Research says market fluctuations and new legislation may be causing a spike in pressure
Although many mortgage advisers go solo to regain some lifestyle and flexibility, new research suggests that an overwhelming amount of professionals working with property are badly affected by the stress of what is essentially a 24/7 job.
According to a survey conducted by the Real Estate Institute of New Zealand (REINZ), those in the profession are significantly affected by pressure, stress and a poor work-life balance, and find themselves frequently working outside ‘regular’ hours.
Branch managers seem to have it particularly bad, with 82% reporting problems with work-life balance - a figure which increases to 80% among those who have been in the industry for 6-10 years. REINZ chief executive Bindi Norwell says professions within real estate are inherently prone to pressure, with the stress increasing when the property market fluctuates and things are either overwhelmingly busy, or completely quiet.
She also noted increased pressure over recent years to keep up with changes in legislation - changes which, for mortgage brokers, have had large implications on workload and how they run their day to day business. For some, they have thrown up a lot of uncertainty over their future in the industry.
“While in busy times, the sheer exhaustion of managing constant listings, marketing and sales as well as being available for vendors and buyers during a negotiation, often late into the evenings, can affect physical or mental wellbeing,” Norwell said.
“Additional pressure is applied as a result of the requirement to keep up with the significant changes in legislation that have occurred over the past year.”
Norwell encouraged members of teams to look out for one another, and to be proactive if they see someone who clearly isn’t coping. She says many professionals feel they have no choice but to work twelve hour days six or seven days a week, especially those who are just starting out and haven’t yet identified their most productive routine.
“A good manager will notice the signs and symptoms and discreetly talk to the person, maybe offering advice on where to find medical help,” she said. ““Professionals mustn’t be embarrassed to ask for help and managers should be prepared to listen.”
