The power of recognition: Inspiring success with rewards

The past couple of years have been hard for many because of an economic slowdown designed to address pandemic-related inflation. For many business owners, including those of us in real estate, have had to figure out innovative ways to inspire sales. I’ve written before about how leaders can guide their teams through sales slumps . The power of recognition and finding ways to reward your team continue to be a great tool for business.

I’ve long believed that incentives are a great way to inspire sales. Even in cooler markets, giving people a bit of inspiration can go a long way toward keeping their motivation high. Here’s why, and what you should know about recognizing people excelling in your industry.

Businesses can’t thrive on sales alone

While hitting financial targets is a good metric on some levels, it takes more than sales alone to have a successful business. It’s also important to look at the culture and environment you’ve developed within your business. Do people want to be part of what you’ve built ? If not, that’s a sign there may be a problem.

It pays to invest in people . When you’re giving them something to work toward, you are creating a common goal that helps drive your organization. What’s more, when they feel appreciated, they will be more engaged, productive, and loyal. And in a softer real estate market, local agents’ collective achievement can go a long way toward boosting the market.

Rewards can illustrate your core values

What does your company stand for , and what can you do to reward individuals in a way that supports those values? At The Jim Allen Group, we’re always focused on giving our clients an enjoyable experience while listening to their individual needs. We promise to give sound advice and exceptional service. Why not reward those individuals who are living up to that promise?

This is why the power of recognition is so important, too. Anyone helping us meet our goals and support our mission deserves to be thanked. It’s our goal to always show how meaningful every person is to our organization. Don’t forget to thank the people who step up and make great things happen. That’s every bit as morale-boosting as earning extra rewards.

You can positively influence your culture

For us, agents already take pride in helping people find a new home. It just adds more excitement to get a bit more recognition on top of that joy. When agents know their efforts are both seen and valued, it creates a positive upturn of motivation and performance.

The Jim Allen Group already has numerous accolades as a top performer across not only our state and region, but across all of North America, too. It takes more than simply selling homes. It takes creating a culture that’s focused on team . And it also takes giving people opportunities and helping them grow. And it takes recognizing successes and rewarding people for a job well done. The power of recognition is that it has a tangible impact on business outcomes. That’s why I’m so proud of what we’ve won as a team. It shows that our business, and our team, is thriving.

It's worth the effort

While you’re recognizing the achievements of top players, don’t forget that it’s also worth it to reward teams of people who are going above and beyond. Sometimes the best results come from collaboration. If you have worked hard as a leader to build a great culture in your business, your team will feel motivated to do their best.

Keep in mind that recognition shouldn’t be a one-time event. It’s an ongoing commitment, and one that requires knowing your team, understanding what drives them, and a willingness to invest in their success. Rewarding their achievements, whether it’s with a bonus at the end of a year or a bit of extra recognition at the end of a hard week, is good for everyone involved. Not only will you have a more engaged and productive workforce. You’ll also have a stronger, more resilient organization.

What can you do for your people today?

The power of recognition can be good not just for your team, but for you as a business leader, too. Prioritizing rewards and recognition can transform an organization, even during hard times. When you build a culture of excellence in business, it can drive both personal and professional growth and keep your company at the top of its game. In other words, reward your team and the results will follow.

Jim Allen is a business leader and entrepreneur who has built one of the top-producing real estate groups in the Triangle. He is President of The Jim Allen Group, which is consistently named one of the top real estate teams in North Carolina and even North America.