When it comes to people’s perceptions about the property industry, there are no prizes for guessing that they aren’t all that positive and that most associate property with estate agents, housebuilders and residential landlords.
A study of the views of the sector, undertaken by Populus on behalf of the British Property Federation, has sought to find out exactly what people think about the real estate sector, with the aim of delivering a set of guiding principles to change those views for the better.
The study surveyed more than 170 “stakeholders”, including 23 MPs, 10 city leaders, nine NGOs and more than 4,000 members of the general public.
Unsurprisingly, only 27% of the general public had a favourable view of the property sector, a percentage that wasn’t much improved among industry stakeholders (37%). However, the majority of both the general public and stakeholders were neutral or ambivalent in their opinion of the sector, at 51% and 46% respectively.
Vast opportunity
This, says BPF chief executive Melanie Leech, means the opportunity to change people’s opinion is vast.
“Because real estate underpins people’s everyday lives, our activities rely on the trust of local communities and we have both a particular responsibility and significant opportunity to demonstrate how we deliver a positive impact, and to consider what more we can do to contribute to building our country’s future,” says Leech.
She adds: “We create the workspaces that inspire innovation and improve productivity, the places we call home, the retail and leisure facilities where we relax and socialise, and the buildings and spaces that support happier, healthier and safer communities – yet, current perception and understanding of our sector’s social value is mostly ambivalent and limited. “
White male elite
Much of the negative sentiment towards the real estate sector was drawn from perceptions that it favours the wealthy, is elitist and is dominated by white, middle-class men.
Some 69% of the general public thought it favoured the wealthy, with just over half believing it was male-dominated.
“Smart suits, drives a nice car, has a nice watch, all designer labels,” is how one focus group participant described the average property sector worker.
Despite the image of property as being flash, brash and elitist, some 64% of the general public and 77% of stakeholders agreed that the sector made a significant contribution to the UK economy. But, like the misunderstanding that property means estate agents and builders, the survey reveals that most don’t understand or cannot see the impact that real estate can have on society.
“The BPF’s findings remind us of the scale of the challenge we all face in restoring positive perceptions and trust,” says Grosvenor Britain & Ireland chief executive Craig McWilliam. “Our license to operate can’t be taken for granted. We must explain our purpose, grow a broader understanding of the sector’s opportunities and explain its contribution to society. Why? Because we’re in the hands of others: civic leaders, regulators and ultimately public opinion.”
“Improving understanding of who we are and our offer will be a significant boost to our industry’s efforts in attracting a more diverse range of people, and ultimately our industry’s workforce will better reflect the diversity of the communities we serve,” adds Pamitta Mall, sustainability consultant at Turley. “Undoubtedly, this will shape perception, lay the foundations for trust between our industry and key stakeholders, and ensure the future success of our industry and our positive impact on people’s lives.”
Redefining real estate
For the BPF, the results mean that action can now be taken to redefine real estate, not just in the public eye but among its stakeholders too.
“Our redefining real estate campaign is a long-term agenda for change,” says Leech, “committing the BPF and its members to make a greater commitment to the UK’s communities and to improve trust in what we do in partnership with national and local government.”
Leech says the BPF will work as a “convenor and co-ordinator” to ensure that the social value the real estate industry creates is better communicated and recognised.
The BPF will release the survey in full and discussion plans to “redefine real estate” at its annual conference later today
Industry view
Jonathan Murphy, chief executive, Assura
“Real estate touches every part of our lives, from our homes to our workplaces, schools, medical centres and hospitals, public transport and the places where we spend our leisure time – but it’s clear that when we ask people what real estate does, these aren’t the connections they make. That’s why the BPF’s plans to build awareness of the sector’s role in creating the places and communities we all want to live in – as well as bringing the people and skills of the future into our industry – are welcome.”
Craig McWilliam, chief executive, Grosvenor Britain & Ireland
“A growing population is putting pressure on our communities, infrastructure and quality of life. And at the same time, the space for new jobs, homes, schools and public spaces − the infrastructure that allows communities to thrive − is too often judged in a corrosive public debate about development. That public debate drives poor perceptions of our industry. Public participation and engagement in the planning system falls, and the choices and trade-offs that councils, developers and communities face in making and maintaining great places are misunderstood.”
Neil Young, chief executive, Get Living
“At a time when trust in our politics, institutions and experts feels at a record low, there has never been a more important point to redefine real estate. The property sector has a central role in all our lives; from the homes we wake up in, to the schools, hospitals, offices and high streets where we spend so much time. With most people having no real view of us, there’s a huge opportunity to build bridges with the wider public. More trust and recognition give us more opportunities to strengthen the communities where we work and attract people from all backgrounds to work with us.”
Owen Michaelson, chief executive, Harworth Group
“Existing mistrust of the intentions of the real estate sector – whether housebuilder, developer or consultant – sometimes holds back good quality development. We also recognise, however, that there have been instances in the industry where local stakeholders have not been properly engaged early in the development stage and sometimes feel that development is being ‘done to them’ rather than with them. This approach simply has to change. The results of the BPF’s audit make clear reading for those in the industry to improve its approach and to better demonstrate the economic and social value a number of our businesses deliver across the UK.”
To send feedback, e-mail samantha.mcclary@egi.co.uk or tweet @samanthamcclary or @estatesgazette
