Debate - should the property industry trial a four-day week?

Earlier this year, we ran a story asking whether agency would ever embrace a four-day week. This came ahead of the biggest pilot scheme of a four-day working week anywhere in the world starting in Britain in June, with 3,300 workers at 70 companies on board.

That pilot is now two months in and the first experiences are starting to be published. The six-month pilot, which comes to an end in November, is following the 100-80-100 principle – which sees employees receive 100% of their pay for 80% of their usual time, in exchange for maintaining 100% of their usual productivity.   

It is being run by not-for-profit 4 Day Week Global, think tank Autonomy and the 4 Day Week UK Campaign, in collaboration with researchers from Cambridge University, Oxford University and Boston College.

Throughout the trial, researchers will analyse the effect the new working pattern has on productivity levels, gender equality and the environment, in addition to worker wellbeing. When the trial has finished, at the end of November, firms can choose whether or not they would like to stick to the new schedule. Those involved in the scheme include the Royal Society of Biology, brewing company Pressure Drop, and a fish and chip shop in Norfolk.

Some participants have already said they feel happier, healthier and more productive in their jobs as a result of the shift to a four-day week. A similar pilot held in Iceland, between 2015 and 2019 and with 2,500 of the country’s public sector workers put through two trials, found no corresponding drop in productivity. Importantly, it also found a dramatic improvement in employee wellbeing.

Recent research showed that nearly three-quarters of workers are in favour of a four-day working week, with a survey of 2,000 workers, carried out by comparison site NerdWallet, finding that 72% of the 1,310 respondents who currently work five or more days per week were either in favour or strongly in favour of a four-day working week. 

Additionally, employees felt confident in their ability to fulfil their work duties within less time. In fact, three in five (60%) of those surveyed said they could do the job they do now in just four days. 

This has been backed up by other research showing that the majority of UK workers are in favour of a four-day week or more hybrid working.

However, some have hit back against the concept, arguing it won’t work or that it’s unrealistic for millions of people.

Estate agency and property in general is a different beast to most industries. It typically involves long hours, weekend work and out of office work, but are these ways of working effective enough? Could something more flexible lead to more productivity? Could it help prevent burnout in, for example, the conveyancing sector, which has seen many leaving the profession in recent years?

Could it improve employees’ mental health and reduce stress? Could smarter ways of working ultimately improve the homebuying and selling process, leaning on tech to take the admin strain and building in greater digital efficiencies?

Critics, on the other hand, will say it's unworkable in agency and property more generally, and that it will end up creating more workload for people on the days they do work as they try and cram five days’ work into four.

There are also potential logistical, financial and organisational complications to consider, which leads some to think it’s a fantasy for estate agency.

James Forrester, managing director of Barrows and Forrester, is one of those who believes it just wouldn’t fit with the property market.

“A four day working week may have proved a success in other areas of industry but quite frankly, this success is unlikely to transfer to the property sector,” he said. 

“Both the sales and rental spaces are incredibly fast-moving areas of business and they both require a great deal of flexibility from agents in order to keep the wheels turning. More now than ever with the sharp uplift in market activity caused by the pandemic.” 

He added: “While a four day week may sound like a good idea on the face of it, both landlords and sellers alike expect their agent to be available when trusted with the most expensive asset they are likely to own. While we must, of course, maintain some form of work/life balance, moving to a four day week is not only going to impact the consumer, but it will also lengthen what is already a considerably protracted process when it comes to completing on a sale, in particular.”

Where do you stand? Let us know in the comments and vote in our poll below.