Real estate recruitment can be challenging. The industry is highly competitive with several competitors offering seemingly similar opportunities to candidates.
This can make filling job vacancies tough and many companies struggle to differentiate their opportunities from the rest. Candidates have a wide range of options to choose from, which gives them significant leverage.
Historically, offering a higher starting salary was the main driver, but there are a whole host of compelling reasons why employees choose one company over another.
We’ll be exploring these reasons and why you should build them into your recruitment in more detail below, so keep reading!
Consider this post as your complete guide to real estate recruitment. We’ll be walking you through the process to ensure you find and retain the best candidates. From creating clear job descriptions, to partnering with a professional agency, we’re going to make sure your job ads aren’t pushed to the bottom of the pile!
Let’s get started.
Real Estate Recruitment: How to Improve Your Process
From the first time someone comes into contact with your company, to the moment they apply, you want to leave them with a good impression.
Creating a refined and efficient recruitment process makes this journey much more enjoyable (and easier) for both employers and employers.
It all begins with creating clear job ads…
Create clear and attractive job adverts
The first step in the real estate recruitment process is creating clear and attractive job adverts.
If people aren’t excited by your advert they won’t apply. Furthermore, if they don’t understand the job and what is required, you might attract the wrong type of candidate (i.e. someone who is not fully qualified).
This makes it crucial that you clearly communicate the job requirements so that there is no room for ambiguity. This means making sure the skills, experience, and qualifications needed to be successful are included so that candidates can assess their suitability.
For example to be a Real Estate Analyst, candidates might need a Bachelors degree in Accounting, Finance, or Commercial Real Estate, so it’s important they know this from the outset.
Job adverts on the Macdonald & Company website include a list of key qualifications to help those interested in the post evaluate whether or not they fulfill the criteria.
Improve your candidate sourcing
Improving candidate sourcing is an essential part of real estate recruitment. The best candidates are often passive and may not see your advert. Being proactive also helps you attract a diverse pool of qualified candidates who possess the skills and experience required to excel in the post.
This increases the likelihood of hiring the right person who can add value to your company and contribute to growth and success.
Effective candidate sourcing also helps you remain competitive in the market (which as we’ve already noted, is flooded with job roles) as it allows you to reach a wider audience.
There’s lots of strategies you can use to attract passive candidates including:
- Social media – Get involved in conversations and follow people on social media platforms. Everyone is familiar with LinkedIn but how about expanding into something likeTwitter? Look for people with interest and expertise relevant to your available job openings.
- Events – Expand your search by going to specific industry conferences, and networking events that professionals you’re hiring for might attend.
- Recruitment agencies – They will have access to a wider talent pool which you can tap into to find the right candidates.
- Referrals – This can be a great way to find high-quality hires and involves creating and promoting a referral program with incentives.
Build talent pipelines
Building talent pipelines is another key component of real estate recruitment. You should proactively identify and engage with qualified candidates who could fill roles in the future.
Instead of waiting for job openings to come up and then starting the recruitment process from scratch, building talent pipelines involves establishing and maintaining relationships with potential candidates over time. This can help you fill job vacancies more quickly when they arise.
Building talent pipelines also helps you stay ahead of the competition by developing a pool of candidates who are already familiar with the company and its culture.
Furthermore, this can help to address talent shortages and skill gaps in the real estate industry, which can be particularly challenging in such a competitive market.
At Macdonald & Company, we’ve already done this for you. Our extensive professional network allows us to fill your positions fast. We are the leaders in estate recruitment on a global scale meaning we can secure the right candidates for your job vacancies much quicker than our competitors.
Top tip: When building talent pipelines, determine what roles need a pipeline first. You could look at past candidates, former employees, and interns to build your pipeline. Reach out to these candidates and nurture the relationship until you have a suitable job opening.
Assess candidates effectively
Assessing candidates effectively is key as this ensures only the most suitable and qualified candidates are selected.
By carrying out a thorough assessment of each candidate’s skills, experience, and suitability, you can make informed hiring decisions and avoid costly mistakes.
