4 Ways To Create A Successful Real Estate Team

When it comes to operating a successful real estate team one motto holds true – happy agents are the best agents! Every real estate team needs a strategic rewards system for employees that address these four key areas:

1. Compensation
2. Benefits
3. Recognition
4. Appreciation

The problem I see time and again is that company reward systems are usually missing one or more of these elements – and from my experience it is usually the latter two, recognition and appreciation. When you think about it, these two rewards are the easiest to provide and the least costly – yet they are so often under-valued or overlooked by employers.

There seems to be a disconnect between the type of appreciation employees want and what managers think they want. When entrepreneurs think of rewards systems, they typically put compensation at the top of the list, and there is nothing wrong with that since few people are willing or able to work for free, but the best strategy should include a reward plan that is directly linked to the goals of the company with special attention placed on recognition and appreciation.

While it’s important to show top-producers some recognition for their efforts, you must be careful to avoid the appearance of handpicking favourites among your staff.
With the Academy Awards looming, compare your workplace to the Oscars; sure the actors are always prominent, but the Show also rewards costume designers, make up artists and even lighting people with the identical trophy. If you reward behaviours as well as performance, recognition and appreciation will be easier to distribute evenly among your staff.

Performance is easy to monitor and track, however, behaviours will pose more of a challenge. Think along the lines of a team member working overtime to get a project done, or someone who has not taken a single sick day over the past year, it could even be an employee that boosts morale by organizing team building events outside of office hours. The bottom line is to reward and appreciate team members that impact your company in a positive way, not just a financial one.

• Recognition – the acknowledgement of an achievement or service, or attitudes exemplified through behaviour
• Appreciation – expressing gratitude for actions or behaviour

The above two words are similar but different and both are equally important ingredients for keeping employees happy and loyal. There are many ways to recognize a team member’s contribution, but there is tremendous added value when you recognize them publicly, in front of their peers. Informing an employee of your appreciation must be sincere, personal and specific. Saying “you’re doing a fine job – keep up the good work” can’t compare to “Bill, I’ve noticed you have been arriving early and staying late, and those extra hours were pivotal to our sales record last month – I really want to thank you personally for your extra effort”.

There are numerous ways to keep employees happy and morale high, like competitive salaries and bonuses, listening to feedback, providing adequate sick leave and vacation days and offering health and retirement benefits which are all a tangible incentive to increase productivity and retention. However, you can’t diminish the importance of recognition and appreciation as integral components of a winning strategic reward system.