Interviews with property industry leaders: the business philosophy behind real estate’s Oscars

Over the past year, New Zealand experienced its longest-ever lockdown while also witnessing one of the property industry’s most active and remarkable years. In the year to March 2022, New Zealand’s largest privately owned real estate agency, Barfoot & Thompson, completed more than 12,000 residential sales worth over NZ$14,330,000,000.

 

In May 2022, Barfoot & Thompson held its annual awards ceremony, ranking and recognising agents for outstanding performance and achievements. This was the company’s highest-level annual awards dinner, with more than 300 agents receiving Auckland regional, branch and company-wide awards. Through this distinctive approach to motivation, the century-old firm has driven its development and achieved outstanding industry success.

 

An effective incentive system gives staff a stage on which to demonstrate their abilities and motivation to work hard. A widely respected organisational culture delivers success for both the company and its people. Those working at Barfoot & Thompson firmly believe their mission is to make the places people live better.

 

YIJU New Zealand interviewed Barfoot & Thompson managing director Peter Thompson, along with the Barfoot & Thompson Awards company-wide Sales Part nership Champ ion Cici Wang and company-wide elite award winner Nick Bates, to explore Barfoot & Thompson’s century-old business philosophy and corporate culture behind this real estate celebration.

 

Barfoot & Thompson managing director Peter Thompson

 

YIJU: The Barfoot & Thompson 2022 annual awards attracted attention across many sectors. Some call them the Oscars of New Zealand real estate. Could you tell us about their history and why they were originally established? 

 

Peter Thompson：The earliest awards were simply a luncheon, usually held after our annual meeting. The company recognised its top 25 salespeople and the leading salesperson in each branch. The original aim was to bring everyone together to learn from one another, exchange ideas and improve.

 

After a few years, we found that salespeople were protective of their clients or reluctant to share ideas, so the event was not achieving the results we had hoped for. We therefore expanded the awards into regional half-yearly and annual events. These after-work cocktail functions worked well initially, but eventually became less successful because the winners were familiar faces and newcomers had few opportunities.

 

Barfoot & Thompson always strives for excellence, so we made another adjustment. Alongside the half-yearly awards, we now hold a major awards ceremony at the end of each year. Over the years, our awards have expanded beyond leading salespeople and their partners to recognise excellence in property management, commercial property, rural and lifestyle property, and body corporate services.

 

YIJU: Why did you decide to create so many awards? What impact do the annual awards have on Barfoot & Thompson?

 

Peter Thompson：Each type of business is different and requires its own specialist skills. More awards give people more opportunities to be recognised. They also establish a standard that those aspiring to win can work towards.

 

Our values define who we are. People, family, community and diversity remain our core values. I see the annual awards’ impact in two ways. Internally, they recognise people who share the company’s values and make outstanding contributions. More broadly, the awards can attract more prospective vendors and buyers, while helping landlords and tenants identify who can provide better, more professional service.

 

YIJU: As a leading brand in New Zealand real estate, Barfoot & Thompson holds an impressive awards ceremony. What business philosophy do you believe lies behind the awards?

 

Peter Thompson：None of these awards is a reward for the family. The honours belong to talented people who provide exceptional service to clients. Our team is central to the company’s value. They represent our brand and are essential to us. We certainly develop strategies and provide extensive resources to support our people, but ultimately it is each person in the team who makes a transaction happen. The awards express our gratitude and recognition for every team member, and are also a way for the company and team to give back to the community.

 

YIJU: Barfoot & Thompson has more than 1800 salespeople and 80 branches across Auckland and Northland. How do you motivate staff effectively?

 

Peter Thompson：These awards are one way we motivate our staff. Higher sales volumes and good earnings benefit both individuals and the company. We hold regular weekly meetings and group training three to four times a year. Each year, we also hold at least two to three recognition events to thank the winners and everyone else.

 

Our team is longstanding and stable. Around 230 staff have now worked with us for more than 20 years. We are deeply grateful to those who stay with us over the long term and feel very fortunate to have their support. This is one of the important reasons for our commercial success.

 

YIJU: What role does staff motivation play in Barfoot & Thompson’s corporate culture or in the property industry? What plans do you have for the awards’ future?

