Sales Awards: Are They Building or Hindering Your Brokerage?

Contests and awards are often offered as motivational broker tips, and have long been used in the real estate industry. They can help boost energy and sales, as well as build camaraderie and loyalty to your brokerage. But like many things in life, they aren't all fun and games. They can come with a price tag that's detrimental to your brokerage – and we're talking more than money.

Have you considered these contest conundrums?

Beyond the cost of prizes and parties, contests can create:

• Unnecessary distractions.
• Unhealthy competition and jealousy.
• Feelings of inadequacy among rookies and mid-level agents.
• Significant time loss to less fruitful endeavors.

How can your prevent these tournament troubles?

Introverts and extroverts, Boomers, Gen-Xers, and Millennials are all motivated differently. To create the best rewards without excluding your mid-level bread-and-butter, consider the following broker tips.

• Think outside the box. Designate a time period for the contest, then instead of a winner-take-all award, hand out play money for sales, property showings, open escrows, etc. At the end of the competition, host a party where ALL associates can trade in their "moola" on the prizes of their choice.

• Go beyond sales. Offer prizes and incentives for business-generating articles, public speaking, new agent recruitment, volunteer work, and more. Instead of physical prizes, offer higher commission splits through the next contest period.

• Use them as a motivator. Tie contests in to brokerage training courses, then offer a prize for whomever does the best in its application. For example: "Camp 4:4:3 – Get 4 Sales + 4 Listings in 3 Months."

• Let go of the wall plaque. Incorporating items that are both useful and visible: Jewelry, mobile tech, higher splits... whatever motivates your diverse group of agents.

To view the original article, visit the Properties Online blog.