According to Apprenticeship Frameworks Online (AFO), ‘70% of property companies aim to ‘grow moderately’ and 17% expect to ‘grow rapidly’ over the next three years.’ In the same report that explored ways in which the property sector could be strengthened, concerns were addressed about several challenges that will hinder growth. These challenges included:
- Staffing and training – Respondents highlighted several issues related to staffing and training in the property sector. Several respondents indicated that recruiting and retaining skilled staff was challenging, especially in rural areas. Also, some respondents stated that the availability and cost of training was a problem
- Market share – Expanding the business through increasing the property portfolio and attracting new clients, while dealing with competition from other business were also identified as challenges in the property sector
- Legislation – Ensuring that employees are up to date with changes in property legislation such as energy performance and the deposit scheme were identified as a challenge currently facing companies
To overcome challenges faced by the property industry, it is likely that employers within the sector will have to invest time and money in recruitment and training.
Below we have highlighted how training and development presents a prime opportunity to expand the knowledge base of all employees while putting the agency at the cutting edge of the sector.
Abide by the law
Estate Agents and Letting Agents provide a quality service to customers in selling or renting properties, ensuring that advice given and action taken meets legal requirements.
There are increasing amounts of legislation applicable to property transactions, which have to be understood by those in the profession. For that reason, continuous training and development are encouraged to give employees a stronger understanding of the industry requirements and to help companies hold a position as a leader and strong competitor within the industry.
Legislative changes can be addressed in a number of ways. National Association of Estate Agents delivers training courses that explain the law and requirements and then help you to know how to be complaint. Courses cost approximately £175.00 plus VAT for members and £240.00 plus VAT for non-members.
NAEA also regularly run events and conferences that showcase a variety of speakers offering expert advice on the different ways to keep up to date with the ever changing Government rules and regulations. Ticket prices vary but typically cost £145 for national conferences and £125 for regional conferences.
Fully funded training can be delivered in the form of an apprenticeship. Existing employees can undergo training by enrolling onto an apprenticeship programme that gives them the opportunity to learn on-the-job. Property Apprenticeships include mandatory units in legislation, guidelines, codes of practice and statutory information in residential sales. Companies can apply for fully funded training through a training provider that has a contract with the Skills Funding Agency (SFA). Those who undergo a Level 3 Property Apprenticeship will also have the opportunity to gain NAEA membership!
Feel valued and appreciated
In the same study conducted by AFO, ‘67% of property sector employees ranked career progression as the most important factor influencing their choice to change jobs. To retain talented staff, it’s important that employers make their employees feel appreciated and valued.
The investment in training that a company makes shows the employees they are valued. Employees will feel that they are part of a supportive workforce because they have access to the training they wouldn’t have otherwise known about or sought out themselves.
Employees who feel appreciated and challenged through training opportunities will feel more satisfaction towards their jobs and are less likely to leave.
Grow your brain and keep motivated
Not only does training and development expand knowledge base and strengthen skills, but it also stimulates and grows the brain.
Many employees leave their job because they are bored and don’t feel challenged. It's important employees are kept busy and are continuously learning to keep them motivated and inspired.
Did you know that when you become an expert in a specific domain, the areas of your brain that deals with this type of skill will grow?
According to Sharp Brains, ‘Neuroplasticity, or brain plasticity, refers to the brain’s ability to change throughout life. The human brain has the amazing ability to reorganize itself by forming new connections between brain cells (neurons).’
Contrary to beliefs that your brain stops expanding when you reach a certain age, neuroplasticity occurs in the brain through adulthood whenever something new is learned and memorized.
Keep yourself and your employees motivated by offering learning that provides an opportunity to continuous growth and a more fulfilled life where you/they are free from boring routines and habits.
Achieve your true potential and build confidence
Personal development is a lifelong process for every, not just those in the property sector. It’s a way for people to assess their skills and qualities, consider their aims in life and set goals to realise and maximise their potential.
Abraham Maslow, an American psychology specialising in the theory of psychological health, wanted to understand what motivates people. He created a model called Maslow’s hierarchy of needs that includes five motivational needs, often depicted as hierarchical levels within a pyramid.
Maslow stated that people are motivated to achieve certain needs and that some needs take precedence over others. When one need is fulfilled a person seeks to fulfil the next one, and so on.
At the top of the pyramid are self-fulfillment needs, made up of esteem needs and self- actualisation.
Esteem needs refer to the need of respect, self-esteem, and self-confidence. What others say about you and what you think about yourself can create positive and negative feelings that contribute to your overall health and wellbeing. To fulfil these needs, you must feel valued by others and have a sense of accomplishment. Self-actualisation refers to peak experiences and achieving your full potential.
Self-fulfilment needs can be met through training and development. When an employee is given the opportunity to undergo training, they feel rewarded and encouraged for their endeavours. When they complete their training and gain a recognised qualification, their confidence is boosted because they have a stronger understanding of the industry and will push to perform better and think of new ideas.
If you’re an employer who’d like to offer training to your staff in the form of an apprenticeship or course, contact Profound Services on 0191 587 4570 or email firstname.lastname@example.org.
We know you want to study with us, but do you still need to convince your boss? If so we are here to help! Just email us at email@example.com and we can put an appropriate employer information sheet together and create the perfect training proposal for you to pass to your manager for approval.