Are you hiring? Looking for the next superstar to join your team? Do you need someone who can take care of your business as if it were their own? Someone to prompt you rather than you chasing them? Great! You’re on the right track.

In today’s tough market, finding qualified and talented people to elevate your business can be challenging. You need someone proactive, not someone who needs constant prompting. It’s crucial to have a clear vision and a strategic approach when searching for the right candidate.

Like you, people excel at their craft — look for someone specialized

It’s important not to look for a Jack (or Jill) of all trades. If the role is highly administrative, don’t expect them to also be a graphic designer and an outbound sales rep. They excel in their craft just as you do in yours. The objective is to systemize your hiring: hire slow and fire fast. 

Envision what your hire will do and list out the must-haves and nice-to-haves. Always start with the end in mind because today’s hire might not be in that seat tomorrow. Remember, you’re not hiring family, so don’t call your employees family unless they are actually related to you.

Create an avatar of your ideal hire and set realistic expectations by observing your colleagues’ hiring patterns and employee retention. It’s not just about salary; it’s also about how you treat your employees and the workplace culture you foster.

Review your job description to ensure it aligns with what you want, need and can realistically offer. This alignment is critical to attracting the right candidates who will thrive in your business environment. Just remember, you won’t find a candidate that fits your description perfectly. This is part of the learning process in understanding what you need versus what you want. Flexibility and openness to different skill sets and experiences can lead to finding a candidate who brings unexpected value to your team.

Networking is key and you’re the brand ambassador

Networking is paramount. Tap into your experiential real estate network, targeting those not actively looking on job boards. Great candidates often need to be sought after. Ensure your job description is clear on salary, hours, responsibilities, must-haves and nice-to-haves. Remember, you’re the brand ambassador for your business, and this is your chance to attract the right person. The more precise and attractive your job listing, the higher the quality of applicants you will attract.

First, network with your brokerage and colleagues to create a referral network. This is similar to drumming up new business from your CRM. Leverage your existing relationships and let them know you are looking for top talent. Referrals can often lead to high-quality candidates who may not be actively seeking new positions but would be open to the right opportunity.

It’s tough, but you’re tougher

Interviews can be an emotional roller coaster. Some candidates will show interest and then drop out, requiring you to start over. This happens at any stage of the recruitment cycle. It’s similar to a sales cycle: you’re constantly selling the dream to your candidate until they sign on the dotted line. Persistence and patience are key during this process.

Remember, while hiring is tough in any season, even in a candidate-rich market, all you need is one standout candidate to enhance your business. This candidate will bring new ideas, energy and perspectives that can drive your business forward.

Defining your interview process

Mitigate risk by having a defined interview process:

1. Phone screen. Introduce yourself and thank the candidate for their interest. This initial step helps you gauge their communication skills and enthusiasm for the role.

2. Face-to-face/video call meeting. Assess if the candidate fits your business culture while also selling your company to them. This is your opportunity to delve deeper into their experience and how it aligns with your needs.

3. Paid assessment. Invite them to your workplace to assess mutual compatibility. This hands-on approach provides insight into how they might perform in the actual role.

4. Professional references. Conduct thorough reference checks. These references can provide valuable information about the candidate’s past performance and reliability.

5. Make an offer. Ensure it reflects current market value and recognizes the candidate’s worth. A competitive offer demonstrates your commitment to attracting top talent. Don’t minimize the value your employees bring. Offering a low salary might result in losing them to a higher bidder.

Move candidates through the process swiftly, ideally every five days, to prevent losing them to other opportunities. Timeliness shows candidates that you value their time and are serious about filling the position. It’s very similar to a serious buyer on a property that you listed. Imagine if you dropped that ball!

The first three months

Ensure there’s a clear paper trail covering salary, vacation, bonus and job description. The first three months are crucial for setting the tone and developing cohesiveness in your business. 

These initial months, often termed the onboarding phase, are vital for integrating the new hire into your company culture and ensuring they have the tools and support needed to succeed.

It’s about brand presence, people, strong customer service and consultative sales

Your brand presence is reflected in who you hire and it shows who you are in both client and employee interactions. Past employees and interactions shape your brand. A positive reputation as an employer will attract high-calibre candidates and contribute to long-term business success.

Understand that recruitment doesn’t end with hiring — it’s about people, strong customer service and consultative sales. Your employees can become your biggest fans and referral sources. Keep them happy to foster retention and attract inbound leads.

The process of recruitment is ongoing and requires diligence, strategy and a commitment to fostering a positive workplace culture. It can be emotionally taxing and one in which you need to manage your emotions as well as those involved in the process. But, by following these steps and maintaining a clear focus on your goals, you can build a team that will help take your business to new heights.

