BLOG: Is your estate agency ready for another crisis in the UK?
Sally Lawson says it’s high time agents really took stock of their company cultures – not just their properties – to evaluate whether they could navigate another upset.
The UK is on its rear – fact. Whilst many were breathing a sigh of relief after surviving a global pandemic, along comes the cost-of-living crisis, a tumbling economy and yet another pending recession.
Government legislation changes in the buy-to-let industry are merely limping along and the property market, along with the rest of the economy, is fraught with uncertainty.
CRISIS
Which all means that it’s high time agents really took stock of their company cultures – not just their properties – to evaluate whether they could navigate another crisis, whether internal or external.
We’ve all had to flex and adapt in recent years. Having the right culture can make all the difference to how your agency performs during a crisis.
The natural instinct is to go into protection mode, battening down the hatches and working frantically behind the scenes to limit the damage and return to normal as quickly as possible.
But closing down communication channels can actually cause more harm than good.”
But closing down communication channels can actually cause more harm than good.
Communication never stops – quite often in these scenarios it actually increases – but if you’re not giving them clear and consistent information then all they’ve got to rely on is rumours and speculation.
It’s vitally important during a crisis to communicate the facts and the issues surrounding them both quickly and clearly – to employees – and to the outside world. Having the right company culture already in place which benefits from effective communication channels will help when the proverbial hits the fan.
It’s equally important employee loyalty doesn’t derive from a fear culture. You want employees to rally round in a crisis because they believe in their work and feel valued, part of a bigger picture. An employee afraid of losing their job may be loyal on the face of it, but if it’s for the wrong reasons this in itself can financially impact a business due to issues such as disengagement and stress.
FACETS
Culture has to be built up over time but the following five facets of culture is a good start.
Support – do you know what concerns your team have? Is there anything going on for them that you could assist them with as their employer? Are they looked after well at work?
Positivity – a common core set of values like mutual respect, gratitude, trust and integrity go a long way. And you must, of course, lead by example.
Inspire – share your mission and vision with the team, involve them in the bigger picture and nurture teamwork. And also make sure you’re aware of their vision for their future, and how you can help them get there.
Communicate – Quickly, clearly and consistently. And not just during a crisis. Build the trust of your workforce now, so they’re already behind you when you need them.
Empathy – 94% of employees think empathy is an essential quality of a healthy workplace, yet only 31% of UK workers say their company provides explicit training on empathy for managers.
Would you rather employees communicate to the outside world in a crisis that they feel unvalued and have no clue what’s going on – or that they be championing your efforts to keep them in the loop, projecting a unity within your agency to be proud of?
Company culture is everything. That’s why 85% of world leaders say their culture is an important topic on their leadership agenda.
Sally Lawson is chief executive and founder of Agent Rainmaker
Picture: Alex Styles