HOME: Identifying a correlation between behaviour, emotional intelligence and win rates
Anne-Mette had previously conducted another research benchmarking study looking at the qualities of an excellent salesperson within HOME. Using data provided by interviews with HOME’s Sales team, Anne-Mette was able to map the behaviour of a top performing salesperson. “This allowed me to understand the effective salesperson in great detail. Right down to ‘what are they thinking when they wake up in the morning?’”
The latest study built on Anne-Mette's existing understanding of the profile of an excellent salesperson, linking this with key sales metrics. During the global pandemic, real estate performed well as a sector, and HOME was no exception to that rule. However, the market uncertainty that followed produced a conservative buying environment, making it far more challenging for the estate agency to sell property. Making every sale count is imperative.
In order to compare the estate agents’ sales performance with their psychological profiles, HOME collected data on the Sales team’s success rates. Anne-Mette worked with HOME’s Business Analyst to gather this data, and with their Thomas Account Manager to identify which people indicators were needed to complete the study. “The data was quite easy to pinpoint” says Anne-Mette. Thomas created a dedicated area within HOME’s Thomas platform for the study, ultimately collecting behavioural and emotional intelligence profiles and commercial data from 102 of HOME’s Sales representatives. HOME decided to quantify sales performance with two Key Performance Indicators (KPIs); the number of sales made and the Agent’s percentage win rate.
HOME uses Thomas International assessments in recruitment, training and management. By using the Thomas platform as a training tool, Anne-Mette says that she “can address the behavioural aspect of selling. A year ago, our training was more focused on the houses for sale. Now we are even more focused on the customer and the buyers. That’s why it’s so important to look at the behavioural aspect of Sales.”
“We try to match different types of customers with the most appropriate Sales approach. We see a lot of different people with different behavioural profiles, which makes it difficult to pinpoint every time, but knowing our team’s profiles and DISC theory, we can match our approach more precisely with the customer’s needs. Our Sales team can give our customers top quality service because they can provide the team member that they know is the best person to communicate with them.”
Anne-Mett continues, “I have been teaching DISC theory to the team for many years, so they understand the tools. We noticed that when our Sales representatives were doing well, there was a perfect match between their profiles and the customers’. Our people work with the Thomas International profiles in this way to aid them in earning commission.”
The results of the study showed that high levels of Dominance and Influence correlated with the highest numbers of sales, as did above average emotional intelligence. The study found that estate agents with Dominance as a working strength sold 17% more than those with high Influence, 20% more than those with a preference for Compliance, and 27% more than those with high Steadiness. Dominance profiles also had a hit rate that was consistently higher than the other profiles.
Thanks to the results of their benchmark study with Thomas International, HOME was well prepared for the downturn. The study provided the team with data that mapped successful sales behaviours, enabling the team to target their recruitment, development and Sales approach more effectively and maximise revenue. Anne-Mette explains: “When we did the latest study, I knew what kind of profile an excellent salesperson would have, but I didn’t know the correlation between the profile and their KPIs. That was the most valuable finding in this study.”
She continues, “During Covid the market changed dramatically. Now we know what kind of indicators are necessary in different kinds of market conditions. During Covid, we needed the profile that this study indicates, but now that the market has turned upside down, the behaviour that a real estate salesperson needs is different. In a seller’s market, the salesperson needs to have high Dominance. It’s the opposite in a market where prices are going down. You really need to ensure that the buyers are informed. So the opposite factors are necessary today. That is a very useful finding. We wouldn’t have known that if we hadn’t done this study.”
The study has also informed the training and development that HOME University provides for estate agents, informing personal development strategies that bolster performance. Anne-Mette describes how the training has changed since the pandemic: “When I train them to be in this new market, Steadiness is a key factor. During market uncertainty you have to be much more focused on demonstrating to customers that it’s safe to buy. Prices are going down and our customers are selling their homes for less money than they did six months ago. In the capital of Copenhagen, the market is so unstable that many people are reticent to buy houses at the moment. We need to provide them with security and support.”
HOME has used Thomas tools to successfully future proof its Sales strategy, helping the business to de-risk and maximise revenue during the downturn. Informing recruitment, training and personal development, the data points collected during the latest study by HOME have aided in transforming the way that the organisation works, passing that value along to customers, who benefit from the estate agents’ self-awareness and training in psychological factors.