How to Grow Market Share in the Real Estate Industry

External factors raise challenges for every business. Elders Lennox Head chose to improve their workplace culture to achieve business growth, increased market share & sustainability.

When things are going well, it can seem like nothing can stop you.

But unchecked workplace culture problems lead to issues when times get tough.

The Background

Over the last few years, the property market in the Northern Rivers region of NSW has undergone a boom.

The region experienced an enormous demand for properties as buyers flocked to this beautiful region. There was an increase in buyers, but not an increase in stock available which meant that things started to get pretty competitive between real estate agents.

More real estate agents set up shop in the region & more of them started to ‘boundary hop’ to extend their reach beyond their normal territory to get a greater slice of this lucrative market.

Market Share at Risk – What Elders Did About It

Because of this increased and unprecedented competition Elders Lennox Head faced losing a large part of their market share. For a regional business, this could spell disaster.

Most businesses would focus on these external challenges.

But Elders took a different approach.

Instead of looking outwards, they looked inwards to their own workplace culture.

The organisation had experienced several people problems during this time, including:

The shock of losing several experienced long-term staff members within a few months
A subsequent loss of morale and productivity in the office
Business reputation being impacted by rumours being spread in their tight-knit community
Difficulty finding the right people with the right experience to replace the staff they had lost.

The organisation faced real business issues with not having the right people in the right roles. Plus, their cultural issues resulted in some unnecessary conflict which lowered productivity & the results they were getting.

They knew they needed to confront these cultural issues and get their “house” in order first. Only then could they tackle these external challenges and increase their market share.

How Great Managers Helped

That’s when the organisation came to us.

Elders knew that an increase in their leadership and people management skills could solve a lot of their issues, but they wanted something different from the traditional 1-2 day seminar approach. They had tried that in the past, and it hadn’t worked.

Instead, they engaged us and followed the Great Managers very contemporary approach to leadership development, learning a little bit at a time over a longer period, and applying it on the job.

Constant practice and repetition followed. This ensured the lessons they learned embedded in their leaders’ behaviour and their organisation’s culture.

They set standards and clarified their vision, values and goals for the organisation.

Moreover, Elders learned about the importance of having critical conversations with their people. Improved communication helps businesses resolve issues easily, rather than allowing them to fester into blockages.

They also learned about the importance of hiring for cultural fit. It’s not about trying to shoehorn people into roles they’re not suited for or choosing someone purely based on their experience. It’s about matching the right person to the job – someone who will add to the business not subtract from it.

Crucially, they learned about how culture flows into brand. A great workplace culture means people come to work feeling energised and engaged. And in times of great challenge, they band together as a tight team to forge a path forward.

The Result – Increased Market Share

Elders Lennox Head faced unprecedented challenges during the Northern Rivers real estate boom, but the workplace culture they created with our help allowed them to flourish rather than flounder.
Through increasing their leadership and people management skills, they have built a happier and more productive workplace. They’re a much stronger team, and every employee treats the business as if it is their own.

They now know how to deal with people issues early because they can skilfully have those critical conversations with their staff. Staff are getting more feedback, and everyone talks about how they enjoy coming to work every day. What a great result!

But wait, there’s more…

The effects of this cultural improvement carried over into the external environment. Contractors and clients noticed the improvements in the service provided by the team. This made them stand out from their competition and gave the Elders brand more strength.