Yesterday, we discussed the difference between extrinsic and intrinsic motivation.
It would be foolish to ignore reality that much of the real estate industry is driven by extrinsic motivation.
What’s my commission split?
How much of a referral fee do I have to pay for leads?
What’s the benefit of me working with your mortgage partner?
Do I get a signing bonus if I affiliate with your company?
Do you offer a marketing allowance to help me generate leads?
And the list goes on.
While it’s desirable for your agents to be intrinsically motivated, you can’t assume they’ll be unaffected by the forces around them.
In the real estate industry, most agents are going to be motivated by a combination of internal and external rewards.
As a baseline, develop a checklist of the extrinsic motivations an agent would likely consider when choosing a brokerage.
Compare your checklist to what your competitors offer.
You don’t have to win on every line item, but your external rewards should be generally equivalent (or better) when compared to your competitors.
When the extrinsic foundation is established, intrinsic motivation can kick-in as a hiring and retention differentiator.
