The employees of any business are its backbone. This is more true for a real estate business where the employees are directly correlated to the success of your company. Opening a real estate business can be challenging, but the difficult part is deciding who gets to be a part of your team. Most real estate business owners face difficulties when selecting between two candidates.
To simplify these challenges and help you select the right talent for your business, we interviewed the industry’s leading real estate business owners to understand what they look for when hiring employees. Here are some tips to help you select the right talent for your business.
How do I hire the right person to grow my real estate business?
• Consider outsourcing at times
Outsourcing is a great method of keeping your options open. It can help you avoid making any hasty decisions in the hiring process. For example, if you require an accountant for property management bookkeeping, instead of hiring one of the candidates because you need one, outsource the work to a real estate accounting service company.
This gives you time to find the perfect candidate for the position while accounting is not slowed down. Outsourcing can help you avoid settling for mediocre talent.
• Redefine your goals when necessary
At any stage of the hiring cycle, you may find yourself looking at dozens of resumes and CVs of potential candidates. Going through online portfolios, recommendations, experience letters, etc., can become overwhelming, and you may find more than one employee that suits your requirement.
It is important to focus on the quality you hire in such situations and not the quantity. Take a step back from the hiring process and redefine the job description. Use this new definition to understand which employee suits your needs and which doesn’t.
• Leveraging your existing employees may not always be a good idea
Many real estate business owners look to their existing employees to recommend new hires. While this process can help you come across new talent, you should not rely on this process only. There are two reasons why this can be problematic:
- This limits the contacts you make when you initiate the hiring process
- The employee providing the recommendation does not have an exact idea of what you want
And this means the agent recommended may not be a good fit. While this avenue should be exploited, don’t rely only on leveraging your employees’ networks.
• Take an HR recruitment course
Recruitment is not a one-step process. It starts with creating a job description, posting the requirement online, and so forth until you finally select the candidate. Recruiting talent is a skill that should be learned.
HR recruitment courses are short and fruitful. They can help you identify what you want in the employee and the red flag of an employee during an interview. These courses will help you understand when to retain candidates and when to let them go.
• Consider bumping up existing employees
Instead of hiring new talent to fill higher-level positions, consider hiring existing employees. If you think an employee has the potential, provide them with tools and training to upgrade their talent.
There are two advantages of promoting existing employees instead of hiring new ones:
- It boosts employee morale because they understand you are a team player, and
- It saves you time and money spent on recruitment activities.
• Network, even when you aren’t hiring
People often consider their networks and contacts only when they need a new job or a referral. As a business owner, you should network with other agents and business owners in the field even when you aren’t actively hiring new agents.
This is especially advantageous because if you have an urgent vacancy, you do not need to scramble to fill it. Instead, you can use the networks you have already created to find employees for your business.
• Consider your recruitment campaign seriously
Your recruitment campaign is much like any other marketing campaign you run for your business. Therefore, it should be treated as such. Analyze your campaign to understand the metrics – what are the campaign’s response rates? Does it deliver fruitful results for the amount of time and money you invest?
Objectively analyzing your campaign results will also help you understand how potential employees perceive your business. This data can be used to upgrade your next recruitment campaign and get better results.
These are our top 7 tips that will help you find the right talent for your real estate business. While many recruiters believe shooting for the stars and then settling is a good strategy, we recommend keeping realistic goals when hiring new employees. Finding the right talent for your business can take time, but selecting the right candidate will be advantageous for your business.
In the meantime, outsourcing your needs can help you fill the gap. If you are looking for a real estate accounting service to help you meet your goals while looking for a permanent employee, CapActix is the perfect fit. To get more insights, you can visit www.capactix.com or send mail on [email protected].