Diversity, Equity, and Inclusion in Self Storage

The commercial real estate industry has long been known to adapt and evolve quickly during major social turning points, leveraging their technical skills and conscientious approaches to people and relationships. As the world continues to advance, real estate professionals are increasingly prioritizing diversity, citing its role in influencing a positive difference in the workplace. 

Many real estate professionals have implemented Diversity, Equity, and Inclusion (DEI) initiatives to serve as key indicators of their commitment to partners, employees, tenants, etc. Some examples of this are promoting more women to leadership roles or hiring more people of color to work in positions at the company. As more professionals continue to implement DEI strategies, it is important to note that diversity, equity, and inclusion expand beyond internal actions. It has the power to change the entire community and influence all sectors, including the Self Storage Industry.

DEI in Self Storage

As it relates to Self Storage and its major players, awareness of diversity, equity, and inclusion (DEI) has grown, and companies of all sizes and types have increasingly begun to regard it as a critical competitive advantage and key mechanism for business growth. As consolidation ramps up within the self-storage industry and operators expand, many are facing organizational change and an entirely new human resources environment. Owners and their employees must adapt, yet progress and strategies for adopting DEI in storage have been slow. If you’re still uncertain about how to effectively leverage people differences to cultivate a productive, high-performance work environment, read below for the what and how. Find out why DEI matters to your self-storage operation, regardless of its size, and how you can maximize its benefits.  

What is DEI? 

Research has shown that commercial investors prioritizing diversity, equitability, and inclusion in business thrive. DEI, is typically mentioned as a whole in part of social reform in the workplace; however, each term is a concept on its own:

Many deem inclusion as the most important because it gives people a voice. 

Competitive Advantages of DEI 

There are many laws, in place that guide real estate professionals against discrimination, however, many choose to implement their own policies that reflect their clear values. Incorporating DEI strategies into company values serve as an extreme competitive advantage in the market with a company increase in:

• Profits: According to an analysis performed by McKinsey, gender-diverse companies are 15% more likely to outperform, and ethically diverse companies are 35% more likely to outperform.
• Productivity: Exhibiting a wider range of educational and work backgrounds produces more innovative minds, with a 56% increase in employees’ job performance with an inclusive company culture and a 23% increase in profits from this increased performance. 
• People: Engagement in a diverse work environment directly impacts staff turnovers, with a Glassdoor study citing an 18% decrease. As important as it is to recruit new talent, it is important to prioritize and commit to retaining current staff. 

Strategies to Commit to DEI 

Implementing a strategy that reflects a company’s true value is the top priority. A real estate professional’s DEI plan includes strategies and actions supporting the verbal commitment to change. Below are four tips for developing a successful strategy: 

Tip #1: Create a public statement that clearly outlines the company’s commitment to DEI. 

Tip #2: Provide staff, at every level, with DEI education and trainings. 

Tip #3: Senior leaders should be provided a guide on expectations to take ownership, establish goals, and ensure accountability for making DEI a part of standard operating procedures.

Tip #4: Constantly review policies, practices, and procedures for biases and unintentional biases that prevent equal opportunity. 

Lumicre is committed to changing industry standards and leading the way to a diverse, equitable, and inclusive future. When diversity is prioritized and welcomed into commercial real estate practices, it improves everyone involved in business and creates a lasting impact on the community. Read about our company culture here.