Drive Success and Increase Agent Retention Through Sales, Income and Recognition Thresholds
The best managers and brokers that I know purposefully help their agents to be successful. And while that success can be defined in many ways, annual achievements and recognitions are common and important events that a large number of agents use to measure themselves.
For their benefit, then, and for yours through agent growth and retention, you need to take time during September to discuss the following areas with your agents one-on-one, and review how they are faring in relation to their goals and any potential year-end achievements.
Sales: Both to you as a manager and to your agent for their own purposes, their year-to-date sales figure is probably already known. What is important now is to focus on how it stacks up to their goals and to production mileposts. Are they on pace to exceed last year’s units and/or volume? Where do they stand in relation to their goals? And lastly, can they reach the next significant sales threshold, such as $5 million, $20 million, $50 million, or more? Review these numbers with your agents, consider what they have coming up or already under contract, and put a plan together to reach their next levels before year-end.
Income: Many agents earn more in the last few months of the year because their compensation plans allow for increased splits once a minimum threshold has been met. Even if that is not the case, they still have already covered any fixed costs for the year, so a higher percentage of each new deal goes to their bottom line now versus deals closed earlier in the year. Use these facts to inspire your agents to close as many transactions as possible between now and December 31. Keeping them aware of their increased income opportunities now will translate into greater success for everyone.
Awards/Recognition: December is too late to tell an agent that they need “X” amount of volume, units or other production to qualify for industry or company awards. These achievements are important, and earning recognition for them affects both your agents’ pride and their ability to promote those achievements to their sphere, so take the time to review their current progress toward whichever awards are most important to them. Don’t forget to review non-sales related recognitions (e.g. client satisfaction awards) and other measurements (e.g. top office lister, number of years of continual growth, etc.) that are particularly important to each individual agent.
By reviewing these items with your agents, you will both drive new sales and increase agent retention through your engagement in their success. It is a win-win situation, so commit to these discussions this month, and the sales, accolades and loyalty will follow.
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Sherri Johnson is CEO and founder of Sherri Johnson Coaching & Consulting. With 20 years of experience in real estate, Johnson offers coaching, consulting and keynotes, and is a national speaker for the Homes.com Secrets of Top Selling Agents tour and the Official Real Estate Coach for McKissock Learning and Real Estate Express. She is also an RISMedia 2020 Real Estate Newsmaker as an industry Influencer. Sign up for a free 30-minute coaching strategy session or visit www.sherrijohnson.com for more information.