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With all of the work that’s involved in entering and such a slim chance of victory, awards continue to be attractive to agents. But why do so many of them go to the trouble of entering in the first place? In many cases, just submitting yourself for consideration for a real estate award can be as beneficial to your career as winning.
I felt extremely honoured to be asked to act as a judge for the Real Estate Business Awards in the past year. Throughout the judging process, I was blown away by the amount of effort that many of the entrants put into their submissions. Despite all of this impressive work, though, there could only be one winner.
But don’t fear — in my view, it’s still worth all your effort to enter because many awards dub all entrants “finalists”, and you can most certainly use this to your advantage. Here’s how:
1. Gain local recognition
When home buyers and sellers are looking for a real estate agent, they want someone who is familiar with the local area. Entering into local or regional awards shows that you are an expert in a particular community. When prospective clients are looking for an agent in your area, they’ll see that you have been recognised for your knowledge of the neighbourhood, giving you an edge over your competition.
2. Build your business profile
Wear your status as a finalist or winner like a badge of honour. After all, you’ve earned it. Be sure to include your designation on your business card and other marketing materials so that prospective clients know that you are one of the best in your field. You could even have symbols of your awards painted onto the windows of your office to really attract attention.
3. Open up new opportunities
Once you are listed as a finalist or winner of an award, you’ll be amazed at all of the new opportunities that come knocking on your door. Public speaking and media commentating jobs can reinforce your credibility with prospective clients. It can also greatly expand the reach of your business as more and more people hear of your skills. You’ll generate press mentions as well, both in local publications and in the trade press, garnering you greater industry recognition.
4. Boost staff morale
Your employees will be proud to work for you, which will boost their morale at work and make them more willing to work hard. As you gain more and more recognition, you’ll find it easier to attract the top talent in your area, enabling you to improve your offerings even more. The real estate industry has one of the highest employee turnover rates, but you’ll be better able to retain your best employees when they are satisfied with their jobs.
5. Reflect on your business
This is one of the most crucial benefits to submitting yourself for consideration for real estate awards. In putting together your application, you’ll have a perfect opportunity to reflect on the goals, strategies and vision that have led to the success of your business thus far. You can then use those insights to drive even greater success in the future.
Which ones?
Although there are serious benefits to applying for real estate awards, there is still a considerable amount of work involved in crafting your submission. You don’t want to spend all your time entering contests and no time actually working as a real estate professional, so you’ll need to choose the most appropriate awards to try for. Each type of award has its own benefits.
You’ll need to think about the target audience you are trying to attract and choose the awards you submit for accordingly. For example, if you specialise in properties in a particular region, an award from that state’s division of the Real Estate Institute of Australia would be a good choice. If your current goal is to add more qualified real estate agents to your team, an award from a real estate trade magazine publisher could get you the attention you need. Many larger real estate franchise houses offer their own awards as well.
You don’t need to limit yourself solely to real estate awards, though; your local council may offer small business awards. You’ll find national awards in this category as well. There are also categories of awards for family-run businesses and those operated by women or minorities. Take the time to do your research and submit your application for the awards that best apply to your business and its current objectives.
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