REIP Inside Real Estate – 1 November 2023 - Real Estate Industry Partners

You may already be aware that I’ve been seeking feedback from the industry on how the Real Estate “Hybrid World of Work” is going. So far, there are some clear trends around common challenges and what our people are looking for going forward. The survey remains open and we’ll continue to gather input, but I thought now was a great time to share some of the initial feedback:

Adoption trends

78% of offices have moved towards work from home options
53% included a mix of time in the office and time at home
23% are taking an ‘ad hoc’ approach to hybrid working
15% have now asked all employees to return to work full time

Impact of a hybrid model

38% feel the hybrid model is working well and their people are thriving
36% feel their structure needs more tweaking to get it right
25% of offices are continuing to offer virtual online tours launched during Covid
20% have maintained virtual inspections
15% continue to offer contactless move ins

Common challenges

50% say profitability is a clear challenge
Recruitment and office structure remain challenging for some
Team accountability and effective management of a hybrid culture is also a work in progress for many of our survey respondents
Leaders report that many of their people are asking ‘why do we need to be in the office when the work can be done from home?’
Leaders are considering connection via training or team days to coax workers back into the office

I think we can all agree that we’re navigating new territory with a hybrid workforce, and we have no real precedent to fall back on to guide us through it. What we do know though is that a successful hybrid model of working is built on a high level of trust.

Based on the data above, some of our colleagues are clearly thriving while others are still ironing out the kinks.

Rather than try to ‘go it alone’, if you haven’t already, I encourage you to take a few minutes to share your own experiences in our survey. Sharing our collective insights will enable us to support each other through these changing times and create impactful and positive repercussions for our industry.

You can read more about our survey insights to date here, and as more information surfaces, that will be shared with you too.

Until next time.

Stay connected,