Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Let’s talk about incentives

By Steve Osborn
19 April 2021 | 1 minute read
incentives

Raine & Horne very recently announced a new addition to their already established incentive scheme for Raine & Horne employees. In typical fashion, this previously rewarded the highest-performing agents with the likes of prestige vehicles and paid holidays, but the new scheme takes a different approach.

From the announcement, it seems that the simplified concept is this: names of employees go into a draw and on the first Wednesday of the month, everyone has equal opportunity to take home vouchers between the value of $200 and $2,000.

However, upon further reading, it is more than pulling names out of a hat. It has been stated that offices will be able to submit online forms to help recognise the work of administrative and marketing staff, rising stars and property managers. Furthermore, sales agents are eligible to win monthly prizes on different criteria, based on number of sales, sales dollar value, and their engagement with the network’s suite of digital products.

Advertisement
Advertisement

What I find most interesting about this internal incentive scheme and the direction that it has taken is the inclusion of administration staff into recognition consideration, because every business owner knows admin people are the key to smooth business operations yet are often the least recognised in a business. Some agencies have only one administration person who also works as a receptionist — is this person eligible to be nominated each month?

Additionally, administration staff are often the ones who snap people into action in regard to tasks that don’t directly make money for the agency. Will administration employees be writing their own forms or passed aside by busy agency owners who don’t have the time to commend their work through this scheme?

The questions I pose are merely food for thought, and whether Raine & Horne has the right or wrong incentive scheme — only time will tell. I look forward to seeing how it rolls out and whether any advantages or disadvantages for certain employee groups or types are addressed.

In the meantime, for those curious about how incentive schemes work, here are some model types:

Retention Strategy: Every employee has an equal chance to win each month.

Retention + Awarding Strategy: Every employee has the chance; however, nominations are also submitted, increasing the chances for those “most deserving”.

Independent Awarding Strategy: Rather than a national award scheme, nominees are weighed up against others in their state or area, allowing for regional teams to not be outweighed by metropolitan teams.

Department-Based Strategy: Nominees (or all employees) within departments, such as sales, property management, marketing or administration, go into draws based on their occupation type, ensuring that awards are not based on the comparing of apples to oranges.

Values-Based Strategy: Instead of awarding based on high performance in regard to numbers, employees have the opportunity to be rewarded (and nominated) based on acting out and embodying the values of the company. This ensures that all teams align with the company.

Let’s talk about incentives
Steve Osborn reb
lawyersweekly logo
Rankings
rankings
JUST RELEASED
May 09, 2022

REB Top 50 Women in Real Estate 2022

REB is thrilled to present the Top 50 Women in Real Estate 2022 ranking, which sets t ... LEARN MORE

rankings
JUST RELEASED
May 04, 2022

REB Top 100 Agents 2022

Now in its second decade, the REB Top 100 Agents 2022 rankings are the most revered s ... LEARN MORE

rankings
JUST RELEASED
May 02, 2022

REB Top 50 Agents NSW 2022

Even a pandemic has not put the brakes on the unstoppable property market in NSW, whi ... LEARN MORE

rankings
JUST RELEASED
April 27, 2022

REB Top 50 Agents VIC 2022

The COVID-19 crisis has not deterred the property market in Victoria, which has been ... LEARN MORE

rankings
JUST RELEASED
April 25, 2022

REB Top 50 Agents QLD 2022

As the property market continues to roar in Brisbane and Queensland, the REB Top 50 A ... LEARN MORE

Coming up

rankings rankings
Do you have an industry update?

top suburbs

12 month growth
Mirador
103.33%
Bawley Point
98.13%
Walla Walla
90.7%
Byron Bay
86.67%
Kiama Heights
85.93%
Greta
84.14%
Nulkaba
81%
South Hobart
78.78%
Diddillibah
76.25%
Lennox Head
73.98%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.