Real estate agents produce better work when they are recognized for it, affecting the company's bottom line. In this way, a recognition program is not a “nice-to-have” - it’s a requirement for business success.
Recognition programs enrich company culture, increase employee engagement, reduce turnover, and provide a fulfilling employee experience.
In this blog post, we will highlight five things you should keep in mind when developing an agent recognition program.
1. Develop a case for recognition
Whether it’s recognizing sales milestones, great customer service or efforts to bring new clients, try to understand your agent's motivation and how they want to be celebrated for their success.
Appreciation is about truly seeing someone for the value they bring to the team, not just acknowledging their output. Show agents why their work is important. In short, it's about making employees feel special.
2. Allocate budget
As a leader you will need to allocate a budget for effective recognition software and for monetary rewards. This helps you decide what kind of awards and incentives may be available for agents.
Awarding your top agents it’s important but don’t forget to also celebrate everyone within the brokerage. A good tip would be to separate 60% of your budget for the entire team and 40% for your top performers.
3. Give great awards
Every employee recognition program should include both social, monetary, and peer-to-peer recognition. Awards that you choose should represent the great work that the agents do.
A study done by Harvard Business Review states that 40 percent of employees would put more energy into their work if they received social recognition more often. A good way to archive this is to organize a great event that will celebrate these wins. Considering travelling restrictions due to COVID-19 pandemic, the best way now would organizing a virtual event.
Make sure to create a unique experience for your agents. Consider sending thoughtful items before the virtual event. At the same time offer monetary recognition to make agents feel appreciated on an everyday basis.
Another great way to celebrate your top agents is to announce their wins on social media. Create templated images that have a personalized approach with the caption to highlight why the agent was selected.
4. Create a timeline
To be able to set a timeline for your recognition program you need to decide which achievement you want to highlight first. There are a lot of brokerage ranking lists released throughout the year. To do more, implement your own ranking program that can tack key milestones.
After you create the timeline for this program make sure to revisit and refresh the program on a regular basis to add new ideas.
Although saying “thank you” will always be good etiquette, building a strong employee recognition program involves more planning and moving parts.
Hopefully, this blog post will help you create a strong program and a culture of recognition in your brokerage.