Brokers: Incentivize Teams for Sales Success

Salespeople usually thrive on competition, and rewards for success can include anything from tech tools or marketing help to company-paid vacations.

NEW YORK – The drive for sales pushes broker/owners and team leaders, but many don’t use incentives, even though they play to real estate agents’ strengths. Salespeople are naturally competitive and many really enjoy the challenge of a competition.

Companies can, for example, create a monthly or 6-8 week listing contest to motivate agents to set listing appointments and expand listing inventory. Leaders can direct agents’ efforts by having in-office coaching and training sessions on ways to create listing appointments and how to properly price and close them.

Prizes can include cash, a technology tool or marketing resources, and can be based on how each agent increases listings month-over-month or year-over-year.

In addition, companies can host team-based contests with weekly listings and sales goals. Prizes can include a spa day or night out for the team. Companies could also offer sales-incentive trips to agents who qualify, perhaps by increasing their income sufficiently to cover the cost while also increasing market share and revenue. First-tier qualifications may include an all-inclusive resort, the next tier could comprise airfare, and the next a plus-one guest.

The trip idea also benefits the brokerage. Since everyone takes the trip together, participants experience more team bonding and culture reinforcement.

Source: RISMedia (08/02/22) Johnson, Sherri

© Copyright 2022 INFORMATION INC., Bethesda, MD (301) 215-4688