Effective candidate assessment also helps to maintain a fair and inclusive recruitment process, ensuring that all candidates are evaluated based on their potential to succeed in the role. This helps promote diversity and reduce bias in the recruitment process which is vital for building a strong and inclusive workplace.
Furthermore this process helps you identify candidates who are the best fit for the company culture which is important for creating a positive work environment.
Improve candidate experience
The candidate experience from initial contact to offer stage is crucial, yet it’s often overlooked.
However, the candidate experience can significantly impact their decision-making so it’s important employers get this right.
Creating a positive and engaging processallows you to enhance the reputation of the company, which can help to attract a wider pool of candidates in the future.
Furthermore, candidates who have a positive experience are more likely to speak positively about the company and recommend it to others.
There are a few ways you can improve candidate experience including:
- Creating a lean application process – Most candidates don’t commit to complicated, lengthy application processes and are more likely to drop out.The best option is to request a CV and cover letter then devise some qualifying questions.
- Maintain and update your careers page – Both active and passive candidates visit your careers page to learn more about your company and the job roles available. When designing your careers page, make sure it is informative, engaging, user-friendly, easy to navigate, and personal.
- Keep candidates informed – Candidates want to be updated throughout your hiring process so make sure you keep them in the loop at every hiring stage. This could be through reminder notifications or emails with feedback on their interview performance.
Partner with a professional agency
Partnering with a professional recruitment agency is beneficial when you’re looking to attract and hire top talent for new roles.
Firstly, this partnership gives you access to a wider talent pool because specialist real estate recruitment agencies have extensive networks and resources for identifying and attracting talent. They can help you tap into this talent pool, which may include candidates who are not actively looking for new job opportunities but who are a good fit.
An agency will also have expertise in this area meaning they will have a thorough understanding of the industry as well as the skills and experience required for various roles.
Whilst you might be apprehensive about outsourcing due to the cost, an agency can actually help you make cost savings! By sourcing the right candidates quicker, this can reduce the time and cost associated with the process overall.
They will also handle the entire recruitment process, from advertising job openings to conducting initial candidate assessments, saving you more time and resources.
At Macdonald & Company, we’ve been leading real estate recruitment since 1994. We’ve helped organisations, from the US to Singapore, find and secure the best talent. Our unparalleled knowledge of the real estate market allows us to understand the needs of both the employer and employee to make the right connection. To find out more about how we can help, get in touch.
The Challenges of Real Estate Recruitment (and how to combat them)
There are various challenges to real estate recruitment as you want to make sure you’ve sourced the very best talent.
In such a competitive landscape, there’s some challenges you’re bound to come across.
We’re kicking things off with one of the biggest challenges in real estate recruitment – the counter offer.
Be prepared for counter offers
When you’re trying to secure the best talent for job roles, you need to be prepared for the possibility of a counter offer from the candidate’s current employer. This might take the form of a raise, promotion, or other incentive to convince them to stay with their current company.
To mitigate the risk of losing the candidate, you should be prepared to negotiate. This might include offering them a higher salary or an increased benefits package.
You should also make sure that the candidate fully understands the opportunities and benefits of the job offer, and that they feel valued by the company. By doing so, you can increase your chances of securing the best talent and reduce the risk of losing them to counter offers.
We’ve written a whole other blog post about the Rise of the Counter Offer so give it a read!
Candidates apply for multiple positions
Candidates who are considering a new job will have a number of opportunities and will rarely only interview for one role.
This can be a particular challenge as it dilutes their focus and may indicate a lack of alignment between their skills and interests.
Additionally, candidates who apply for multiple positions may be perceived as less committed and loyal to any specific role or company,
To address these challenges, it’s key you clearly communicate job requirements (as mentioned earlier) to ensure candidates fully understand what’s required. A thorough selection process is also essential to identify the candidates who are the best fit.
How to Retain the Right Talent
Whilst recruiting the right talent is key, retaining the right talent is paramount. You don’t want to invest in new employees only to have them leave the job post in a few months time.
