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The Benefits of Sales Gamification for Real Estate Agents

August 31, 2022

The Benefits of Sales Gamification for Real Estate Agents

Are you a real estate company leader? Do you feel like your agents’ performance has plateaued?

You need to think outside the box to increase teams’ productivity and close more deals. Using the same old methods will only lead to the same old results. You need to switch things up and get creative.

That’s where sales gamification comes in.

Sales gamification takes game mechanics and thinking and applies it to sales. The goal is to increase motivation and engagement, thereby improving performance.

It’s a tool used in any industry, but it’s particularly well-suited for real estate. Why? Because real estate is a people business. It’s all about relationships.

And what better way to build relationships than through games?

You’re turning it into a game when you gamify your sales process. There are rules, objectives, and rewards. And like in any game, the more you play, the better you get.

The best part is that sales gamification for real estate is not complicated. You can start small and add more elements as you go.

So how does sales gamification in real estate work? Read on to find out.

Increasing Agents’ Motivation

To increase agents’ performance, you must improve their motivation. Agents are more likely to be productive if they’re intrinsically motivated.

Think about it this way: if you’re not motivated, would you be as likely to put in the extra effort to make a sale? Probably not.

The same goes for your real estate agents. They won’t be as likely to close deals if they’re not motivated.

But how do you increase agents’ motivation through sales gamification? By using leaderboards.

Leaderboards rank your agents by performance. They’re a great way to encourage friendly competition and drive up performance.

When agents see their names on the leaderboard, they’ll be even more motivated. They’ll close more deals and move up the ranks.

Leaderboards also help you identify top performers. This way, you can give them the recognition they deserve. You can also provide them with resources to help them close even more deals.

The real estate industry experiences frequent seasonal drops in sales. This is normal.

What’s not normal is for your agents’ performance to drop along with it. This is where progress monitoring gamification comes in.

Progress monitoring helps you track your agents’ performance over time. This way, you can identify any areas of improvement.

For example, let’s say you have an agent who usually closes ten deals monthly. But their performance drops to five deals per month during the slow season.

If you didn’t track their progress, you wouldn’t know there was a problem. But because you’re monitoring agents’ progress, you can notice and take action.

For instance, you can organize sales coaching or mentorship programs for them.

On the other hand, you will identify and celebrate the top-performing sales agents. This way, you can replicate their success.

Encouraging Friendly Competition

In any organization, there will always be a few overachievers. These are the naturally competitive agents.

But what about most agents who are content with meeting their quotas?

You need to find a way to encourage them to step up their game. And the best way to do that is through competition.

When you create a sense of competition, agents are more likely to have a purpose for closing more deals. They don’t want to lag or lose to their colleagues.

And the best way to create competition is through leaderboards.

As we mentioned earlier, leaderboards are a ranking of top performers. By posting a leaderboard in your office, you’re creating a competition.

Agents will want to move up the ranks and be the top performers. This will motivate them to close more deals and improve their performance.

You can also create competition by dividing your agents into teams. For example, you can pit the new agents against the experienced agents.

Apart from the competition, you’ll help the new agents learn from the experienced ones.

Another way to encourage competition is to offer prizes or incentives. For example, you can give the top-performing agent a paid trip to an exotic location.

Or you can offer a bonus for the agent who closes the most deals in a month.

The possibilities are endless. Just make sure the prizes are something your agents will want.

The good thing: gamification allows agents to compete with hostilities. This is unlike old-fashioned sales methods where agents are in direct competition.

Gamification results in more collaboration and team effort.

When agents are in direct competition, keep their strategies to themselves. They’re also less likely to help their colleagues.

On the other hand, gamification encourages agents to work together. They’re more likely to share their best practices. And they’re also more likely to help their colleagues improve their performance.

Incentivizing Real Estate Agents to Boost Engagement

It’s not enough to encourage your agents to be more engaged. You need to incentivize them as well.

The best way to do this is to tie their commissions to engagement levels.

For example, you can give them a bonus for every new listing they get. Or you can give them a bigger commission for every home they sell.

You can also create a system where agents get rewards for customer satisfaction. For example, you can give them a tip for every positive review they receive.

Incentives boost creativity. Agents will strive to develop new and innovative ways to engage their clients.

This is good for your business because you’ll always have fresh ideas. And it’s also beneficial for your clients because they’ll get the best service possible.

And the best thing: when you incentivize your agents, they’re more likely to stay with your company.

Encouraging the Sales Team to Set Higher Targets

Targets are a vital part of any sales team. They give the team members something to strive for and help them measure their progress.

The problem is that targets can sometimes be too low. This can lead to complacency and a lack of motivation.

To avoid this, you must encourage your sales team to set higher targets.

One way to do this is to offer a tiered commission structure. For example, you can give them a higher commission for every sale they make above their target.

Another way to encourage higher targets is to offer prizes or incentives. For example, you can give the top-performing agent a paid trip.

Or you can offer a bonus for the agent who closes the most deals in a month.

When setting targets, you need to have key metrics in mind. Metrics will help you track your team’s progress and know if they’re meeting their targets.

Some of the most important sales metrics in the real estate industry include:

  • Number of appointments
  • Number of listings
  • Number of sales
  • Average sale price
  • Average days on market
  • Lead conversion rate

You should encourage your team to set personal targets which depend on each of their strengths and weaknesses. Personal targets will also help them stay motivated and engaged.

For example, an agent good at generating leads can target making 50 new appointments per month. Or an agent who’s good at closing deals can set a target of selling ten homes per month.

Encouraging higher targets is a great way to boost sales. But you need to make sure the targets are realistic. Otherwise, you’ll end up frustrating your team.

Improving Customer Satisfaction

Customer satisfaction is one of the most critical metrics in any business. And it’s especially crucial in the real estate industry.

Satisfied clients will most likely come back for your services in the future. They’re also more likely to refer you to their friends and family.

Gamification can be a great way to improve customer satisfaction. For example, you can give your agents a bonus for every positive review they receive.

You can also create a reward system for exceeding clients’ expectations. For example, you can give them a bonus for finding the perfect home for a client or negotiating a great deal.

Finally, gamification can encourage your team to provide timely service. For example, give reward points for responding to client inquiries within 24 hours.

Improving customer satisfaction is essential for any business. And gamification can be a great way to do it.

Sales Gamification for Real Estate With Spinify

Top real estate companies are already using sales gamification. And it’s proven to be an effective way to boost agents’ performance. To join them, introduce sales gamification software like Spinify.

Spinify is the leading sales gamification platform. We offer a complete solution that includes everything you need to get started.

Some of the features of our platform include leaderboards, competitions, and rewards. Our platform allows you to create a fun and engaging environment for your team.

We also offer real-time data visualization and analytics. This will enable you to track your team’s progress and see which agents perform best.

If you’re looking for a way to boost your team’s performance, Spinify is the answer.
Book a demo today and see how Spinify can help you increase sales in your real estate business.

Put those insights into practice.

Set your team up for success by improving their performance through gamification.

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