 

Peter Thompson：Every day in real estate is different. We meet all kinds of interesting people: buyers, sellers, landlords and tenants who place great trust in us, provided, of course, that we offer professional, high-quality service. Whether you are buying and moving into your first home or selling the house you have lived in for decades before entering aged care, you will always remember the real estate agents who shared those special moments with you. Those milestones become warm memories for us too.

 

Each year, we review what we have learnt and look to introduce something new to the awards. There may be new categories in the future, but the event will remain an important opportunity for industry professionals to gather and exchange ideas, and the best occasion for us to thank all our outstanding staff and teams.

 

Cici Wang, Barfoot & Thompson Awards company-wide Top Sales Partnership winner

 

YIJU: As a leading salesperson or team at an iconic real estate company, what meaning and value do these awards hold for you? Did your outlook change after winning?

 

Cici Wang：As the largest real estate agency in Auckland and Northland, I think its awards are very meaningful, recognising each industry professional. We respect these rankings because they cover the entire company and are a tremendous honour and affirmation of our year’s work. All my clients also value the rankings highly. They are the greatest recognition for those of us working on the front line in real estate.

 

2021 was an outstanding year for Barfoot & Thompson, particularly in sales, and we are very proud of those achievements. The annual awards are a rare opportunity to bring together so many excellent professionals and see many new faces. It was difficult to meet during the pandemic. Although this year’s event was smaller, the chance to exchange ideas with colleagues made us feel even more like an extended family.

 

Barfoot & Thompson’s system is open and transparent. Branch and company-wide rankings are released monthly, while the annual rankings are only revealed on the day. For me, more important than the ranking itself is this yearly confirmation that my performance is excellent. I have been part of the Barfoot & Thompson family for quite a while, and I am very proud that experienced agents like us can take the stage to receive the top award.

 

As for mindset, I believe every top agent, particularly those near the top of the company-wide rankings, is very disciplined and does not become complacent. There is certainly pressure, but our consistent approach is to maintain our place on that honours list and continue providing excellent service to more clients.

 

YIJU: How does this incentive system positively influence competition between staff? What does it mean for a business?

 

Cici Wang：I think Barfoot & Thompson’s competitive system is very fair and impartial. One reason we chose the company is that anyone here has the opportunity to reach the top of the rankings. If you work hard, your performance and the commissions you earn as an agent speak for themselves.

 

Barfoot & Thompson publishes results internally and externally, encouraging everyone to learn from leading salespeople. This is an excellent incentive for newcomers. They know what to work towards because, one day, they too can stand on the awards stage as we do.

 

Barfoot & Thompson Awards company-wide elite award winner

Nick Bates, manager of Pukekohe, Branch of the Year for 2022

 

YIJU: Everyone seemed dressed for the Oscars at the 2022 annual awards. What did you say when accepting your award?

 

Nick Bates：It was a very special evening, honouring the company’s best people. Everyone aspires to achieve such outstanding results, and head office put tremendous effort into making the awards night spectacular and memorable.

 

Everyone in the company works hard, and there are many excellent people, so competition for the awards is intense. We were therefore very fortunate to receive the award for the company’s top branch. In my acceptance speech, I thanked our Pukekohe sales team and, in particular, every member of our team, including our property management and administration colleagues. Everyone is indispensable. It was truly our combined efforts that secured this coveted top position.

 

YIJU: How will this recognition affect your growth or your team’s development? What positive influence does it have on competition between staff?

 

Nick Bates：Receiving this honour will certainly have a major impact on our team’s development. It helps in many areas, including winning new business, becoming clients’ first choice and promoting ourselves.

 

Most real estate agents and property professionals earn primarily through commission, so they share a willingness to compete and a love of challenges. Most successful agents also share courage, resilience and adaptability, which provide their internal drive. Everyone wants to do their job exceptionally well and be recognised for it. These awards encourage people to give their best in everything they do, enabling them to become leaders in their field.

 

YIJU: The property industry experienced ups and downs during the pandemic. What opportunities does it offer now?

Nick Bates：We have always believed that where there are challenges, there are opportunities. Barfoot & Thompson’s Pukekohe branch has a strong, stable market share of nearly 60%. Clients prefer people who inspire confidence and help them get things done. The underlying supply and demand for buying and selling homes remain. Our role is to keep helping clients overcome challenges and achieve their property aspirations.