When was the last time you rewarded your team for their support?
You can’t hide behind the solopreneur label to deny that you have a team so you can avoid the expense of gifting. Unless you are doing absolutely everything yourself in your business, there are people you need to express gratitude and appreciation to, and sometimes that means more than a “Good job. Thank You.”
The make-up of your team will vary depending on your real estate investment specialty but it will include all of those people who support your ability to succeed. From your family and friends to the real estate agents, property managers, maintenance workers and others who make your business possible, profitable and pleasurable. All deserve to be recognized and rewarded for their efforts.
Not because it’s a touchy-feely, feel-good thing to do but because it’s a proven way to build a strong business.
Simply put, rewards and recognition build loyalty and increase referrals. It’s basic psychology: everybody appreciates being told and shown that they are valued for their contributions. They can’t help but put a little extra thought and effort into tasks and projects when you make them feel appreciated.
You will always get more out of a team when you treat them well and they feel respected and valued. They will speak more positively about you and be more likely to bring concerns directly to you when they arise.
You might think that their salary or commission ought to be enough motivation but that seldom has the same effect as bonuses or gifts. Often the most random and unexpected treats are best at increasing morale, things like dropping by a renovation job site with coffee for the crew will make a huge impression.
Generosity ought to be it’s own reward, but there is no denying that it has a positive effect on operations. It’s common knowledge that tradespeople respond faster to calls from those who pay their bills promptly and the effect is even more profound when recognition rewards are added to the mix. Not so profound that you can expect waiving of weekend fees for emergency calls, but gifts aren’t intended to be a panacea.
There is little doubt that you’ll go further, faster when you add a personal element to your gifting process, such as when you go outside the occasions and celebrations that impact your business and send cards or gifts to celebrate the receiver’s special days.
This might mean sending a bouquet on a significant anniversary for the business or sending birthday cards to your key contacts. It’s easy for the cynics to dismiss generic gifting efforts, but personal interest is hard to deny.
Too often successes are celebrated without acknowledging the efforts of others. And yet, so many of those successes are only possible with the help of others. Reaching out and finding occasions to acknowledge those that support you comes with strong side benefits for your business.
How will you make your support staff feel valued and important?
