How to Reward your Employees in Real Estate
The real estate market is heating up and so is the competition for good help so it is important to reward your employees in various ways. If you have a really good employee and they leave, it is extremely difficult to replace them and it will cost you time, money, and resources. That is why it is important to keep your employees happy and engaged at all times. This article will go into the best ways to reward your employees so they stay as long as possible and go above and beyond the call of duty for you.
Ownership in the company
There is no better way to reward your employees than by offering them a small percentage of the company. This means that they are part owners of your company and can weigh in on certain issues. Most employees treat a job as something they clock in and out for, but an owner takes pride in their company and will work all hours of the night and will sweat blood and tears to see it succeed. The biggest example of this is Publix Super Markets, it is employee owned and they have over 160,000 employees! You of course will want to thoroughly think this through so that various scenarios are addressed. You will also want to think about how long they have to work for you before they become vested in the company so that if they ever leave, they still get the benefits of being an owner. You can make this 20-30 years and if they believe in your vision, they may want to stay that long or longer to become vested.
Paying for your Employees Education and Self Improvement
You want your employees to constantly better themselves. If they want to take courses at a community college that is relevant to their position, you should want to pay for it. It will make them a better employee and they will bring great ideas and innovations to your company. Mark Sandborn said the best answer to “What if we train them and they leave?” is “What if we don’t and they stay?”
You also want your employees to constantly grow as people. If they want to attend a Tony Robbins type seminar, you should encourage them. These types of events may change their lives and can help them take your business to the next level.
Recognition and Gratitude
Make sure to thank your employees on a regular basis and recognize their efforts when they do a great job. You want to celebrate all wins and congratulate them on their successes. A simple thank you goes a long way.
Bonuses/Commissions
When an employee brings a deal to the table, it is a good idea to give them a cut. If they make commission checks on top of their salary or hourly rate, they will want to perform for you at a very high level. This will encourage them to bring deals and business to your company since their salary is virtually limitless! The more deals they bring, the more money they make, and the more money you and your company makes!
In Conclusion – Reward Your Employees Well
Treat your employees the way you would want to be treated if you were in their shoes. If you constantly think this way, it will separate you from any other employers out there so they will never want to leave. “Train people well enough so they can leave, treat them well enough so they don’t want to.” – Richard Branson
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