Uncategorized April 3, 2023

Sales Agents: Awards, Awards Awards, What Do They Mean?

It is April 3, 2023 and where do Real Estate Agents go from here? Can winning a production award help me?

The Staten Island Board of Realtors has just completed announcing the 2022 Top Producers and many agents will now utilize that information for self promotion.

This is a great way to help build your reputation.
Earlier in the year BHGRE Safari Realty announced their award winners and the hopes here is that those who were recognized did some self promotion in order to build their reputation.
On April 13 at our Wine and Cheese Cocktail Party those agents who qualified for BHGRE Corporate International Awards will be announced and hopefully those agents will again do their self promotion.
Please realize that BHGRE Safari Realty also promotes the various award winners, but the more promotion the better.
But what do all these awards mean? What is the criteria? Why is it all different? What is the purpose?
Awards are a way to memorialize the previous year’s successes. They serve as a motivational tool and are a way for the various industry partners to recognize the cream of the industry.
The criteria is different because it depends on the overall purpose and recognition. Some programs are designed to recognize the volume of business, others the units or transactions closed and still others that may recognize a combination of commission and or transaction.
In some cases the level an agent needs to achieve is known beforehand and acts as a goal and in other cases the levels are decided after the completion of the previous year’s business.
Let me review the criteria as I see it at this time.
The Staten Island Board of Realtors sets their criteria after the completion of the previous year’s business in order to recognize the top 10% of agents (brokers and managers are prohibited from qualifying). They also utilize a transaction based system. In order to win a bronze award the closed transaction number appeared to be set at 12 closed transactions. In order to qualify for the Silver Award the minimum number of closed transactions looks like 17 and the Gold award appears to have been set at 30 closed transactions. SIBOR also had other awards for Teams, Hall of Fame and Top Rookie which have their own system of calculation.
Here at Better Homes and Gardens Real Estate Safari Realty we recognize our leading agents based on a combination of Gross Closed Commissions and Closed Transactions. We feel this is a good way to help build the reputation of our agent team as each of them develops their business. The five tier process helps our agents set their goals and in turn helps the company establish the Business Plan we need to stay successful. The Bronze Zebra Award is set at 4 closed transactions or a minimum of $30,000 GCC. The Silver Elephant Award is set at 8 closed transactions or a minimum of $60,000 GCC. The Gold Leopard Award requires 12 closed transactions or $90,000 GCC. The Platinum Lion Award is achieved at 16 closed transactions or $120,000 GCC and the Diamond Tiger Award requires 20 closed transactions or $150,000 GCC.
On the Corporate Level Better Homes and Gardens Real Estate utilizes a volume of sales criteria when setting its award guidelines in order to be in line with the general industry standards. Along with the volume standard is the potential to utilize a closed transaction standard to try and equalize the wide disparity in sale prices around the country and around the world. The Silver Award is presented for production between 3 and 6 million dollars. The Gold Award is based on volume between 6 and 8 million dollars. The Platinum Award is presented for a closed volume of business between 8 and 12 million dollars, while the Emerald Elite Award recognizes production of 12 to 20 million dollars. The top Award, Emerald Elite Founders is presented to those who exceed 20 million dollars in closed transaction production.
Just as in any industry the presentation of awards is in recognition of the achievements of those dedicated individuals, or teams, and also serve as a benchmark for business building as well as goals for the future. Regardless of the award, it is the hard work, dedication and integrity of the award winner that is being recognized.
If you have any questions, would like to learn more about our systems or feel that a better understanding of the awards processes would help you build your business reputation do not hesitate to reach out to the writer and set up a discussion meeting to see how this could all work for you.