In a recent Further Faster Interview, my business partner, Brett Tanner, had the opportunity to speak with one of our Alchemy Mastermind Clients, Anthony Boatner! During the one-hour interview, Anthony shared some incredible insight to how he has been able to dramatically increase his production and income over the last year. He shared how he was able to generate 100 listing appointments and take 21 new listings in just 60 days!
Anthony’s secret: Culture.
Anthony admits that he was not always successful in creating the right team culture – he had to learn what culture meant for his team. However, over the years, he has discovered that the #1 thing in creating a culture that inspires his agents to start producing and making more money is for them to see that they are gaining traction every single day. For him, this meant creating daily acknowledgement through contests.
Anthony has tried a variety of different contests to help create higher engagement and production within his team. Across all of the contests that he has implemented, he found the biggest differentiator to be creating incentive and buy-in for agents to participate in the contest.
To implement a contest and create buy-in for your agents, here is a step-by-step process of what Anthony suggests you do:
- Create Effective Team Communication.
- Have your entire team on a text thread, GroupMe, Slack, etc. This will be how you communicate to your team before and during the contest.
- Notify Your Team of the Contest ‘Start Date’.
- Make the start date a BIG deal!
- Text your agents constant reminders about the upcoming contest and when it starts.
- Have a Thorough and Outlined Plan.
- Share the timeline/duration of the contest. Will the contest be 30 days, 60 days, etc?
- Share the overall GOAL
- Outline a detailed plan of what steps need to be taken to achieve the end goal. This should be a plan for each individual – what exact steps does he or she need to be taking each day/week/month to succeed.
- Share the Incentive.
- Explain how the team will be rewarded. Throughout the duration of the contest provide acknowledgment through recognition, bonuses, etc.
Anthony explains that the most important thing to note when implementing a contest is that everything needs to be laid out for the agents so they know exactly what they need to be doing in order to WIN; you do not want them to be guessing what they need to do.
Here is an example of a contest that Anthony implemented into his team:
We all know that there is a gap that exists from the time someone joins your team to actually making money. In fact, many new agents will work another job on the side to make money while they are building their real estate career. For Anthony, rather than his agents taking a second job to make additional income, which splits their focus from actually producing, he created an opportunity (contest) for his agents to earn extra money by showing up every day AND doing the work! We have outlined his contest below:
CONTEST: LISTING CHALLENGE
Step 1 – Communicate to Your Team: Anthony texted his entire team via GroupMe.
Step 2 – Announce the Start Date: Anthony announced the contest the week before it started and sent a reminder text on the Sunday before the start date.
Step 3 – Outline the Plan: Anthony shared the goal with his team: “We are going to do 40 listings in 60 Days”. He outlined exactly what each agent needed to do to achieve this goal to get 8 listings over the next 2 months:
- How many listings you will take
- How many appointments you need to go on
- How many contacts need to be made
Step 3 – Share the Incentive: He then explained that he would give $50 bonuses to each agent for going on appointments. He explained that these bonuses would be handed out at the office the next morning at 9am. If the agents were not in the office right at 9am then Anthony would mail the check to them. What he discovered was that everyone wanted to receive their bonus right away, they did not want to wait to receive the check in the mail. That being said, his agents began showing up every day AND on-time to get their checks. Furthermore, they were incentivized to show up, make calls, and set and go on appointments.
Over time showing up and DOING THE WORK became a habit that his team embraced. By implementing this strategic and structured contest, Anthony team’s production and engagement began to skyrocket.