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“Focus on the people to improve the spreadsheets, don’t focus on the spreadsheet to manage the people,” a real estate training expert has advised.
Shane Lowe, the CEO of Real Estate Training Australia (RETA), is forthright in his view that education is the way to a better functioning industry, with less burnout amongst staff and more stability for businesses.
And certainly one where agents aren’t consistently ranked the least ethical among all Australian professionals.
“Real estate is a high-stakes profession where errors or misjudgements can have significant consequences for all parties involved. This reality underscores the importance of ensuring that individuals entering the field are adequately prepared, whilst those established in the industry are consistently refining their craft,” Mr Lowe told REB.
The training exec is making a case that businesses should integrate some form of training for staff at least once a month, covering a broad range of issues that not only improve real estate professionals’ grasp of legal and financial issues, but tackle their customer service and personal wellbeing as well.
While he believes that updated mandatory minimums can play a part, in Mr Lowe’s view the expectation for rolling education has to come from the top down.
“Whilst making changes and improving the entry requirements for those new to industry may play a part, the real change should happen within the agencies that exist today,” he said.
Doing so will drive more success for business owners than numbers-based KPIs ever will, according to Mr Lowe.
“If every business owner or leader inspired development, consistent training and education, and provided more support for their team, the industry itself would shift entirely. Any business owner, large or small, faces the same problem; they all look at the profit and loss reports and focus solely on the numbers. But it’s the people that change those numbers.”
In his view, regular training would not only drive business results, but provide a more stable and competent workforce, improving business outcomes and the standard of the industry as a whole. On an individual level, education would see professionals become better informed to be able to handle clients, navigate red tape and plan for their own personal stability, leading to a more stable and less stressful career.
The challenge, however, is getting this to happen on a large scale, with individual reluctance often standing in the way.
“The question of whether real estate agents need more extensive training is a topic that has sparked considerable debate,” Mr Lowe acknowledged.
“From my near-16 years in the industry in a range of roles before transitioning to training and education, one thing has always remained consistent: there will always be agents that say they don’t want to be involved in training, that they are ‘too busy’ and they’ve ‘heard it all before’,” he said.
“But what has also been factually and statistically proven is that these are the same agents that have a results ‘roller coaster’; they’re the same agents that are most often needing the training.”
The short-term pain of insisting that staff find time in their schedules will be worth the long-term gain for everyone involved, shared the CEO.
“As an industry, we should advocate for a well-rounded education, not just contracts, legislation and best practice, but one that focuses also on the development of people skills and ensuring that our clients are actually well-served. Doing so not only benefits the agents themselves but also safeguards the interests of buyers and sellers who rely on their expertise,” Mr Lowe said.
That includes teaching real estate professionals how to look after themselves during times of high stress.
“Mental health and work/life balance are equally important considerations for agent development. The demands of the real estate profession can be intense, and agencies should promote a healthy work culture that encourages a balanced lifestyle. Providing resources and support for agent wellbeing is an investment that yields long-term benefits,” he said.
With the values of houses climbing increasingly higher and slim vacancy rates around the country causing increasing stress among renters, he made the case that even if mandates haven’t changed, it’s time for real estate professionals and businesses to step up.
He added: “It’s no longer sufficient for agents to rely solely on a splash of charisma and basic understanding of industry regulations and best practices.”
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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