Spring has sprung, and with it comes a mixed bag of market sentiments. While some sectors are experiencing a softening, others are thriving. Amidst this backdrop, the real estate industry finds itself grappling with a unique challenge — the relentless war for talent.

Qualified candidates, particularly in residential real estate, are being lured away by the allure of stability offered by competing industries like commercial real estate, legal firms, clinics and corporations. This trend isn’t confined to individual agents or teams but extends to entire brokerages.

The normalization of remote work: A lasting pandemic legacy

A lasting legacy of the COVID-19 pandemic has been the normalization of remote work. What began as a necessity for safety has evolved into a preferred mode of employment, especially in the real estate sector. The flexibility afforded by remote or hybrid work arrangements has become a key factor in attracting top talent.

Brokerages and teams that embrace this trend are finding themselves with a competitive edge, enjoying access to a pool of candidates that we’ve found, over the past five years, is about 40 per cent richer in quality compared to those insisting on traditional office-based setups. We repeatedly find that candidates who apply to positions offering remote work opportunities are more inclined to engage in discussions when they’re informed about the remote nature of the role and the flexibility it offers.

How real estate firms can stay competitive in today’s remote-work world

By embracing a holistic approach to employee satisfaction and well-being that includes the benefits of remote work, real estate firms can differentiate themselves as employers of choice in a competitive market. Here are some strategies to get there:

1. Implement flexible work policies and invest in technology infrastructure to support remote collaboration and communication. By embracing remote or hybrid work arrangements, companies can expand their talent pool beyond geographic limitations, tapping into diverse skill sets and expertise. Remote work options demonstrate a commitment to employee well-being and work-life balance — which are increasingly valued by professionals in the post-pandemic era.

To further enhance recruitment efforts, firms can highlight their remote work policies as a competitive advantage in job postings and employer branding initiatives. By adapting to the changing preferences of the workforce and leveraging remote work as a strategic asset, real estate companies can position themselves as industry leaders and attract top-tier talent for sustained success.

2. Offer customized benefits packages that go beyond traditional compensation and bonuses. This can include providing health benefits or contributing towards health spending accounts to support employee well-being. The demand for remote work opportunities has catalyzed a shift in the employer-employee dynamic, and candidates now expect more than just a competitive salary — they’re looking for comprehensive benefits packages that include health benefits or contributions toward health spending accounts.

3. Foster a transparent and open communication culture. This helps mitigate multiple job offers and counteroffers. The prevalence of multiple job offers or counteroffers has heightened negotiation tactics among candidates, who are increasingly leveraging new offers to secure better deals from their current employers.

By proactively engaging with employees to understand their needs and preferences, employers can tailor benefits packages and incentives to attract and retain top talent.

4. Invest in professional development opportunities and career advancement pathways. This demonstrates a commitment to employee growth and incentivizes loyalty.

Reduce turnover by creating a supportive and engaging work environment and offering performance-based incentives

For employers in the real estate industry, recruitment is just the first step in a multifaceted process. Effective onboarding, management practices and performance-based incentives are essential for retaining talent and fostering loyalty.

However, the reality is that employee turnover is a persistent challenge, with the average tenure within a team hovering around two years. We see this from our brand ambassadors, who often serve as valuable touchpoints for gauging industry insights and frequently approach us when they’re once again exploring the job market for growth opportunities. Additionally, we regularly conduct check-ins with our database of over 15,000 candidates to understand their career aspirations and needs — particularly within the residential real estate sectors of Ontario, Alberta and British Columbia.

To address the challenge of employee turnover in the real estate industry, employers should prioritize creating a supportive and engaging work environment that fosters employee growth and satisfaction.

This begins with a robust onboarding process that introduces new hires to the company culture, values and expectations — even if it’s a team of one. Ongoing training and professional development opportunities can help employees stay motivated and invested in their roles. Additionally, implementing effective management practices, such as regular feedback sessions and recognition programs, can enhance communication and morale within teams.

To incentivize long-term commitment, employers can introduce performance-based incentives tied to key metrics and milestones. This not only rewards top performers but also encourages continuous improvement and goal attainment. Moreover, offering career advancement opportunities and pathways for progression can provide employees with a clear trajectory for growth within the organization.

By investing in these retention strategies, employers can reduce turnover rates and build a cohesive team of dedicated professionals who are committed to the success of the company. This not only improves productivity and morale but also enhances the overall reputation of the organization as an employer of choice within the real estate industry.

