Last week we considered the idea that one way to characterize the relationship between a real estate agent and the brokerage with whom the agent is affiliated is to think of the agent as a customer of the brokerage. Of course, this is not the only way to characterize that relationship. Employer -- employee is another one.
Whichever model one might choose, real estate brokers and managers can benefit from acquainting themselves with the book, The Power of Moments (Heath and Heath, Simon and Schuster, 2017). This is a book that provides insights and ideas that would be useful to any person or organization interested in enhancing the experience of its customers and/or employees.
The authors, brothers Chip and Dan Heath, focus on this fact: "We all have defining moments in our lives -- meaningful experiences that stand out in our memory. Many of them owe a great deal to chance. "But, the authors add, "…we want to show you how you can create defining moments… Why would you want to create them? To enrich your life. To connect with others. To make memories. To improve the experience of customers or patients or employees."
It is a truth in the retail business that it costs more to acquire a new customer than it does to keep an existing one. Real estate brokerages confront the same reality, and we are not here referring to buyers and sellers (though it is equally true of them). It costs more to acquire new, productive agents than it does to retain existing ones. One way for a brokerage to improve its retention rates is to employ some of the principles and ideas from The Power of Moments. Brokerages should continually be at work to create meaningful moments that will keep its agents as loyal customers.
Some examples:
A simple starting point is that when a new agent comes to the company -- either as a freshly-minted licensee or as an experienced practitioner from another company -- it should be treated as a big deal. In addition to the usual and expected various get-acquainted-with-our-policies-and-practices sessions, there should be a genuine welcoming procedure. It should involve other agents as well, not just staff. It should be an experience that will stand out in the newcomer's mind as special.
Most companies have recognition programs and these are important. But, sometimes too often, it is pretty much the same people who are being recognized for highest sales volume, most listings taken, etc. Those are recognitions fo results, which is all well and good; but there is also a benefit to recognizing behaviors of the kind that eventually lead to results (the number of doors knocked on, or letters sent, or calls made). Even, maybe especially, it is important to recognize behavior that is helpful and/or kind. It means a lot to someone to know that he or she has been noticed and appreciated.
Truly memorable moments can be created by "breaking the script", doing something that is outside the normal routines. Does the office meeting always have a video with some marketing tip or business-oriented topic? Try someday -- without announcing it -- to substitute a really funny comedy video. Breaking the routines now and then is a way of letting agents know that someone is thinking about them and cares about their spirits. It is something that will be remembered.
Chip and Dan Heath (respectively of Stanford and Duke University) have written a book that explains how we may define ourselves, our experiences, and our relationships through powerful moments. They then go on to explain that the occurrence of such moments need not always be left to chance. They show how we can plan and create them, and thereby provide our colleagues, our customers, and our employees with experiences that will enhance our relationships with them. For that, we owe them thanks.
