It can be a challenge to recruit the best real estate professionals, considering that the industry has only become more competitive over the years. To add to this concern, there are also persistent problems that continue to plague the recruitment process not just in real estate but across all industries.
Don’t worry, though, because these problems aren’t entirely insurmountable. Here are just a few examples of the most common issues in real estate recruiting, plus some suggestions on how to address them:
“Lack” of Candidates = Be a Proactive Recruiter
One of the biggest problems in talent acquisition is finding qualified candidates in the first place. The thing is, it’s also one of the easiest to avoid. The key is to be proactive. Don’t source and hire as needed, but rather build and cultivate a pool of candidates who may be good fits not just for future roles but for the brokerage overall. This way, when a position becomes vacant, you can fill it more quickly and ensure that productivity stays at relatively the same level.
One way to be a more proactive real estate recruiter is to invest in the right technology, such as a CRM like Brokerkit. Not only will such a software help you streamline your overall hiring process, but you can also ensure consistent lead generation and management. It can also make communicating so much easier, whether it’s with your fellow recruiters or with candidates.
Long Hiring Time = Streamline Your Process
Another big problem in real estate recruiting is a long time-to-hire. This can sometimes be natural for roles that are harder to fill (e.g., senior management) but if it happens often and for all levels or posts? It’s definitely an issue that needs to be solved. After all, the longer it takes for a post to be filled, the more money it costs.
A good way to shorten time-to-hire is to review your hiring process. Are there too many stages that end up being duplicates? Is there a gap in communication with the candidates and with other members of the recruiting team? Are sourcers taking up too much time in the process? With a careful evaluation, you can start streamlining your hiring process to make it more efficient.
Noise or Competition = Building a Strong Brand
Differentiation is a big challenge for brokerages because, when it all boils down to bare bones, every brokerage is the same. It’s also difficult to make yourself heard from all the noise and clutter, with hundreds or even thousands of posts about jobs and recruitment. When you don’t catch the attention of your intended audience, how can you let them know that you have jobs awaiting them?
The best solution to this problem is to build a strong brand. Done right, a strong brand will attract great candidates to your brokerage. Some ideas include focusing on your people and culture when posting about your company. It’s also helpful to have a professional website and an organized, credible social media presence. Creating and sharing valuable, relevant content can also help you become a household name in the industry. The bottomline is that you have to make a long-lasting good impression so that you’re top of mind for even the most talented, in-demand candidates.
Candidates Have Multiple Offers = Improve the Experience
You can’t blame your prospective new hires from considering other offers from other real estate companies. At the end of the day, it’s their career and therefore their decision to make. How do you make candidates choose your brokerage, then?
The answer is to offer them the best candidate experience. Make sure to give them a clear timeline so they know when to expect to hear from you again. This also prevents frustration. In addition, make sure to give them regular updates. Is their application already being reviewed? Are you arranging an office tour for them so they can get a feel of their potential new working environment? Let them know!
You should also strive to make the interview a positive experience. Most of the time, when a candidate is trying to decide which offer to choose, the interview will matter the most in their choice. Be prepared for questions such as responsibilities, compensation, and company culture. If you can arrange a meeting with senior leadership, it can convey the message that the organization truly cares about their people.
High Attrition = Develop a Robust Retention Plan
You may not have any issues with hiring good candidates. However, are you able to make them stay? If your answer is no, then you have a big problem in your hands. It’s not just costly money-wise, but also productivity-wise. Your current people might also find it difficult to always adjust to new colleagues who may have different working styles.
To help reduce attrition in your brokerage, make sure to keep tabs on employee satisfaction. Develop a retention plan if you don’t have one yet. If agents don’t stay long enough in your brokerage, it can signal to other candidates that there might be something wrong and choose not to apply.
In the end, the key to solving any recruitment problem is to understand it. Then and only then can you develop solutions that will truly work.