Whilst salary is still a key factor, there are lots of other things to take into consideration too so you need to account for these extra benefits when crafting job ads.
Aside from the below points, there are lots of rewards and benefits that can help a company retain their employees. Details of which can be found in our salary survey alongside lots of other useful insights so make sure you download the full report here.
Offer remote working
Offering candidates the option to work remotely is a huge advantage as it gives them a better work-life balance. Instead of spending time commuting into the office every day, having the flexibility to work some days from home is a big help.
This can also help employees fit their job around other commitments. For example, if an employee has children or they look after a relative, home working can really ease some of the pressure. Whilst this isn’t possible for all real estate roles, it can work well for positions such as Construction Marketing Manager or a Data Analyst which is office-based.
Offer flexible hours
Offering flexible working hours is another fantastic way to retain your latest recruits as this gives them more control over their working pattern. Instead of employees feeling restricted to 9am-5pm, they could work the same hours but from 10am-6pm.
Whilst this is only an hour difference either side, it can help employees juggle other parts of their life. For example, if they have to do the school run or take their partner to work they can make up the time at the end of the day. Increased flexibility is something that lots of candidates are looking for nowadays in their job search.
Host social events
Whilst a good salary, remote working, and flexible hours are all big perks for an employee, it’s the people at a company that can make the biggest difference. Employees really value working for a business that has good morale as this makes it an enjoyable place to work.
Hosting regular social events and outings is a fantastic way to engage employees and to bring everyone together. This also works well when employees are working remotely as it gives everyone a chance to meet face-to-face.
Invest in training programs for employees
No employee wants to feel stagnant. Regardless of their job role, whether they’re a Junior Architect or Senior Development Manager, candidates value companies who invest in their learning and development.
The real estate sector is rapidly growing and there are lots of opportunities for employees if they feel undervalued. By highlighting that you offer training programs, it makes candidates more interested in the roles you have available as they know they can progres to a higher level.
Provide a company car
An employer providing a company car is now one of the things that employees look for the most in a future workplace. This is a great perk as it means people won’t have to use their own vehicle when commuting to/ from work.
This is especially important for real estate job roles that require a lot of travel. For example, a Property Manager might have to drive to different sites to oversee maintenance and repair work. If they were using their own mode of transport, this would not only require more fuel, but also add more mileage to their car.
Real Estate Recruitment FAQs
We thought we’d explore some common FAQ’s to make sure we’ve answered all of your questions when it comes to the field of real estate recruitment.
And if you’re still unsure, you can always call a member of our team who will be more than happy to help.
Q: How can I streamline the real estate recruitment process?
A: Streamline the process by clearly defining job requirements, creating a standardised application process, utilising technology for CV/resume screening and applicant tracking, conducting efficient interviews, and promptly communicating with candidates at each stage of the hiring process. You should also regularly review the process to identify areas for improvement.
Q: How do I attract top talent in the real estate sector?
A: To attract top talent, clearly communicate your company’s value proposition, offer a competitive package, provide development opportunities, showcase a positive work culture, and effectively market your brand through various channels such as job boards, social media, and industry events.
Q: What are effective interview techniques for real estate recruitment?
A: It’s wise to use a combination of structured and behavioural interview questions to assess a candidate’s skills, experience, problem-solving abilities, industry knowledge, and interpersonal skills. Role-playing scenarios and case studies can also provide insights into a candidate’s decision-making abilities and suitability for the role.
Your Complete Guide to Real Estate Recruitment
Hopefully, if you’re currently trying to recruit new employees, the information above will be useful.
There are lots of ways you can make your real estate jobs more attractive to candidates that go beyond a higher salary. By understanding how to make your job ads more compelling, and the recruitment process more efficient, you should find it easier to fill your roles with the right candidates.
However, the best solution is to partner with a professional recruitment agency.
At Macdonald & Company, we pride ourselves on being the best agency for sourcing and securing the right talent for our clients. Our team of expert advisors leverages their extensive knowledge of the real estate sector to make the right connections and to find the perfect fit for your organisation.
Contact us today to learn more about how we can help.