Transforming Perceptions: How Licensing and Authentic Leadership Can Elevate Estate Agency Careers
Matt Giggs is joined by Russel Quirk and Joshua Rayner. On todays episode they dive into the challenges facing the estate agency industry, including the impact of bad PR, recruitment issues, and the stigma surrounding the profession. They discuss the high attrition rates within the industry, with an average tenure of just 17 months for estate agents, and explore the need for better recruitment practices and a shift towards licensing to improve standards. The conversation also touches on the generational shift in workplace dynamics, the difficulties of managing people in today's environment, and the potential growth of self-employed models in the industry. With insights from industry veterans, the episode highlights the importance of authenticity, leadership, and the need for a cultural shift to enhance the reputation of estate agents.
Key Takeaways
Recruitment Challenges: The estate agency industry faces significant recruitment issues, with a high attrition rate of 48%. Many hires are made out of desperation rather than strategic planning, leading to costly mistakes and a lack of long-term commitment from employees.
Perception and PR Issues: The public perception of estate agents is largely negative, influenced by bad PR and a lack of positive representation in the media. This stigma makes it difficult to attract quality candidates who genuinely want to pursue a career in estate agency.
Need for Regulation: There is a strong belief that the industry requires proper licensing and regulation to improve standards and accountability. This would help elevate the profession's reputation and justify higher fees, ultimately attracting better talent.
Cultural Shift in Management: Managing people has become more challenging due to a shift in workplace culture, where employees may feel victimized or anxious. This has led to difficulties in having honest conversations and addressing performance issues, which can hinder productivity.
Self-Employment Growth: The self-employed model in estate agency is expected to grow, as it offers individuals more control over their careers. However, there is a need for better support systems to help new self-employed agents navigate the challenges of lead generation and financial management, especially in the initial months.
Social Links
YouTube: https://www.youtube.com/@mattgiggs
Instagram: https://www.instagram.com/giggsmatt/?hl=en
TikTok: https://www.tiktok.com/@giggsmatt
Linkedin: https://www.linkedin.com/in/mattgiggs/
Host Bio
Matt Giggs is a visionary property professional, industry leader, and the dynamic host of the Estate Agent Showdown Podcast. With 30 years of hands-on experience in real estate, Matt has built, grown, and inspired countless estate agents and businesses to reach new heights. Known for his no-nonsense approach and deep industry insights, he brings a fresh perspective to every episode, sparking candid conversations with top experts on the biggest challenges and opportunities in estate agency. Whether dissecting market trends or uncovering game-changing strategies, Matt’s passion for the industry and commitment to elevating professionals make him a must-listen voice in real estate.
This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/
UK