5 Questions Every Principal Should be Prepared to Answer in 2021

Business, Journal,  Journal,  Principals

As a real estate principal, there is a very strong chance you’ll be responsible for hiring and managing the staff in your business, and this comes with a unique set of challenges. Managing a real estate business can be difficult, even without a global pandemic. You have a responsibility to act in the best interest of your employees and provide them with the tools they require to succeed in the industry. With this in mind, the REIQ has developed five questions every Principal should be prepared to answer in 2021. 

1. Is there an option to work remotely?   

Due to the increased normalisation of remote working due to the pandemic, it’s now almost necessary to provide employees with the option to do so. Some roles in the real estate industry may not allow for a complete transition to full-time remote working, but there are opportunities for employers to introduce flexible working arrangements, where employees can split their working hours between the office and home. With positives for both the employer and the employee, remote working appears to be here to stay 

2. What mental health assistance are you providing your employees?  

Finding a healthy work-life balance in real estate can be difficult if you are committed to providing the best possible service to your clients. Due to the nature of real estate, you can easily find yourself working late nights and weekends and this is will only become more prevalent due to the current market conditions 

The impact of poor mental health in the workplace can be devastating as it can lead to a multitude of costly issues, including employee dissatisfaction, loss of productivity and a high staff turnoverTherefore, an important part of the principal’s role is to maintain a positive work environment for all employees and provide mental health assistance wherever necessary.  \

3. Are you an early adapter of proptech trends?  

The pandemic brought many changes to the real estate industry and the emergence of proptech helped many businesses continue operations through strict restrictions. Digital solutions like virtual tours or One Touch™ have shown their worth to agencies throughout the last year and early adopters can be confident that whatever happens, their business can continue to help people buy, sell or rent property.  

As a principal, you have a responsibility to make the best decisions for your agency, so why not give your business and employees the best chance at succeeding? The future of proptech holds solutions for personalised and multifaceted marketing, virtual interactions, accessible consumer data and much more. It can provide your employees with the tools they need to flourish in the real estate industry and stand out from the competition. Although we cannot predict what the future will hold, there is an opportunity to implement products, programs and procedures that can help your agency prepare for what’s next. 

4. What does the future of your business look like?  

The real estate industry is constantly moving and successfully adapting to the changing market conditions can help future proof your business and increase employee confidence. Preparing for change can be one of the best ways to stay ahead of the curve and adapt as quickly as necessary. Embracing modern trends, conducting market research and monitoring your competition are all methods that may help your business prepare for any future challenge 

With demand for property growing by the day, it’s an excellent time to work in the industry but how will your business respond when the demand is no longer there? And what measures do you have in place to prepare your team for changeAnswering these questions can be incredibly beneficial to the future of your business as it will enable you to empower your employees as they will be confident knowing their job is secure.  

5. Are you providing your staff with professional development opportunities? 

Professional development is extremely valuable in real estate due to the competitive nature of the industry. A professional who is aware of the latest industry trends, news and developments can be much more appealing to clients and will be in a better position to succeed than someone who isn’t. The REIQ offers a multitude of professional development opportunities through training and events, that any agency can take advantage of. 

A successful employee in a real estate agency will help grow the reputation of the business and as a principal, you have the ability to accelerate the career growth of your employees by providing your staff with the opportunities to do so. Fostering this growth can be incredibly beneficial for employee satisfaction as well as the success of your business overall. Not only will you be supporting someone’s development as a professional, but you will also be demonstrating the value your business can offer to its employees.