Are you looking to attract or retain top talent for your real estate agency or property management company? While a competitive salary matters, of course, the right employee perks can enhance the entire experience and encourage your top performers to stay.
In fact, we’d argue that in today’s increasingly competitive world of real estate, employee benefits are not just an icing on the cake – they’re a necessity for attracting and holding onto your best agents.
But what are some perks and benefits that can encourage employees to stay? That is precisely what we discuss in today’s blog post, outlining the essential employee perks every company should offer their employees to create a fulfilling and productive work environment.
Why Offer Benefits and Perks?
Before we discuss the perks themselves, let’s consider why agencies should offer benefits and perks to their employees.
First, understand that while all employees will take more money if you offer it, money alone is not enough to attract and keep excellent real estate agents. According to two Glassdoor surveys, employees want benefits or perks more than a pay raise.
One, from 2015, showed that 80% of workers would choose additional benefits over money. Another one, from 2016, revealed that for nearly 60% of job seekers benefits and perks are among top considerations before accepting a job.
What does this data tell us? It’s simple – any company that wants to attract top talent and equally important, retain it, should offer excellent benefits and perks (on top of a competitive salary) to its employees and potential employees.
So, to sum up, the right perks can help:
- Attract excellent real estate agents,
- Enhance job satisfaction,
- Boost productivity and performance,
- Foster employee loyalty and retention,
- And promote a positive company culture.
Now, to manage employee perks effectively, you need to have robust employee benefits systems in place. This, too, involves some investment, but it’s well worth it because, with the right benefits administration software, you can manage and implement all your benefit and perk packages easily and efficiently. When looking for a solution, we recommend focusing on cloud-based options that can be integrated with related functions, such as payroll.
The Best Employee Perks for Real Estate Agents
Alright, with the “why” out of the way, let’s finally get to the meat and potatoes of today’s blog post: perks and benefits themselves. While every company can and indeed should tailor their benefits and perks to the needs and preferences of its employees, the following perks are great options to offer in general.
Competitive Salary and Commission Structures
We’re starting with the basics because every real estate professional wants, first and foremost, a competitive salary package with attractive commission structures.
This is crucial for attracting top talent and fostering an environment of excellence because it not only recognizes hard work but also motivates employees to excel in their sales targets. But it’s crucial to make your compensation packages clear and equitable for the entire team because failure to do so can lead to mistrust and conflicts amongst your agents.
Clear commission guidelines, transparent calculations, and timely payouts will do wonders for motivating your agents to excel in their job, plus keep the atmosphere fair and harmonious.
Health and Wellbeing Programs
Real estate work is hard work, both physically and mentally, so ensure your employees know you care about their well-being. How? By offering them comprehensive health and well-being packages and programs.
In addition to medical, dental, and vision expenses, consider offering wellness programs such as gym memberships or yoga classes (depending on what your employees like) to promote mental and physical well-being. By fostering a culture that prioritizes self-care and work-life balance, you’ll have a well-rested, motivated workforce that will be encouraged to succeed in their work and remain loyal to you.
Flexible Work Arrangements
Nowadays, most employees, including real estate professionals, expect some flexibility in work arrangements, be it flexible work hours or remote work. And this is a good thing because flexible work arrangements decrease burnout and increase productivity.
It’s not always possible to work remotely in this line of work, but when it is, consider allowing it when appropriate. You may also want your agents to adjust their work hours to accommodate their and client needs. For this, you must invest in technology supporting remote work, such as cloud-based CRM systems and other virtual communication tools.
Professional Development Opportunities
To remain competitive in the real estate industry, agents cannot rest on their laurels. They have to keep up with industry trends and continuously learn or improve their skills and knowledge.
By investing in ongoing training programs tailored to your agents’ professional goals, you’ll not only gain a more educated and skilled workforce but also show your employees you care about their professional development. Consider offering access to industry seminars, certification courses, marketing strategies, and technological advancements in real estate.
Final Thoughts
Employee benefits and perks can help agencies attract and retain top talent, as well as boost employee satisfaction and productivity, ultimately contributing to the company’s success.
While every agency should tailor its benefits and perks according to its employees’ needs and preferences, most real estate professionals look for and appreciate competitive salaries and commission structures, decent health benefits and wellness programs, flexible work arrangements, and professional development opportunities. By offering these and other perks, you’ll create an environment where your employees thrive, and as a result, your company will thrive, too.
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