Why Diversity Matters in Real Estate – RISMedia |
Housing has an impact on all aspects of a person’s life. Where they work, where they go to school, who they know, what resources they have access to, etc. As we recognize June as Pride Month, we continue to discuss diversity, equity and inclusion in our businesses and in our personal lives. Diversity matters in real estate. By taking a closer look at the role he plays, we can see how his influence can make a positive difference.
“The NAR Code of Ethics is the foundation of what REALTORS® do,” says Julie Nelson, real estate agent, author and speaker in Austin. “We are all committed to following this code of ethics. Our job is to protect the best interests of our clients in their fiduciary and not to discriminate against other protected categories.
Even if Fair housing law protects against discrimination in buying and renting housing, it does not include protections for gender and sexual orientation. The Equality Act, which is in the process of becoming law, aims to protect against discrimination based on sexual orientation and gender identity.
When diversity is prioritized and incorporated into real estate practices, it not only improves everyone’s business, but creates lasting impact in the community.
Fact: Diversity and Inclusion Make Business Better
Diversity and inclusion make dollars and cents.
According to a study conducted by Deloitte in 2017, “Organizations with an inclusive culture are twice as likely to meet or exceed financial goals and three times as likely to perform well. And companies are six times more likely to be innovative and agile, and eight times more likely to achieve better business results.
Mike Vein, executive vice president of personnel at eXp World Holdings, has overseen deliberate changes in the business, such as the implementation of unconscious bias training and the creation of affinity groups within company, which echo Deloitte’s findings.
“Diversity and inclusion really generate a lot of different ideas. It helps us broaden our horizons, ”said Vein.
In addition, a study by Clover, “Analyzed approximately 600 business decisions made by 200 teams, across a wide range of companies. The researchers found that when diverse teams (of three or more people) made a business decision, they outperformed individual decision makers up to 87% of the time. Various teams have also been shown to make decisions faster than individual workers and benefit from a 60% improvement in decision making. “
Real estate is all about relationships, people and relationships. By investing time, resources and education in people, giving them more awareness and personal belonging, organizations can unleash a wider range of potentials.
Real estate agents can impact their communities
Real estate agents are at the forefront of fair housing. When it comes to diversity and equity, things can often be more intersectional and ambiguous than they appear at first glance. Fee Gentry, Board Member of eXp World Holdings, Chairman of ONE eXp and Founder of Black eXp Network, calls for innovation as well as inclusion in the real estate industry.
“Historically, real estate has been one of the biggest indicators of success, wealth, family stabilization and growth in the United States and around the world,” said Gentry. “Without it, people become destabilized. “
Agents can make a real difference by establishing their own commitment to cultural competence, educating themselves and advocating for equitable housing in their communities. By working with different community organizations and collaborating with different colleagues, the efforts can be felt exponentially.
Most importantly, real estate professionals need to recognize that it’s not about what they can’t do, it’s about what they can.
“We cannot change everyone’s hearts and minds, just in this space,” said Gentry, “But we are here to provide fair housing and economic opportunity.”
Kerry Madden is a Product Marketing Specialist at eXp Realty. Learn more about eXp’s diversity and inclusion initiative, ONE EXP and discover the leaders of the eXp Pride network, Melissa Hudson, Julie nelson, Eric Miller and Sherry Swift.