Foster a culture of work-life balance and well-being for a successful, long-term team

A valuable employee is akin to gold — they anticipate your needs, operate autonomously and contribute to the growth of your enterprise. However, it’s crucial to recognize that even the most dedicated employees need boundaries. While the real estate industry often operates beyond traditional office hours, it’s imperative to respect employees’ work-life balance to prevent burnout and maintain productivity.

Building a successful team requires a strategic approach that goes beyond immediate needs. Employers must envision their end goals and create a culture that nurtures employee well-being and professional growth. Central to this is effective communication and management practices that prioritize positive reinforcement and constructive feedback over micromanagement.

Overall, creating a thriving workplace culture isn’t just about offering tangible perks — it’s about fostering a sense of value and belonging among employees. Regular expressions of appreciation and a focus on the bigger picture can go a long way in cultivating a happy and healthy work environment. By prioritizing the long-term satisfaction and growth of their team, the industry’s employers can ensure the sustainability and success of their real estate ventures.

It has come to our attention that amid the chaos unfolding in the Middle East and concerns over interest rate hikes and additional fees, we seem to have overlooked the fact that it’s already Movember.

In the real estate sector, here’s what we’re hearing.

Buyers holding back, sellers wanting more

As we step into November, some clients are apprehensive about buying, while those looking to sell are seeking higher prices for their homes. With the end of the year approaching, some of us are yet to meet our financial targets.

The current real estate market is indeed peculiar. We find ourselves far from the usual profit margins we’re accustomed to, and fear has taken hold of both buyers and sellers. While we’ve weathered market downturns in the past, the wait for things to pick up again feels longer than expected.

Lines of credit are stretched, and property listings are stagnant for up to 60 days. Some clients are hesitant to sell their properties, believing they’re worth more than what realtors recommend, and the recent interest rate hike has dampened the market’s enthusiasm.

Tough decisions all around

The financial strain has also led to some difficult decisions, like letting go of assistants and considering part-time or offshore alternatives while maintaining business integrity. The discussion of extending or forgiving COVID bailout loans is making headlines, offering a glimmer of hope to many who wish to retain the funds without repayment.

Come January, a new health insurance fee will be introduced, potentially prompting some realtors to leave the industry in search of alternative employment or ventures.

On the individual agent level, many are exploring the option of joining smaller to mid-sized teams to secure their financial stability.

From the brokerage perspective, despite the sluggish market, there’s an opportunity to explore mergers and acquisitions, particularly targeting brokerages with a headcount of three to 100 agents.

The bright side

We’re observing a landscape that might appear grim, but there’s also a sense of transformation. Those with resilience and sales acumen are adapting to close deals and navigate through these challenging times, while others are considering alternative career paths to support themselves during the upcoming holiday season.

This transitional phase is shaping the landscape of 2024, impacting both Canada and the United States, although Canada seems to be experiencing a more significant impact.

Moving forward

Now is the time to maintain consistent client engagement and nurture relationships that have been built over the years. While social media has its advantages, the personal touch remains essential.

It’s becoming evident that the talent market is adjusting to new realities, with expectations regarding salary, vacation, bonuses, benefits, remote work and other perks being reconsidered.

Administrative professionals within the real estate industry are exploring roles in commercial real estate, law, dental offices and banks, seeking greater stability and work-life balance.

Moreover, many senior and C-level positions are undergoing restructuring or elimination, and while some label it as disruption, it’s more about adapting to evolving market conditions.

What can be done when assistance is still needed, but we have resource constraints?

The answer lies in the option to hire fractional assistants and marketers who work on an hourly basis, eliminating the need for a year-long commitment. This allows you to delegate tasks while you focus on closing sales or running your operations smoothly.

Collectively work together to achieve change and provide value

It’s essential to tune out the constant news cycle and concentrate on a promising future. We will overcome these challenges by supporting each other with integrity and empathy, ultimately making the real estate industry more accountable and better than ever before.

Having had the privilege of speaking with seasoned professionals in the real estate sector, a common theme emerges: the belief that a single individual can’t drive significant change.

But, what if we collectively work towards shaping the future of the real estate industry? It’s time to take action and pave the way forward.

In these shifting tides of the real estate market, it’s paramount to pivot and refocus our efforts on providing even more value to our clients. The changing landscape calls for innovative solutions and a heightened commitment to meeting our clients’ evolving needs. By adapting to these challenges and offering exceptional service, we not only weather the storm but also establish ourselves as trusted partners in their real estate journey.

As we near the close of 2023, I’d like to make a humble request: be human and be kind during these challenging times, and you’ll likely find good fortune when the market eventually turns for the better.

Stay safe, and may you be blessed in the days ahead.
~ Your humble real estate recruiter, Ghaz