it easier for businesses to express appreciation and recognition on a scale. Whether to mark professional milestones, celebrate personal achievements, or simply uplift their mood, leveraging these platforms ensures that your gestures of appreciation are meaningful and impactful. For an insightful look into top-rated employee gifting platforms that can help strengthen your team’s happiness and cohesiveness in 2024, exploring diverse options tailored for varying business needs is beneficial.
Focus on employee wellbeing. As an employer, there are certain things you will expect out of your team. For example, you may set them specific targets when it comes to selling properties. However, while it's essential that these needs are met, they should not come in the way of employee wellbeing. In fact, you should make employee wellbeing a priority if you want to succeed, as when we are less stressed and anxious at work, we will perform better. As such, you should work to incorporate employee wellbeing into your business plan. For example, you should make it clear that your employees are able to reach out to you should they need some time out, especially if they are dealing with issues in their personal life.
Put together a loyalty scheme. Many companies win over clients through loyalty schemes - such as by offering discounts to repeat customers. Loyalty or reward schemes also work well for employee retention due to the simple fact that they give your staff a reason to stick around. For example, you could put together a loyalty scheme that enables staff to take more time off the longer they work for your company. When putting together a loyalty scheme, have a quick chat with your employees to gauge the kind of thing they would be looking for, as this can help you make the right decisions. It also shows them just how much you care about their opinions and thoughts.
