How do you give your agents credit where credit is due? How can you motivate them to continue to hang their license with you? How can you attract top talent to build and grow your team? The answer is simple: Real estate agent recognition programs.
Recognition at the workplace is a core pillar of successful real estate brokerages. It highlights the work of your star agents and those who go above and beyond on a regular basis. At the same time, it motivates everyone on the team to reach for excellence. Quite simply, real estate internal awards programs work, and here are some facts to support their effectiveness:
- According to an Indeed survey, 30% of people who left a job within the first six months said being recognized more for their unique contributions could have encouraged them to stay longer.Studies have also shown that 87% of people feel meaningful recognition impacts their job satisfaction.According to multiple surveys, nearly 82% of people agree that recognition improves engagement.
Brokerage award programs, when well-planned, can lead to measurable results for your business. Plus, they can offer a spike in the equally important and less measurable results—the feeling that people get when you show your gratitude for a job well done. It’s sure to spill over into the company culture that you work so hard to build and uphold.
Check out these five pointers from Weichert® to help you start (or finesse) your own successful real estate agent recognition program.
1. How to choose your program
Start by thinking about your people: what would they want? Because there’s no one-size-fits-all program that will satisfy everyone, consider some of the more common options. Perhaps it’s a creative mix of these ideas that you tap into for the entire year:
- Time-based awards can include a years of service award, an agent of the month award, or even a weekly shoutout award.Personal growth awards can mark an agent’s progress in setting either their own goals or the goals of your brokerage.Top performer awards can be numbers-based on sales, new listings, referrals, or any other clear-cut criteria.Appreciation events can include company-hosted lunches, team outings, or annual holiday parties. Think of these as events where everyone wins.
2. How to choose the reward
Again, think about your people. How can you reward them in a way that feels personalized? What will motivate them? Some might prefer a gift card, while others want a public shoutout. How do you know what your agents want? Ask them! You can even conduct a survey for feedback and ideas to identify which reward choices make the most sense for your team. Set a budget for the rewards to help ensure you’re creating a structure that won’t break the bank.
Common monetary awards include:
- BonusesGift cardsCareer growth opportunities/trainingMeals
Common non-monetary awards include:
- Public displays (e.g., a plaque, a recognition wall in the office, shoutouts on social media)Events (e.g., lunch with you!)Personalized thank you letters (e.g., from you!)
3. How to keep your program top of mind
Once you decide on your real estate agent recognition program, it’s time for rollout. Prepare to clearly communicate the details to your team. This includes the criteria, rules, timeframe, and so forth. Challenge yourself to think through every detail so that your program is clear, specific, and inclusive. Showing your team that the program is set up in a fair and transparent manner is sure to motivate them.
To keep the spark alive and well over time, communication is going to be key. So, don’t launch the program in Q1 and then drop the ball. The onus is on you to keep promoting the program internally—and, when applicable, externally. This can include posts on social channels, recognition given through email, phone or video calls, instant messaging, or public shoutouts during meetings. Start meetings with quick reminders: “Two more days before we announce this week’s Star Performer, so let’s get out there and … ”
4. How to involve the greater community
In real estate, your greater community typically includes your clients: the people who have bought or sold properties in the surrounding areas. Include them in the mix by sharing your agent’s success stories. You can even create an online forum for clients to participate and leave kudos about your agents. (A great way to also gather testimonials for marketing.)
Be sure to also collaborate with local non-profits or community groups to co-host recognition events or volunteer drives, further integrating your agents into the community. If you decide to give gift cards, why not have them from the local coffee bar or a new restaurant that opened down the street?
5. How to track progress
When it comes to your brokerage awards, don’t set it and forget it. Make sure you revisit, revise, and refresh the program over time to track your team’s engagement and the overall results. Be prepared to adjust as needed based on what’s working and what could be improved. Keep notes to see how your progress is tracking against your business goals, too.
With these five pointers in your arsenal, you can create the right real estate agent recognition for your business. For more tips, read our two other blogs about rewards programs.
Great work can easily fly under the radar. That’s why a real estate internal awards program is a smart tactic for formally celebrating your agents. Weichert Real Estate Affiliates, Inc. sponsors an annual national awards and recognition program throughout the franchise footprint to recognize both top-performing agents and brokerages. Plus, our broker councils enhance those efforts with their own regional awards. This is above and beyond the recognition that each brokerage sponsors on their own. We love to celebrate success at Weichert!
Contact us to continue the conversation and find out how Weichert can help you strengthen your agent retention and recruiting efforts.
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