Real Estate Investor Magazine South Africa October 2013

LESSONS Trust Me I’m an estate agent T o most people this statement is an oxymoron. Trust and estate agents are not often used in the same sentence. You’d be more likely to hear people say the following: “If you are thinking of buying a home anytime soon then please, please remember to never trust an estate agent! “They work for the person selling the property and will say mass to get you to pay over the odds. The higher the price you pay for a property, the happier their customer (the seller) is and the more commission they get.” “Don’t let an estate agentpull the wool over your eyes. I have dealt with many estate agents over the years and their reputation for being dishonest is not a myth”. And it goes on and on … Most estate agents see this as a huge problem. Personally, I see this as a real opportunity for estate agents that really want to differentiate themselves based on relationships where they provide real value to their clients and are ethical and transparent in their dealings. There is an opportunity for those who prefer longer-term relationships and positive word-of-mouth referrals over instant gratif ication. While certain individual estate agents may employ this practice, perceptually the industry is still one of the least trusted. I work with many companies in terms of building trust and it is not only estate agents that are not trusted. Today trust has fallen to alarming levels around the world. People don’t trust government leaders and the main reason 64 October 2013 SA Real Estate Investor for this is corruption … and in South Africa, we have a big problem, as everyone knows. In the world of business in 26 countries around the world – excluding South Africa - people just don’t trust CEOs at all. In fact, CEOs ranked second lowest after government leaders*. Again excluding South Africa, where the evidence is quite different, the business sector that scores the lowest for trust is a sector in which we should have the most trust – that of financial services. It seems that people all over the world do not trust the very institutions where they put their money. That’s chronic. In contrast, we’re lucky that regulations have almost forced a trust culture of financial services in South Africa. But what I found so enlightening from all the research I have conducted together with working on some of the world’s leading brands is what I share in my presentations and workshops. And this is that trust is not some elusive, intangible concept. Trust is a basic instinct that can be taught, established, built and restored. Trust is the one thing that holds every relationship together, whether it is business or personal. Without trust, there is nothing. So how does one establish trust in business today? In today’s world, companies and particularly estate agents need to behave according to their values and principles. These are not merely words to frame in your boardroom or place on your websites. These values and principles need to be acted on consistently and with integrity… and today, integrity is more than just being honest; it’s about doing the right thing. It’s about fair practice internally and externally. BY ANN NUROCK Not only in the past but also currently many estateagents sacrif ice integrity in order to deliver bottom line profits … and just make that sale! If estate agents continue doing what they have always done, not only will the problem not go away but it will also get worse. While financial results are what we are in business for, the way we achieve them needs to change. Estate agents now need to care more - not just about their agents but about their clients too. In business today, if your client does not feel respected or cared for, he/she will just go somewhere else. They can switch to your competitor with just one click. In my business experience, both good and bad, I have learnt that this culture of care needs to start at the top and filter throughout the organisation. Care entails listening, engaging, communicating and having empathy with your fellow workers and clients. It means understanding their needs before your own. Results are not only the reason why we are in business but they are also one of the greatest motivators of trust. People want to work for and with people who have the competence and capability to deliver. This means people who set the vision, create the values and then act according to them consistently … people who also take accountability not only for the good but also the bad. Results create a culture of pride and collaboration, whereby referrals are made and committed relationships created and ultimately trust is built. But results cannot be achieved at the expense of integrity and care. I believe that there is a huge opportunity for estate agents to become more trusted advisors, and change the ever-present perception of mistrust. After all, a shift in perception is not going to come from the outside world … the change has to be owned and made by the estate agents themselves. They are the change that’s needed. Ann Nurock specialises in business relationships. She is the South African Partner of Relationship Audits and Management, a global consultancy that focuses on the measurement and opitmisation of business relationships. She also runs workshops on establishing, growing and restoring trust in business today. RESOURCES ?[][??\]Y]??˜?Z[XY????B??

Real Estate Investor Magazine South Africa October 2013 | Page 66