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Incentive-based schemes must be intrinsic to the employee in order to reap the best results, said one industry leader.
According to Don Tepper, CEO of the Real Estate Employers’ Federation of SA/NT (REEF), incentive schemes that earn the business the most attractive returns will ultimately centre around what best motivates each single employee.
“If an employee’s commission, bonus or incentive arrangement is not intrinsic to the employee, that is, no self-interest is involved, then the arrangement will simply become a short-term motivator and lose its incentive value to the employee,” Mr Tepper told Residential Property Manager.
“An offbeat example of a self-interest motivator would be an all-paid trip to Africa because the employee desperately wants to help the people there to dig wells for fresh water.”
According to Mr Tepper, the best way to determine what best motivates your workers is to simply ask.
“It is probably best for a principal not to dream up a commission, bonus or incentive arrangement by themselves, but rather have purposeful discussions with the individual property manager,” he said.
“An employee, who has suggested a commission, bonus, or incentive arrangement that has been agreed upon, is far more likely to be motivated to achieve the desired result.”
While Gerri Keays, corporate property management executive at Ray White Group, said money isn’t always the only driver to success.
“This may sound rather trite, but the incentives that work best are always team based onesn which are seldom linked with money,” she told Residential Property Manager.
“Incentives range from meals together to trips away and departmental attendance at conferences.
“Financial incentives tend to be more personal and viewed as part of the employee’s income."
For further analysis on incentivising your property mangers, look out for the February edition of Residential Property Manager.
