A major part of your overall success as a real estate broker and the leader of your team is your ability to properly recognize the achievements of each member and provide ample praise. In fact, a study done by Harvard Business School reminds us that recognition is a fundamental human need and illuminates the benefits of properly implemented practices within the workplace. Yet, if you are new to the role of a broker or have yet to establish a system of rewards and recognition, this guide will help you better understand its value.
Loyalty
As you already know, establishing agent loyalty and retention is crucial to your schedule, bottom line, brand, and overall success. Many brokers feel that attracting truly loyal agents is deeply challenging. However, by regularly showing your agents that they are on the right track and that you are aware of their accomplishments, that challenge lessens. Each time that you outwardly recognize, praise, or award your agents for their accomplishments, you prove your respect for them and validate their work. Studies show that this directly results in an increase in productivity and personal loyalty. As an added bonus, this will serve to improve your individual relationship with each agent.
Motivation
With more and more agents entering the field every day, it isn’t hard for an agent to lose their way and lose the motivation they once had. It is your responsibility to help keep your agents from becoming deflated. One of the most effective methods for motivating anyone is to make them feel that the work they are doing is both important and valued. Just imagine how much more productive you would be as a broker if you had someone whom you respect telling you that you are doing all the right things, and that success is right around the corner.
If you look closely enough, you can always find something positive and real about the work people are doing. Extensive research draws a direct line between overall employee motivation and the genuine praise they receive from their boss.
Culture
Perhaps the most talked-about trend in recent years in the business world has been company culture and how to achieve a positive one that attracts the best talent. What better way to elevate the positive energy and overall feelings of teamwork than making sure everyone feels validated? Extensive research shows that people who have received the appropriate recognition from their leaders possess a greater sense of enthusiasm, which, let’s face it, is contagious. When you are positive and your culture is positive and your team feels valued and supported, then you have already done the hard work of making your culture productive and your brokerage the place to be. Now all you have to do is decorate!
Success Starts With Communication
Understanding the importance of presenting your agents with awards or praise is one thing, but actually doing so is something else. Once you recognize that a member of your team has hit a goal, reached a benchmark, or otherwise done something you want to encourage, you need to vocalize your appreciation. For small achievements, a private word can still mean a lot, but for bigger achievements, make it public. Team meetings and award presentations are an excellent way to do this at scale while also fostering a healthy sense of constructive competition.
Now is the perfect time to recognize your agents’ success in 2019. At Weichert, we have a structured awards and recognition program for our affiliates, with various levels of achievement. It includes coordinated regional award events where companies and their agents can get together and celebrate each other’s accomplishments. National awards are supplemented with regional awards. It’s something the agents (and broker/owners) look forward to and is great for retention.
Culture is one of the most important things in building a successful brokerage. It affects everything you are trying to do, from recruiting to retention, operational efficiency, to just plain making it fun to be part of the organization. A structured recognition program is one of the many benefits and resources Weichert provides its affiliates to help support that.
Looking for more ways to keep your team motivated, drive productivity, and instill loyalty among your agents? Make sure to bookmark the Weichert Franchising Blog where you can gain access to regular and actionable tips or contact us to learn how to become part of the Weichert Franchise Family.
