How Diversity Can Enrich Real Estate Businesses and Enhance Growth

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Diversity is an essential component of building a successful real estate business. Raised in a family of entrepreneurs within the textile industry, I’ve proudly embraced my Mexican and Jewish heritage. I have experienced firsthand the transformative power and value of diversity in creating a more inclusive and vibrant industry.

Human connection is everything in real estate, and diverse teams have a wider variety of perspectives and experiences to offer their clients. 

More and more companies are implementing diversity initiatives and watching their businesses flourish as a result. Let’s unpack some of the advantages that come with having a diverse team.

Increased innovation

In a room where everyone has a similar background and similar strengths, you’re going to hear a lot of the same ideas thrown out over and over again.

On the flip side, diverse teams never have a shortage of fresh ideas due to varying perspectives and broad ranges of skills. Innovation comes naturally when people with different outlooks put their heads together. This outside-the-box thinking will keep your team ahead of the curve on everything from marketing to workspace design. 

Diverse teams are also more resilient and better equipped to weather an ever-changing industry. With a variety of viewpoints at your disposal, your business will be more adaptable and poised to solve whatever problem the market throws at you. 

Stronger client relationships 

Diversity allows your team to foster strong personal connections with a wider range of clients. Having team members from varying cultural backgrounds better equips you to understand the nuances of different communities and offer solutions that align with those communities’ interests.

Understanding clients’ needs is key to providing the best possible experience, and diversity provides insight into the needs of more people. 

Showing clients that you understand their unique perspective is an integral component of building trust. When clients feel comfortable and seen, they’re more likely to do business with you, return for repeat business and provide referrals. 

Higher team morale

Diversity does wonders for team morale and company culture. Compared to environments where blending in is rewarded, diverse workplaces show agents that their individual perspectives are not only valued but also integral to fostering innovation.

This makes them more likely to be engaged and outspoken at work. Not only will your business benefit from team members feeling empowered to share their ideas, but you’ll also find that your team is much happier — and therefore more productive — when inclusivity is prioritized. 

The benefits of high team morale cannot be overstated. Positive workplace environments promote collaboration and lead to decreased employee turnover. Happy employees stay at companies longer, saving you valuable hiring and training resources. 

Improved brand reputation

When you put the effort into building a diverse team, clients and real estate professionals alike will take notice. Having a reputation as a welcoming and inclusive firm is attractive to clients, and it makes other agents want to work with you. 

In a highly competitive industry where your agency is only as strong as your team, being known as a diverse workplace will attract top talent. Many strong candidates intentionally seek out diversity when they look for employment, and you want to appeal to those sought-after agents. 

Diversity is the way of the future and for good reason. We all want to help break down barriers to entry and amplify voices. But beyond the ethics and the optics, diversity is simply good business. When you build a diverse team, you’ll see the benefits ripple through every aspect of your company. 

Mauricio Umansky is the founder and CEO of The Agency in Los Angeles. Connect with him on Instagram.