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An expert for wellness initiatives stressed that recognising and embracing the link between mental wellness and performance is paramount in improving the profitability and success of real estate agencies.
Acting chairman of the RiSE Initiative, John Cunningham, outlined that there were clear signs that business care for mental wellness boosted performance given the financial results of those agencies that did not take it seriously.
“Mental illness is the leading cause of sickness, absence, and long-term work incapacity, with the estimated cost due to lower participation and presenteeism estimated at $39 billion,” he said.
“When we see real estate businesses that have high levels of staff turnover and absenteeism, these are all indicators that something is amiss. But equally, when real estate businesses get this work right, we see greater staff loyalty and retention, and they outperform their competitors.”
Research conducted by the RiSE Initiative’s Revive Project revealed that over 80 per cent of surveyed real estate agents experienced workplace-related anxiety, while 79 per cent found work stress impacted their physical health.
Moreover, 76 per cent struggled with burnout, with a further 72 per cent admitting an inability to strike a work/life balance.
When compared to data from the Black Dog Institute — which found one in six Australians experience a mental illness, most commonly depression or anxiety, and one-third of Australian employees experienced mental health challenges — RiSE Initiative’s findings ratify the prevalence of mental wellness issues is greater among real estate agents and property managers.
Mr Cunningham detailed an extensive Google research project, titled the Aristotle Project, which identified the top five predictors of revenue, all of which were directly linked to the psychological strength of a business. They are:
- Psychological safety
Feeling able to take risks without embarrassment and feel vulnerable with their team members backing is crucial.
- Dependability
Employees must know they can count on each other to deliver high-quality work on time and to expected standards.
- Structure and clarity
Organisations with clear goals, roles, and execution plans consistently exceed those without.
- Meaning of work
Employees need to feel their work is personally important to themselves and the team around them. Primarily focusing on financial targets or commissions can feel hollow unless tied to personally valuable financial goals. For example, striving to be a million-dollar agent if such goals are linked with an ability to pay off a mortgage.
- Impact of work
Another critical factor is a fundamental belief among employees that their work matters. For real estate, this could mean focusing on assisting vendors in unlocking the value of their property to facilitate movement towards their next important step in life, rather than simply aiming to achieve a new suburb record.
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