The real estate market ebbs and flows, where current market values can fluctuate greatly due to new legislation, the state of the economy, or even just the supply of current properties on the market. So how can you stabilize sales, visualize your data, and effectively forecast for the future? Here are our tips.
For data to be valuable, it must be easy to visualize and understand. You need to be able to draw clear connections between your operations and the results of that work. This requires real-time data that is easily accessible to you and your team, not just in receiving that data but also making sense of it. The more you can make your data intuitive and transparent, the easier it is for your teams to crush their targets.
People are naturally competitive, so seeing where they rank compared to their co-workers and peers is an effective motivational tool to inspire personal and professional improvement. And with unmotivated agents being one of the major pain points in the real estate industry, leaderboards are a fitting solution.
- Greater motivation
- Increased transparency
- Higher employee engagement
- A better grasp on key metrics
Running competitions is a fun way to increase activity, performance, and ultimately profits. It’s a great way to incentivize daily tasks to be more exciting and engaging for agents. And you don’t have to have huge prizes in order to motivate your salespeople; they simply enjoy the thrill of the chase and the recognition from performing.
But as we all know, competitions aren’t much fun if the same people always win. So, one way to combat this is by implementing randomness and chance into your sales contests. For example, rather than always rewarding the person who sells the most, you can issue lottery tickets based on a percentage of the value sold and then hold a random drawing at your Friday meeting. You can even have time-based competitions where the person who holds the trophy the longest is the winner. No matter your goals, there are tons of ways to motivate, not just the top 10% but the entire sales department.
Competition Best Practices:
- Track a variety of metrics
- Offer different prizes
- Run individual and team competitions
- Get employee feedback
Gamification is a great way to make dull and boring everyday tasks, such as data entry or cold calling, more engaging. In addition to building a stronger culture, happier teams, and a more productive workplace resulting in more motivated employees, lower turnover, more celebrations, and happier customers.