Creating Incentives with an Individual Game Plan

 

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Transcript:

We went through the IGP (Individual Game Plan) here, and if you don't have this implemented or the 30-Day Fast Start, it's not very difficult to get it implemented, but you should have a very specific budget for written contracts. We are allowing these four agents to come to Mexico with us if they write $3.2 million this year. So, if they hit their 16 sales at a $200K average price point we're giving them the opportunity to come to Mexico with a spouse.

So, it's not a real winner for me. If they write $50,000, that's $4,200 or $4,500 that they'll make depending on the business. And I'm willing to give back about $4,000 per couple that I'll invest in people coming on this trip. This is really just to get them integrated, and we have two girls and two guys, and three out of the four are 100% convinced that they're going to coming on the trip.

These normal incentives that we're starting to use (John Mikesh is using a cruise as an incentive for his workers, costing him about $20,000) are nice, but it's going to cost me about $50,000 so it's not a big winner for me financially.

I will say that the $1000 cash bonus to agents when they're hitting their numbers has been a really big deal. The question with incentives is always whether it's changing behaviors or not. I'm really seeing agents wanting to sell more than $1 million each month, and the agents that I put to the challenge have stepped up nicely. This has really, really made a difference for us. If I can get them all to sell $3 million which would be an additional $12 million on top of our forecasted costs of $102 million, then we're going to be good.

And a note on dash-boarding - I've noticed that it does make a difference. I thought that Klipfolio Dashboard was just something fun to work on, but we are looking at this in our office all the time. Our agents know that we had a goal of 37 written deals this month and for the quarter we had 129, so that's a big push of 43 written deals per month. Right now they know they have to get to 37 and they've already beat the volume goal because of some higher price points coming in. We've also got it broken down by listing and buyer side, so knowing the score was just something that I didn't realize how important it was.