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After offering members a $75,000 incentive to drive appraisals, one major group has revealed just how effective high-quality rewards can be – and it's not just the big players getting in on the action.
According to data from LJ Hooker, market appraisal figures were 38 per cent higher this January and February compared to last year, which head of network sales, awards and recognition Graeme Hyde claims was fueled by their second Audi Summer Sprint competition.
“We provide staff with the full marketing and systems support to accompany the incentive, which enables residential and commercial salespeople, property managers, recruiters, home loan brokers and business support staff to achieve their best," he said.
“A 38 per cent increase in appraisals proves high-quality incentives enthuse, excite, and allow our people – whether they win the Audi or not – to reap the professional rewards of heightened market engagement.’’
But incentives don’t just work on a national level; smaller offices can take advantage of the competitive nature of agents too.
According to Ewan Morton, managing director of Morton and Morton, incentives are a great way to ignite healthy competition – if the prize is good enough.
“We have bonuses linked to KPIs as part of the standard remuneration, but we run competitions based on appraisal numbers sometimes," he said.
“We find that if you offer a bottle of champagne then you’re not going to see a surge in results. I find the key is to have a really desirable incentive, like a $1,000 voucher to David Jones, and you will certainly see results lift across the board.”
The Audi incentive is part of a suite of awards and incentives LJ Hooker has strategically developed to encompass the relationship between performance and rewards for individuals.
“For today’s high performers it is not only important to create an environment for their well-being but also to stimulate their minds and nurture their talent,” Mr Hyde said.
The group also plans on taking top performers on a study tour to Dubai.
“The study tour will allow our sales specialists the chance to view first hand one of the world’s most dynamic real estate markets and to network while enjoying fun and unique Dubai experiences,” Mr Hyde said.
LJ Hooker is also offering top performers a chance to travel to Germany for the popular Oktoberfest later this year.
“While competitive spirit benefits individuals professionally and personally, LJ Hooker strongly believes there should be recognition and reward for the efforts and success of our people, which is why we work to create such a fun and unique schedule of exclusive incentives and events," Mr Hyde said.
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