Finding the right executive for your real estate company is not easy. There are many factors to consider when looking for the perfect candidate. Here are some tips to help you find the right person for the job whether you are using a real estate search firm or conducting the search on your own.
Finding The Right Executive For Your Real Estate Company
1. Leverage Your Network
Real estate business owners are typically well networked in their local market. Often, they are well networked nationally if they are members of a real estate mastermind group. The best candidate for their real estate company is often in their network. When working with real estate business owners looking to hire a real estate search firm to assist them, we ask them who in their network they would love to have work for their company. Thinking this through helps them define the experience level and character traits they want to source. It also starts developing a candidate pipeline.
2. Employee Referrals
Not only are real estate business owners well networked, but their employees are also. Employee referral programs are a fantastic way to include employees in the scouting and recruitment of a new hire. The program can be simple. An example is if an employee refers a candidate, $2,000 is paid to the referring employee after the new hire’s first 90 days of employment.
Be sure to have a meeting or call with your team to describe the position you are looking to hire, the avatar of the person you are looking for, and what having a great hire in this role will mean for the company. Paying a $2,000 bonus to an employee is much better than forking out a fee to a real estate search firm, which would have a much larger price tag. You can find more examples of employee referral programs provided by AIHR here.
3. Employer Branding
As a real estate search firm, we understand the importance of our client’s employer branding. Do a quick google search of your company name and see what the top 10 results are. Do you have a google business profile set up with positive reviews? Does your company’s LinkedIn profile pop up as a result? Is your LinkedIn profile complete showing your brand and the number of employees you have? Do you see any negative reviews showing poor customer experiences on Yelp or poor employee experiences on Glassdoor or Indeed?
All candidates will search for your company online. Is their first 10-second impression a positive or a negative one?
4. Job Advertising
For a real estate business owner to attract top talent outside of their network, whether advertising the open position through a real estate search firm or by themselves, defining the opportunity correctly and crafting a job advertisement is priority number one. Creating a polished, well-defined, and convincing job advertisement is how real estate business owners will stand out from the competition when posting on job boards and LinkedIn.
Does your job ad sound too good to be true? Is it all about your company and how great you are, or is it speaking to job seekers? As a real estate search firm, we craft dozens of job advertisements weekly. Having someone experienced in creating job advertisements is invaluable, whether they are a member of your team or from a real estate search firm.
5. Cold Outreach
In addition to leveraging their network, employee referral programs, and job advertisements, business owners should utilize cold outreach for any open position they want to hire. What does cold outreach mean? Cold outreach is when a business owner leverages tools such as cold calling, LinkedIn messaging, and email to spread the word about the job to a targeted list of prospective candidates. In a previous blog, we went in-depth on leveraging cold outreach.
We always advise using a real estate search firm for cold outreach, as most business owners know word spreads quickly. No business owner wants to get caught attempting to poach the employees of another business owner in their market. At AKA Search Group, 93% of candidates get sourced via cold outreach for our clients. Cold outreach is a powerful option and one that all real estate executive search initiatives must include.