How to Attract the Best Talents
It’s a new month and also the last quarter of the year. The real estate business, as believed, is more on a fast lane of business this season as it is assumed customers/consumers/families/employees etc must have saved up from the beginning of the year and are ready to move into a new/house/apartment (or invest) this forthcoming yuletide season. The purchasing power will be high, therefore sales should be fairly good. Ultimately, more employees or Real Estate agents are needed to drive sales and increase revenue for the business.
It is easy to decipher the codes for attracting (and keeping) good employees in a great firm. In fact, for any industry player, this strategy of having best persons work with the firm is pertinent and foundational to specifically picking out the best that fits the culture and have good knowledge cum experience about what gives in the sector the firm operates.
For the Real Estate firms, the game is somewhat deeper and tricky as it believed that over 80% of Real Estate agents/employees fail within the first two years. According to Tom Ferry’s article, 87% of Real Estate agents fail after five years in the industry and this may be due to lack of internal drive and a whole lot of other factors.
Do you need to get great talent for your real estate business this booming season? These three ways can really help you out.
Hire Real Estate Consultants not just Marketers
Real Estate agents do Real estate marketing and not just marketing. Marketers on the other hand simply promote products and services whether or not they know how to render the service or use the product. Well, some actually do. Real Estate Agents or Real Estate Marketers, as some employers would prefer to call it, have tons of knowledge of the product/service they try to market or promote. They know the strategies to employ to influence a decision.
They are the real estate salespeople here. They don’t just market, they sell, influence, convince and provide solutions to clients/buyers. This is more than just marketing. Hiring Real Estate Agents and not just Marketers is a game changer for Real Estate companies and it’s one sure way of attracting the best talent.
Employ the Services of Recruitment Firms not just Job Websites
A big gap exists between job websites and recruitment firms; the former only provide a platform for job seekers to view vacancies while the later provides a system and an intelligent means of recruiting the best candidates. These means may include Applicant Tracking Systems, state of the art application filtering options, a pool of quality resumes and premium services to make sourcing easier. Recruitment companies go the extra mile of reaching out to candidates and getting updated resumes and responses to pertinent issues surrounding date of resumption, offered salary, perks, incentives etc. Some even poach performing candidates on behalf of their clients. Hiring Real Estate Marketers/Agents using recruitment firms is a sure way of attracting the best talent this season.
Avoid the ‘Commission on Sales Only’ Remuneration Strategy
The remuneration norm, especially in Nigeria, for Real Estate firms is to place Real Estate Agents on commission only, as salary. In other words, no sales (or enough sales) no earnings for the month. This originally is not entirely a morale booster but only an energizer to sell more. It works very well for some real estate companies and the employee is more of a freelancer (Freelance Marketer). But a better system can be utilised to get the best out of the abilities of Real Estate agents. Some firms prefer paying a basic salary with commission on sales inclusive and perks/cash prizes when a certain amount of is made by the Real Estate agent. To attract the best talent as a real estate firm, consider adding more incentives alongside basic salary or commission on sales. Avoid using the ‘Commission on Sales Only’ remuneration strategy.
In virtually all organisations, the Human Resource department is responsible for sourcing and selection of candidates. Attracting the best talent for a business is never an easy task. Strategy and experience should be applied as required and getting a good or bad employee/candidate could adversely impact the revenue of the company. So, hiring the Real Estate Consultants and not just Marketers, employing the services of recruitment firms and not just job websites and avoiding the ‘Commission on Sales Only’ remuneration strategy is a right step in the right path to getting great talents to work for your Real Estate company.