Don’t let your Employees Walk Out the Door

Don’t let your Employees Walk Out the Door

Don’t Let Your Employees Walk Out the Door

Real estate can be frustrating, and many days you may feel like wringing everybody’s neck. Then a kindly realtor or coworker walks in and you have the temptation is to vent your every specific frustration to that person. It’s a fair enough strategy, considering the frustrations involved in the industry—it’s an easy habit to take on. The problem is that the person you are venting to takes your words very seriously and does not understand the context. If you blow of steam to one agent about another, there’s a good chance the agent may react by ostracizing the agent you complained about, and this behavior is known to be contagious. Before you know it, a good chunk of the agents aren’t talking to the one you complained about, and that ostracism may very well cost you the agent’s membership at the brokerage.

If you vent to the staff about the agent, it’s likely the staff may become sluggish in responding to that agent’s inquiries. Essentially, your complaints will empower those around you to treat that agent poorly. The challenge here is that you were likely only upset with the agent for 5 minutes, so you’ll get over the transgression, but you’ve likely poisoned the well for the agent you are upset with.

This issue, if not addressed, can permeate through the organization, creating a culture of disdain towards those you are supposed to support. A casual complaint can evolve into a widespread organizational mindset where disdain for agents becomes the norm, undermining the very foundation of your business model.

Such a culture not only impacts morale but also financials, through heightened employee turnover. Employee turnover entails three main cost components: separation, replacement, and training costs (Ongori, 2007). Separation costs encompass productivity loss and administrative expenses related to an employee’s departure. Replacement costs cover the entirety of the hiring process, while training costs involve upskilling the new hire to the departed employee’s competency level.

Profitability hinges on retaining competent employees, achievable only in a workplace that values and finds meaning in its work. If the prevailing sentiment is dismissive towards realtors, it strips the job of its significance, threatening employee retention. A meaningful work environment is crucial, especially since employees with a strong sense of purpose are the most likely to leave if they perceive their work as meaningless.

With turnover costs ranging from 50% to 200% of an employee’s annual salary, the financial stakes in employee retention are high (Boushey & Glynn, 2012). For instance, in Canada, where a conveyancer’s salary may range from $60,000 to $80,000, assuming a turnover cost of 50% and an average salary of $70,000, losing four conveyancers annually equates to a $140,000 loss. This considerable expense could often be traced back to a few misguided expressions of frustration.

Now that we’ve established that staff are expensive to loose, we’ll explore conflict management strategies to mitigate such issues, aiming to foster a harmonious work environment for both employees and realtors.


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ABOUT LIZ PENNER YOUR BEST LANGLEY REAL ESTATE AGENT

Liz Penner is a top-selling licensed real estate salesperson with the Fraser

Valley Real Estate Board and has been a top-selling realtor specializing in the residential resale of condos, townhomes, and houses for over a decade. Liz assists residents of the Langley and Surrey areas to sell real estate while looking out for the client’s best interests. Liz also helps first-time homebuyers, families, and repeat purchasers with their property search process, ensuring that her clients get access to the very best homes on the market while receiving excellent service ensuring that they find the perfect place to call home.

Liz holds a BBA in leadership and has completed a variety of specific training through the Fraser Valley Real Estate Board in the areas of selling strata properties, foreclosures, estate sales, and new construction properties. Liz is also well versed in POAs, the Strata Property Act, and more. If you are looking for a knowledgeable and professional real estate agent that is willing to do everything possible to ensure that you get top dollar for the sale of your home or to find the dream home you are looking for in the Surrey and Langley, BC areas then get in contact today.

If you are looking for a knowledgeable and professional real estate agent that is willing to do everything possible to ensure that you get top dollar for the sale of your home or to find the dream home you are looking for in the Surrey and Langley, BC areas then get in contact today.