Estate agency boss: ‘Industry needs to rebuild public trust’

Consumer confidence is probably the single biggest driver of the property market. When the rise of interest rates moved back to more normal historical levels, journalists wrote hundreds of articles with conflicting predictions, and homebuyers and sellers’ confidence was shaken. This uncertainty made it difficult for many people to make decisions about buying or selling property, leading to a slowdown in the market.

It’s not the first time this has happened; in previous cycles, customers would turn to their local property experts for sound, trustworthy advice. There are some exceptional agents out there that still have these relationships with local consumers.

OPAQUE

But consumer surveys leave no doubt that property specialists are among the least trusted of all professions. This lack of trust can be attributed to a number of factors, including varying fees, opaque business practices and a lack of transparency. Without trust, our ability to influence and support consumer confidence has been eroded.

Trust is hard to earn, but easy to lose. Building it requires clarity of focus and deliberate action across every area of our businesses.

Losing trust can be done in an instant. Agents that are serious about their businesses need to roll up their sleeves and get to work. They need to prioritise values-based business practices and invest in their agents to ensure that they are well-trained and equipped to provide high-quality service to their clients.

VALUES

When it comes to gaining trust, values are everything. We need to establish clear principles that put our clients’ needs and well-being at the forefront of our actions. Whether we’re helping buyers find their dream home or assisting sellers in closing a sale, clients’ interests must become above anything else. Operating in line with values makes do’s and don’ts clear and frames how to interact with and on behalf of clients.

CRYSTAL-CLEAR

Communication is fundamental at every stage of the buying or selling process – especially when it comes to fees, processes and responsibilities and transparency – so clients are clear on what they’re getting and for how much.

Many agents take a short-termist approach. They see a buyer or seller emotionally commit and try to get the deal done as quickly as possible.

But taking the time to make sure all parties fully understand their responsibilities, the process and costs involved significantly reduces the number of failed transactions.

Taking the time to do this properly also sets the right tone so that if something isn’t going right, you can help bring it back on track – or even suggest they make alternative plans.

NEEDS

Having a team of talented and dedicated agents who chime with the company’s values and place the client front and centre of what they do can make a real difference.

If agents get the support they need themselves, they can level up their skills and knowledge and give clients service that goes above and beyond expectations.

Plus, taking care of agents can mean they’re happier in their jobs and stick around for longer. By investing in employee growth and creating a positive work culture, property experts can attract and keep the best people around and create a thriving, successful network.

EXPECTATIONS

Setting straightforward guidelines that everyone understands and commits to following are the bedrock of your business. When everyone knows what is expected of them, it reduces confusion and conflict.

This positive energy leads to better business outcomes – happy customers, more repeat business, and great reviews.

Reputation rules and word-of-mouth is essential for long-term success. And it all starts with setting the framework for how people should behave and reinforcing those ever-important values that your clients know, value and come back to you for time and time again.

TRUST

Personal relationships are absolutely at the heart of this industry. They support transactions when they start to wobble and drive recommendations. Now more than ever, the real estate industry must prioritise rebuilding public trust.

Building that trust is like constructing the homes that we help to buy and sell, one brick at a time. Each promise kept, each commitment fulfilled, and each positive interaction lays another brick, slowly but surely creating a strong, dependable relationship that is based on integrity and trust.

That way, in this unsettled market, we can support our clients, our industry and the wider economy. It all comes down to trust.

Property experts must take deliberate action; prioritise values, operate with integrity and communicate well with clients and agents alike.

Michael Polzler is Chief Executive Officer of RE/MAX Europe.