Real-estate team leaders can boost productivity with contests tied to specific metrics. Monthly bonuses for fastest lead response times, $1,000 bonuses when buyer agents hit $1M in contracts, and contests for buyer loyalty agreements signed all work. One team's answer rate dropped to 55% but recovered to over 90% after weekly reviews.
Questions this video answers
$500
within five minutes
Dropped to about 55% then recovered to well over 90% after weekly review
$1,000
Scaling Up (new version of Mastering the Rockefeller Habits) and Traction
I promise you, this is so far from anything that you've ever been to. And now Sandy says, what do you think of having a contest each month between the buyer specialists and they get a bonus of $500 of something for who got the most incoming leads within five minutes. It's a bit tricky to track, you know, inspect what you expect for sure. So, you know, when we focus, we got a little lax on yard sign calls and just didn't talk about them weekly for a while and just let it slip. And our answer rates went down to like 55% or something. Now we focus on it every week. We just review all the calls and it's well over 90% now. So I really do love that. But in Boomtown, I don't know about other sources. In Boomtown you can pull up response times by agent. So I think that's really helpful. We give the bonus around written or executed contracts. So if buyer agents get more than a million executed, they will get a thousand dollar bonus. But going back to what's the book? Scaling up, we're Mastering the Rockefeller House. Scaling up is the new version of it. And Traction does this as well. Where there's a quarterly theme where conversion could be the quarterly theme, Sandy, and you could have different conversion points. So you just have to commit to a lead management policy, a buyer lead management policy. There's a document in drive that will get you started. But go through that document and even make it more simple about what's expected and then make sure that your agents are living up to that and they understand that it's just important for them to do that so they can maximize their chances of success in any platform. So if that's, if that's important, then do something around that. I would probably go a little bit farther and do appointments set or appointments met or buyer loyalty agreements signed. I would do a contest around number of buyer loyalty agreements signed in a month rather than lead response time within five minutes. Because buyer loyalty agreement signed, they can hold open houses, they can reach out to their sphere, they can work Internet leads, they can work yard sign calls, they can door knock, they can do like 10 soi connects social posts. They can do like 10 different things to get buyer loyalty agreements signed and then maybe have it tiered. Maybe if they get six or more signed, there's a certain dollar amount and everyone can win. Do something like that. I would just move it back a little bit because five minute response time on Internet leads is just one little thing. I wouldn't want them focusing on the 1 out of 10 things that's going to make them successful. I'd move it down the chain a little bit.
