Embrace Your Company Culture

We hear the term constantly: company culture. Building it, honing it, creating something that defines a company is often at the crux of that company's success. But while they're familiar words and sentiment, we still have to ask ourselves: What is company culture all about?

In many other industries, "culture" is everything a business does to motivate its employees outside of paying them what they're worth. Trying to build a culture that values the team on a foundation of cut-rate compensation is saying one thing and doing another. Naturally, actions speak louder than words.

In real estate, however, company culture is a totally different ball game. Because commissions are the norm for agents and brokers, everyone in the office brings some intrinsic motivation to the table.

Like other sociable, sales-driven industries, you will meet plenty of colleagues driven by the fact that they are the biggest factor in their own success. Every agent in an area faces the same housing stock, local economy, and "lake" of clients, though they might choose to fish in different spots. Company culture is a massive differentiator in how individuals make the most of these resources – and whether they stick around long-term, look elsewhere, or go solo.

The worst thing you can do is let culture happen by accident!

Some kind of culture develops any time a group comes together for any purpose. Really! But even if your culture has been on autopilot, it's not too late to change for the better. By focusing on supporting your people – with technology and humanity – you can create a culture that works.

There's no better time to do it than now.

Wrapping Your Mind Around Company Culture

The idea of "company culture" has been used a million different ways by a million different businesses, many of which use "culture fit" when looking to fill open positions. For this reason, culture can seem devilishly slippery. If it's something that bends to every definition, is it all really just hot air?

Company culture can be discussed in a way that's superficial and, ultimately, not very helpful. But there truly is something to the concept. Once you get a sense of how it affects your tangible business results, it becomes much easier to see how you can change it for the better.

There are two big things company culture is not:

• Company Culture Isn't Just a Package of Perks
  Company culture doesn't just mean free coffee or a foosball table in the break room. The idea you can boil down culture to a certain idea of fun – one that's wacky and zany within carefully prescribed limits – comes largely from high-tech startups. Companies like these aim to recruit recent college graduates who haven't necessarily developed healthy boundaries or expectations around what work asks of them.

• Company Culture Isn't Just Your Company's Values
  These days, companies of all sizes are being asked to articulate their values around various subjects. Millennials and Generation Z are growing their share of the economy, and they want to know they are spending their money in harmony with their worldview. But, while culture can spring from a clear statement of values, the values are only the beginning. They are not the whole story of what culture is.

So, then, what is company culture, exactly?

Company culture can be described as "the unwritten rules," the way things are done in an organization. It is less about written policies and more about how, whether, and when they are followed. Since it is more an art than a science, it is best understood through analogy.

You might want your culture to reflect a positive orientation toward learning and growth. But mistakes and oversights are often made along the path. If a manager's response to mistakes is punishment and scorn, that person values perfectionism and rules-following, not growth.

Luckily, it's simpler to understand how to fine-tune your culture to realize one specific goal, in this case, agent retention. And since company culture is very responsive, all you have to do is commit to a more intentional stance around culture and start taking some of the right actions. Positive change will follow, and then it will be easier to chart a course forward.

The Seven Best Ways to Create a Culture that Values, Cultivates, and Retains Agents

• Give Your Agents Clear Opportunities to Grow Their Skills
  An agent's performance revolves around two things: Skills and confidence. Confidence grows when skills are developed and mastered. There's always something new to learn in real estate, and your willingness to define a clear path to professional growth is a big part of your investment in your team. Plus, you'll reap the benefits of greater productivity that come along with that expanded perspective.

• Equip Agents to Succeed with the Right Technologies
  It was not that long ago when the average agent needed to dedicate hours every week to ensure they were on top of the latest changes with their prospects, leads, and customers. These days, Customer Relationship Management software centralizes all these functions in one place. A real estate CRM offers complete visibility and may even help you know when to follow up using artificial intelligence.

• Remember: Priorities Emerge from Values
  While values aren't all there is to company culture, they do matter. Values act as the North Star that everyone can consult when choosing between two conflicting priorities or courses of action. For example, a company that upholds compassion as a key value might make customer care a top priority and would choose to help the customer feel heard over handing calls off as fast as possible.

• Tune In to Individuals' Different Motivations
  Many real estate professionals are driven, competitive, and attuned to opportunities to make money. That said, everyone is different. People will vary in the kind of incentives that motivate them. They also differ in how they prefer to be recognized for their achievements, whether one-on-one or in a group setting. The better you know your team members, the easier it is to tap their attention and energy.

• Encourage Support and Mentoring
  Teaching others is often the fastest way to sharpen your own skills. With that in mind, it's wise to spark an interest in mentoring within your office. Allow junior team members the opportunities to think through their challenges without having to reinvent the wheel. As a result, genuine relationships are built that help you to integrate your company into the wider industry community and thus attract top talent. 

• Celebrate Success
  Success happens every day, on both an individual and team level. Of course, when the team reaches its goals, it's cause for celebration. But personal milestones are also important, assuming the individual consents to have their story heard. So whether it's the big sale or a firstborn's birth, don't be afraid to cheer others on.

• Create an Inviting Work Environment
  Many agents and brokers are more productive when they have a quiet, enclosed space where they can do blocks of focused, uninterrupted work. That said, you can create opportunities for collaboration by setting up plenty of common areas where ideas can be shared. That makes for the best of both worlds.

Retention all comes down to whether someone feels valued. Agents and brokers often have a dozen other opportunities right in their own backyard, so crafting a retention-focused culture is crucial. These seven tips will put you on the path to long-term retention and the outstanding results it can lead to.

To view past Real Estate Marketing and Technology articles and read more from the February 2022 issue, click here.

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