Embracing Diversity and Inclusion in Real Estate: The Importance of Mandatory Implicit Bias Classes
As a Realtor in California, I personally am proud to work in an industry that is undergoing important, necessary changes to embrace diversity and inclusion. With the recent update in licensing requirements mandating implicit bias classes, it is clear that our industry is recognizing the significance of these issues.
As a biracial woman with a background in Corporate Human Resources, I have personally faced roadblocks and have witnessed the challenges that arise when diversity and inclusion are not incorporated into daily business practices.
The Real Estate industry is no exception to the need for diversity and inclusion. Our communities are diverse, and our clients come from all walks of life. As Realtors, we need to understand and appreciate the unique needs and experiences of our clients, which can only be achieved by fostering a diverse and inclusive environment within our industry.
Real estate, as a crucial sector of the global economy, encompassing various sub-sectors, including residential, commercial, industrial, and retail properties. It is essential for all Realtors to embrace why diversity and inclusion matter in our industry and how they can positively impact our business practices.
What is the difference between Diversity and Inclusion?
Diversity in real estate means embracing and valuing differences among individuals, including but not limited to race, ethnicity, gender, sexual orientation, religion, age, and disability. Inclusion, on the other hand, refers to creating a supportive and inclusive environment where diverse individuals feel welcomed, respected, and empowered to contribute their unique perspectives and experiences.
Why is Diversity and Inclusion really Necessary? Why should a Business Care?
There are several compelling reasons why diversity and inclusion are crucial in real estate. First, it fosters innovation and creativity by bringing together individuals with diverse perspectives, experiences, and backgrounds. This can lead to more innovative solutions, better decision-making, and increased adaptability in an ever-evolving industry.
Second, it enhances customer relationships. Clients come from diverse backgrounds, and having Realtors who understand and respect their unique needs and perspectives can build trust and rapport, leading to better client satisfaction and long-term relationships.
Third, it promotes a positive work culture. Embracing diversity and inclusion creates a workplace where all team members feel valued, respected, and included. This leads to increased employee morale, engagement, and productivity, as well as attracting and retaining top talent in the industry.
In addition, diversity and inclusion have a significant impact on decision-making in the real estate industry. Homogeneous teams with limited diversity of thought are more prone to groupthink, which can result in suboptimal decision-making. On the other hand, diverse teams with different perspectives can bring a broader range of ideas and insights to the decision-making process. This can lead to more robust and informed decision-making, with a better understanding of the potential risks and opportunities associated with real estate transactions and investments.
Diversity and inclusion also play a crucial role in risk management in the real estate industry. Real estate deals with complex transactions and significant financial investments, and it’s essential to effectively manage risks associated with these transactions. Diverse teams can bring different perspectives and approaches to risk assessment and management. They can identify potential risks and challenges that may not be apparent to homogeneous teams and develop strategies to mitigate those risks more effectively. This can result in more prudent decision-making and better risk management, safeguarding the financial performance and reputation of real estate companies.
Mandatory implicit bias classes are an important step towards achieving the goal of providing Realtors with the opportunity to reflect on their unconscious biases, learn about different cultures, perspectives, and experiences, and develop strategies to ensure fair and equitable treatment of all clients. It’s crucial for Realtors to take these classes seriously, as they can significantly impact our interactions with clients and enhance the quality of service we provide.
However, despite the benefits of diversity and inclusion, there are challenges in incorporating these programs in our daily business practices. Some Realtors may resist change or may not fully understand the value of diversity and inclusion. Others may be unaware of their unconscious biases or may find it uncomfortable to address sensitive topics. Overcoming these challenges requires an open mindset, ongoing education, and a commitment to creating a culture of inclusivity within our Real Estate Brokerages.
As a diverse Realtor who has faced challenges and overcome biases in my own career, I am passionate about promoting diversity and inclusion in my business and beyond. I believe that by embracing diversity, we can bring innovation, creativity, and better outcomes to our industry. It’s time to break down barriers, foster inclusivity, and create a real estate industry that is welcoming, respectful, and equitable to all.
As Realtors, and with my experiences as a biracial woman, our team at HomesinSDCounty thought long and Hard before making the decision of which brokerage we wanted to hang our license with, and we are proud to be associated with Coldwell Banker Realty, a brokerage which provides some of the Best Industry Real Estate Programs for their Clients, but most importantly recognizes the importance of diversity and inclusion within the workplace and community. They have made commitments to advancing diversity, especially in fair housing and culture, and have taken steps towards diverse hiring, such as their recent appointment of President and CEO Kamini Lane. It is encouraging to see their efforts in embracing diversity and inclusion in the workplace, their Real Estate Partners and with their clients.
They are a National brokerage that shares our commitment to promoting diversity and inclusion in the workplace and with our clients. We understand that taking mandatory implicit bias classes and incorporating them into our work is essential to better serve and understand the needs of our clients, regardless of their background, identity or ethnicity, and continuously improving our understanding and practice of diversity and inclusion. It allows us to be more knowledgeable and sensitive to the unique challenges that our diverse clients may face in the real estate market.
Diversity and inclusion are critical aspects of the real estate industry, and it is our responsibility as Realtors to embrace and promote these values in our daily business practices as well as working with our peers. By fostering a diverse and inclusive environment, we can drive innovation, enhance customer relationships, and create a positive work culture, improved customer service, innovation, social equity, better decision-making, and effective risk management, attract and retain diverse talent, better understand and serve the diverse needs of clients, and ultimately drive success in an increasingly competitive industry.
Let us continue our self-reflection and growth to ensure that we support diversity and inclusion in Real Estate and work towards a more inclusive and equitable industry for all and ensure that we are serving all of our clients with the utmost professionalism and respect.
Embracing diversity and inclusion is not only the right thing to do but should also a fundamental aspect of the professional values of our Industry.
Karen Mattonen Realtor
Karen specializes in helping navigate both buyers and sellers through the buying and selling process! She believes in using dedication to her clients to help educate both buyers and sellers through the home buying process, allowing them to make more informed and confident decisions.
Karen has a passion to exceed expectations, by utilizing her strong negotiation skills, her capacity for empathy, and her strong integrity, energy and dedication to help achieve the most positive outcome for her clients.
After several very successful personal real estate transactions over the years, Karen transitioned from Headhunting/HR, which also included recruiting and Training of Individual Team Realtors, to building her own Professional Real Estate Career.
Prior to real estate, Karen had developed a positive reputation as a successful recruiter and Trainer who owned and operated several successful Recruiting/HR and Training business ventures
Karen takes a different approach to real estate, one that is built on personal touches, win-win deals and positive results.
Karen Mattonen utilizes the latest technologies, market research and business strategies to exceed your expectations. More importantly, she listens and that means she finds solutions that are tailored to you!
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