Top 4 Challenges when Hiring Real Estate Talent
Our goal with this article is to help real estate hiring managers receive higher-quality applicants interested in their positions. With the A.CRE Accelerator, our team has trained over 3,000 real estate candidates to be great at real estate financial modeling. And, in this article, we’ll tell you what we’ve learned over time about what attracts them to a certain job.
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Establishing a Clear Value Proposition for Hiring Real Estate Talent
What do you offer that makes a new candidate want to come into your office and work 40+ hours per week?
This is a question every hiring manager and business owner should be asking themselves because this is the first question a candidate asks themselves. Would you train them? Would the candidates receive fair or above market compensation? Would the company and the job description look good on their resume? Would they feel like a valued member of your team?
Great real estate talent will always be in demand, but if you answered no to the questions above, you wouldn’t be able to lock down the “A players.”
The best real estate candidates want a clear path to promotions, a stake in the company’s deals, high deal volume and exposure, the ability to be great at financial modeling, and an enjoyable team to work with.
This industry has evolved at such a rapid pace, and it will keep doing so. By keeping up with the demands and trends in the real estate business, you’re better able to articulate your value proposition to potential candidates.
Optimizing Your Interview Process to Hire Top Talent
A recruiter’s hardest job is managing both the candidate’s and the company’s expectations. Recruiters may be juggling multiple rounds of interviews, coordinating schedules, and screening resumes. Their candidates are interviewing with 5 different companies. If you don’t move fast, you’ll lose!
We see that companies with an interview process longer than 3 weeks will see greater attrition in their candidate pool and more offers declined. If the interview process is longer than that, candidates will think you aren’t very interested in them. Our recommendation is 3 interviews within a 2-3-week period, followed up by a job offer. That looks like
- 1st round interview/phone screen/zoom
- Team interview (in person/zoom/lunch depending on if the role is in person/hybrid/remote)
- Modeling Test
- Interview with Owner/Team Lead
- Candidate receives a decision with or without offer within 24-48 hours
By sticking to a short hiring process, your firm can beat other companies who may not have their hiring process dialed in!
Providing a Balanced Quality of Life
Location of Position:
As we know, the pandemic revealed more oppotunities to work from home! Hiring Managers will have better results in hiring candidates if they have the ability to work from home a few days a week. In providing potential team members a choice, you will have a higher probability of finding better talent.
Pay:
Salaries for entry-level real estate analysts rose in 2021 to new heights. Some companies today aren’t paying their people competitive salaries … so they leave! If you would like a better understanding of what is competitive, you can refer to our Compensation in Real Estate guide. Along those lines, it’s important to remember that if you have an underpaid team member, they could get a better offer and leave. Our recommendation is to start paying them more before that happens.
Maintaining a Strong Talent Pipeline
When a need comes up in your company, your default is to asking people in your network, posting your position online, and buying a LinkedIn job ad.
The problem is that for the “A Players” you want to attract, the above method isn’t attractive. Recruiters are reaching out to top candidates a few times per week!
Our team has built something called our CRE Career Connection program where top candidates are continually filling out a survey of where they would like to work and are asking for our help to be placed in companies.
If you want to learn more about our team so we can help your company increase its talent pipeline, you can reach out to us at the contact option below.
Conclusion
All in all, our goal is to help you attract “A players” in the commercial real estate industry. Clearly articulating your value proposition, optimizing your interview process, providing good balance, and maintaining a continual flow of strong candidates by leveraging a recruiting firm will increase the likelihood of your business having a higher quality of applicants seeking out your firm.
