Is the corporate jargon used in the real estate industry to blame for poor customer service? Many properties will do almost anything at the to increase their chances of an improved rating or positive comment on social media. But maybe real estate’s customer service problem has deeper roots in the industry’s finance culture. Perhaps the current perceived state of customer service is a by-product of how the industry talks about itself and the language it uses in conducting everyday business.

Within real estate there is one word that is particularly cold: “asset.” The word sounds like a term from the world of accounting or private equity, sectors that don’t exactly inspire positive feelings in most people. In real estate, asset is a synonym for building, property, community, and other such places where real human beings live. We know (anecdotally) that at properties this word is not used nearly as much as in corporate offices, but that it is used at all is worth examining. 

Presumably, the word asset is used as a catch-all for different types of dwellings real estate owners own, which is fair. Every property is unique and so to have to describe each one when time is short would be an annoyance. By using the word asset, however, the real estate industry is highlighting its true colors: it’s just big finance by another name. That every property is unique is the point!

Recently, a major property management firm announced it was selected as the manager for one university town’s “newest purpose-built student housing asset." This sounds awkward and not very resident-friendly. People do not come home after a long day of work to an asset. Friends do not visit you at your asset. College students do not aspire to live in an asset. That this generic term is used to describe so many people’s place of residence, their home, is surely doing both the people and the places a disservice.

If real estate eliminated the word asset and replaced it with any one of the substitutes listed above (or others, let’s get creative!) perhaps this nudge would have an impact on those on the service side of the industry. We’re confident that positive feedback will follow from the people who live there.