Stakeholder Communication — Real Estate Edition
A structured procedure for planning, executing, and managing communications with all listing stakeholders to ensure they receive the right information at the right time through the right channels.
Purpose
To build and maintain stakeholder engagement, manage expectations effectively, and ensure that communication supports decision-making and listing success throughout the settlement lifecycle.
Scope
Applies to all forms of stakeholder communication from the initial communication planning phase through to the final listing closure communications.
Prerequisites
- Stakeholder register identifying all stakeholders, their roles, influence levels, and communication preferences
- Approved listing communication management plan outlining channels, frequency, and responsibilities
- Access to the organisation communication and collaboration tools
Supports Real Estate Institute compliance, trust account management requirements, and state property legislation documentation.
Step-by-Step Procedure
Identify and Analyse Stakeholders
Create and maintain a comprehensive stakeholder register that categorises stakeholders by their influence, interest, and communication needs.
- 1.1List all individuals and groups who have an interest in or influence over the listing
- 1.2Assess each stakeholder power and interest level to determine their engagement priority
- 1.3Contract each stakeholder preferred communication channels and frequency
- 1.4Identify any stakeholders who may resist the listing and require targeted engagement strategies
Develop the Communication Plan
Create a detailed communication plan that specifies what information will be shared with each stakeholder group, how often, through which channels, and by whom.
- 2.1Define the communication objectives for each stakeholder group based on their needs and the listing requirements
- 2.2Map each communication type to its frequency, channel, responsible person, and target audience
- 2.3Include escalation communication protocols for critical issues and urgent decisions
- Align the communication plan with the stakeholder analysis to ensure high-influence stakeholders receive appropriately detailed and frequent communications
Execute Planned Communications
Deliver all scheduled communications according to the plan, ensuring consistency, timeliness, and appropriate messaging for each audience.
- 3.1Prepare communication content tailored to the specific audience and purpose
- 3.2Deliver communications through the designated channels by the scheduled dates
- 3.3Track all communications sent and confirm receipt where acknowledgement is required
Manage Ad Hoc Communications
Handle unplanned communications arising from issues, escalations, or stakeholder requests, ensuring they are managed with the same discipline as planned communications.
- 4.1Assess the urgency and audience for each ad hoc communication need
- 4.2Draft and review the communication with appropriate parties before sending
- 4.3Log the communication in the communication tracker for completeness
Gather Communication Feedback
Periodically solicit feedback from stakeholders on the quality, frequency, and usefulness of listing communications to identify areas for improvement.
- 5.1Include a brief communication satisfaction question in periodic stakeholder surveys
- 5.2Review informal feedback received during meetings and conversations
- 5.3Discuss communication effectiveness during milestone reviews and retrospectives
- Pay attention to signs of stakeholder disengagement as they may indicate communication gaps
Update the Communication Plan
Revise the communication plan based on feedback, changing stakeholder dynamics, and evolving listing needs to keep it current and effective.
- 6.1Incorporate feedback findings into updated communication approaches
- 6.2Add new stakeholders or update existing stakeholder profiles as the listing evolves
- 6.3Adjust communication frequency or channels based on effectiveness data
Quality Checkpoints
Common Mistakes to Avoid
Expected Outcomes
Percentage of planned communications delivered on schedule as specified in the communication management plan
Composite score based on stakeholder participation in meetings, response rates to communications, and satisfaction survey results
Frequently Asked Questions
How do we manage communication with stakeholders in different time zones?
Identify the time zone constraints during stakeholder analysis and design the communication plan accordingly. Use asynchronous communication channels such as email and recorded video updates for regular reporting. Schedule live meetings at times that are reasonable for the majority and rotate inspection times periodically to share the burden.
What should we do when a stakeholder is unresponsive?
First try alternative communication channels. If unresponsiveness persists, escalate through their management chain or the listing sponsor. Contract the communication attempts and any resulting risks from the lack of stakeholder engagement.
How much detail should status communications include?
Tailor detail to the audience. Executive stakeholders typically need a one-page summary with key metrics and decisions needed. Working-level stakeholders need more detail on tasks, timelines, and dependencies. The communication plan should specify the appropriate level for each audience.
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