More agencies are benefitting from a rewards and recognition scheme. Is rewarding hardworking PMs the answer to staff retention?
RPM spoke with Grant Harrod, CEO of LJ Hooker, about why the agency is encouraging its offices to recognise their best PMs.
“An area which is really important for our offices are the reward and recognition programs,” Mr Harrod said.
Recognising talent in all areas of the business encourages hard work and business development in a competitive industry, a strategy LJ Hooker has pursued.
“Being able to participate against some of the best in the country, not just the best in our network, but some of the best in an environment where you’re challenged continuously at all various levels of your business, whether that’s as a business owner, a sales agent, a property manager or even if you happen to be the director...” Mr Harrod said.
“Obviously being a part of a larger network you have that opportunity to be able to enter into a range of different incentive programs, be recognised among your peers and ultimately get the benefit for that experience.”
But you do not need to be a part of a large network to implement a rewards and recognition program as simply recognising the hard workers in your office will boost morale and encourage them to work on their skills.
“For us, it’s about making sure that the performance of our agents [and] our property managers, is superior to what else is available,” Mr Harrod said.
Franchises are also placing a strong focus on training and development to encourage PMs to stay with the company.
“We run consistently more training programs than any other network,” Mr Harrod said.
He added that in a tougher sales market, the franchise relies on its rent rolls to bring in capital, which is why it is also focused on supporting PMs.