Real estate is an increasingly competitive industry, in which agents and managers face a variety of pain points. It can be difficult to differentiate your agency from others and to get new houses for sale–as well as to have full control over your team and data quality.
So what are the major challenges facing real estate agencies? According to our customers, here are the top 4–and how to solve them with sales gamification.
Problem: “We need a better real-time overview of our sales data”
Solution: Digital sales leaderboards
Most teams struggle to understand their numbers, especially in relation to the company’s bottom-line or the rest of their peers. Part of the problem is that manual data entry is tedious, boring and inefficient. Most real estate agents have enough on their plates that they don’t want to be bothered with excessive data entry when there are plenty of other valuable tasks to focus on, such as getting new listings or following-up with potential buyers. Freeing up time grants for a relaxed work atmosphere, where agents are empowered to tackle their top priorities.
”49% of agents work 40 hours or more a week.”
With sales leaderboards, data can be pulled from its original source (whatever CRM or sales management tools you use) and displayed on TV, web and mobile app without the need for double-reporting. This real-time data allows entire teams to be constantly informed of their targets, aware of progress and driving forward to hit the next goal. Better data quality and greater transparency result in teams who are more structured and more efficient. As a result, rather than getting bogged down by a lack of understanding on personal or team performance, you will have teams who are celebrating the wins together.
Problem: “Sometimes, you hit a streak of underperformance and it can be really demotivating. It can feel like it’s impossible to win”
Solution: Leverage the power of gamification to ensure that forward momentum keeps driving new deals
Motivation can be a struggle in any job. Real estate is no different. Sometimes, agents may go weeks or even months without hitting their targets. It can be depressing and downright scary depending on your compensation model. This can leave even the best employees feeling unappreciated and over stressed. The best solution is to show that other agents are hitting their targets, that the market is not unwinnable and that work is still fun, interesting and motivating.
Data-driven gamification allows you to build a team of highly engaged agents that understand their contributions to the company.
In turn, you will also foster a more positive company culture–people will feel more fulfilled and satisfied with their work, and team spirit will be much improved.
Problem: “Some of our agents are not maximizing their potential.”
Solution: Find what motivates them and leverage it to drive professional growth
Real estate is a competitive market, so agents can often become discouraged and thus not live up to their maximum potential. So why not make the competitiveness enjoyable?
Introducing fun sales contests and leaderboards will help to re-motivate your agents and drive better performance. Studies show that gamification employs the “reward compulsion loop” and thus compels people to perform better. It also triggers a release of dopamine, which enhances alertness, motivation, attention and learning–among other things.
In combination with these contests and leaderboards, find out what specifically motivates each individual employee and have 1-on-1 discussions to see if there is a way to help them achieve these goals. Some common motivators include: money, rewards, gifts, professional development and time off. Remember, people will work harder when they feel that the company is actively helping them to achieve personal goals.
Problem: “We run the same boring sales contests all the time and the same people always win. it’s demotivating.”
Solution: See how SalesScreen uses a wide variety of contests that involve randomness, chance, time, and other variables to mix up the winner circle and motivate the middle.
Competitions can be great for employee engagement and motivation, but typical sales contests are often frustrating since the same people always tend to win.
Using customized leaderboards and contests that compare more closely matched agents provides an effective way to keep everyone engaged and encouraging all levels of performers to do well. Tracking less traditional metrics is also useful. For example, most properties listed on a random day, in a certain area, smallest house sold, etc.
Implementing different types of contests can counteract the frustration of middle to lower performers. For instance, try running team competitions, or even a lottery competition in order to give everyone an equal chance of succeeding.
We find that competitions are a great way to spice up the office atmosphere and inspire agents to put forth the extra effort… just be sure you’re keeping it fun with what you measure, how prizes are awarded and who can win. if you do this, you’ll see a significant increase in the performance of the remaining 80% of your workforce.
So, what does this mean for companies in the increasingly competitive real estate industry? First, it shows that there are some serious problems leading to agents not hitting quota. In fact, according to Forbes, 57% of sales reps missed their quotas last year. However, it also shows that these problems can be addressed efficiently and effectively with the right tools.
Understanding your data, creating clear and efficient KPIs, driving activity with the right incentives and creating an environment of focused teamwork are just a few of the benefits of gamification.
Start digitizing, leverage the power of gamification, motivate your core performers and run fun sales contests to get the blood pumping. You’ll quickly be closing more and celebrating more often.