A good real estate broker knows that they need to work with a team of outstanding real estate agents to ensure that their firm succeeds. The competition in the real estate business is tough due to the demands of the industry. With passionate agents who know the ins and outs of the industry, however, the chances of a brokerage getting ahead of the real estate game are high.
That said, it can be challenging to hire the right people and at the same time make sure that top talents stay in the company. Having to recruit new people every so often isn’t a good sign because, it can stunt a firm’s productivity. In addition, hiring on short notice can be disadvantageous because the options may be limited. If pressed for time, you might end up hiring just about any agent to fill in the spot.
Moreover, dealing with high turnover rates is costly. Not only do companies have to pay direct exit costs when agents decide to leave, but they also have to consider the expense of hiring and training new hires.
To minimize these risks, real estate brokers have to come up with effective real estate recruiting ideas to keep their hiring phase and retention rates positive. Here are three examples:
Using Real Estate Recruitment Software to Hire the Right People
There are several recruitment methods real estate brokers can use to look for real estate agents. Of course, traditional ways such as working with staffing agencies, internal hiring, and putting up job openings in a local employment office are still effective. When it comes to reaching more agents, however, using modern strategies often yields better results.
Thanks to modern digital technologies, real estate brokers have an easier time getting the word out that they’re hiring. By posting job vacancies on different social media platforms, many of which have millions of users, brokers and recruiters can potentially gain high online visibility. That being said, if brokers want more control over their recruitment process, they can use real estate recruitment software.
With a piece of recruitment software, real estate firms will be able to set appointments and contact prospective agents using only one system. They’ll also have the ability to sort through their applicants by using search and segmentation features. These make it easier to look for agents who have promising careers in the company and are best suited for the position.
Strengthening Their Brokerage’s Online Presence
Apart from streamlining the recruitment process, modern technology can also secure and maintain the legitimacy of real estate brokerages. Something as simple as a well-made business website can make real estate brokerage firms look more professional. It also tells applicants that the firm is committed to keeping up with the modern landscape of the real estate industry. A business website also gives real estate agencies a strong, credible online presence that helps real estate agents find job opportunities in the digital space.
To make sure that their business website is running smoothly, real estate brokers need to invest in web development, web design, and SEO. These three elements are vital in creating a good website because they ensure that the website looks good, functions properly, and reaches the right people.
It’s also helpful to have a well-curated social media presence. By posting content that’s helpful and relevant to real estate professionals, you can attract more potential future hires and passively build your talent pool.
Cast a Wider Net When Recruiting People
When it comes to finding the right people, real estate brokers should be open to broadening their search. They’ll have a better chance at hiring the best agents when they recruit talent at every experience level, and it allows them to create a more diverse team of agents. Having real estate agents from varying backgrounds enables the firm to gain different market knowledge and insights about the industry. Moreover, it creates inclusivity in the agency that can then strengthen work relations and increase employee retention.
To reach a diverse group of agents, it’s best to provide a variety of perks and benefits to cater to the needs of different candidates. To attract younger agents looking to boost their careers, for instance, real estate firms can offer mentorship programs during their onboarding. Providing technological tools to raise productivity and performance is also helpful, especially to the so-called “digital natives”. To attract more experienced agents, on the other hand, real estate firms can provide benefits that can improve their work-life balance. Examples include offering flexible and remote work options, reviewing the allocation of duties regularly, and discouraging overtime (but rewarded accordingly when absolutely needed).
Recruitment and retention go hand in hand in securing a real estate brokerage firm’s success. When a real estate broker is running their business with the right people, their firm will stay productive and consistently provide clients with excellent services. The right people also create a positive work environment, which fosters company loyalty.