Why do professionals that go to work for a real estate company end up staying with the company for a long time? The real estate companies that believe that business is a party, and then invites all of their team-members to the party are the ones that are on top of the summit – or going to get there quickly. If a company gives everyone good directions to the party, everyone will find the shindig, and everyone will have a great time – communication in real estate is the map to the party. If a company is terrible at giving directions, this means that their only communication is bad communication and this is always caused by 2 things; they don’t make communication a priority and the company’s leadership is so arrogant (or fearful) that they under communicate. If a real estate company uses “mushroom communication” with its team-members (keep them in the dark and feed them manure) there is little chance for success for the organization and the individuals working within the organization. Lack of communication is one of the single greatest factors of why there is such atrocious turnover in the real estate industry.
There is a direct correlation between high turnover and lack of communication within a company. If a company has ‘great parties’, and is fun to work for, where creativity is paramount and a culture of open communication is encouraged, the likelihood of success for everyone increases exponentially. Most real estate professionals will assume the worst (times 10!) when the broker (or management) hasn’t built trust with them either by not communicating or by telling them half-truths or the whole truth. Fear, anger, frustration, and distrust become an intricate part of company culture when there is poor communication, which leads to a company culture of secrets, gossip and tons of missed opportunities for the Realtors. When the real estate professionals are not being actively communicated with about what is going on with the company and they fell like at times they are sitting out there on a deserted island by themselves, they generally will grow a huge pile of negative garbage in the minds that can sometimes be 10 times worse than reality – but it hampers productivity nonetheless.
For a real estate company to be truly successful, meaning that the real estate professional is successful categorically, there has to communication at every level of each process of each transaction during their entire tenure. Whether things are good, bad or neutral, if everyone is in the loop it promotes a positive environment that people can thrive in regardless of whether that person is having a poor sales month (or quarter). The company that communicates together stays together.