Real estate business owners often choose to work as sole proprietors. They run and manage their own business, and handle all aspects of business management themselves. If you’re just starting out on your real estate business journey, this can seem like a great idea.
New real estate businesses can struggle with working capital, and not having a payroll can seem like a blessing. But as you scale your business, you’ll soon realize that you can’t do everything by yourself.
Whether you’ve been working as a sole proprietor, or are looking for new hires right from the time you launch your business, these tips on hiring can help you find the best talent.
What Kind of Employees Do Real Estate Businesses Need?
Real estate businesses both hire full/part-time employees, and outsource work to contractors as well. This is most often seen when it comes to managing, building or repairing a property. A real estate business will need to work together with plumbers, electricians, painters, gardeners, interior decorators, and more, to increase the value of a property.
When it comes to hiring employees, a real estate business owner will need to be more vigilant than with outsourced work. When you hire an electrician, you’ll primarily be looking at their skills and whether they can get the job done. When you’re hiring a new employee for your business, you should consider looking at several factors. This includes their approach to work, prior experience, fields of specialization, and whether they share similar business goals.
This is as you don’t only need to hire new employees, you need to retain them as well. A common issue faced by many businesses is that a new employee works for around six months before leaving. A real estate business owner who spent the past six months training that employee will now have to start training a new hire all over again. This can lead to wasted time that could’ve been spent on growing the business.
A real estate business owner needs to hire employees for three main reasons:
- To delegate tasks, and find more time to focus on growing and scaling the business.
- To hire real estate agents who specialize in different niches, and can add more services to the business catalog.
- To increase revenue by sending out more real estate agents to deal with a larger number of listings.
If you’re constantly having to hire and train new employees every few months, you won’t be able to effectively grow your business.
How Can A Real Estate Business Hire Top Talent?
If you’re looking for great employees who can help you reach your business goals, them you’ll need to know what you’re looking for first. Do you want to hire real estate agents who can help you with field work? Do you need an assistant who can manage administrative tasks? Have you already hired an accountant, or should you go for a software based solution instead.
The right employee match will vary for different real estate businesses, but these tips can help you attract the best in your industry:
1. Target Potential Hires Directly
You can consider using social media platforms to message prospective hires you’re interested in. Platforms like LinkedIn give you the opportunity to pore through hundreds of resumes. You can customize your search to match your criteria, then directly message candidates who you think could be a good match for your business.
You can also make use of social media to create recruitment posters and videos. Post your recruitment based content on your social media profiles, as well as real estate recruitment pages to attract new hires. If you want to find top talent, take the time to choose your new hires carefully.
2. Outsource Work
Your real estate business may already be outsourcing work by hiring handymen, electricians, plumbers, and more. But why limit yourself there? A virtual assistant can help you manage routine and administrative tasks for your business. They are usually well-versed in technology and can manage your tasks from remote locations as well.
If you choose to outsource work, you can get high quality work at lower rates than those you would pay full time hires.
3. Consider Software Solutions
Software solutions like accounting software, or a cash flow management software, can negate the need for certain hires. A CRM, or a customer relationship management software can help you build and develop customer relationships.
Software solutions give you the option to rely on technology when it comes to tasks like bookkeeping, maintaining business records, monitoring cash flow etc.
4. Networking and Getting the Word Out
Sometimes, you can find the best talent by asking your colleagues and network circle. Consider visiting networking events related to the real estate industry. There, you may even find potential hires in the attendees.
Asking for referrals from people you know and respect in the business can also help you find the best employees for your real estate business.
Together with a strong team, you can build a real estate business that can thrive in today’s competitive market. To find the right employees for your business, consider going past official qualifications. Whether a potential hire can adapt to your business’ work culture, whether they have special skills, and other factors can also affect whether you choose to hire an employee.
A good employee can help you grow your business. So can business insurance. Learn more about how business insurance can protect your business in the event your real estate business encounters risks or lawsuits by clicking here.