Real estate recruiting is a lot like figuring out which stocks to invest in for the long term. It’s nothing less than an art.
Finding the best real estate agents calls for intense research and candidate sourcing abilities as they’re going to add on to a brokerage’s long-term capital.
The best agents help build a healthy sales pipeline, maintain transactions, sustain a brokerage’s brand image, and keep clients satisfied.
As per reports, real estate agents are 17% more confident with their jobs than professionals in other careers. In 2020, the Bureau of Labour Statistics had updated salary figures for real estate brokerages.
Based on their data, the average annual wage for real estate brokers in the US was $81,450 (quite more than an average yearly salary of a real estate broker in 2019). This is notable even amidst an ongoing pandemic when there was a decrease in demand for non-essential businesses by 60.8%!
Real estate agent recruiting should be taken as a step-by-step approach. Finding committed agents, choosing the best real estate recruiting software and developing strategies to retain them requires nothing but time and personal allegiance from a recruitment agency’s end.
5 things to keep in mind before hiring real estate agents
- Make sure you strategically plan the commission splits and tiers. Gear up to sell your client’s brokerage like a brand and showcase their workplace culture
- Plan out how you’re going to provide the candidates with flexibility and mobility
- List out professional development courses that they’re going to take if they join the brokerage. Ensure you make it certifiable or tie-up with an educational institute to make it worth adding to their resume. Tell them how it shall propel their careers.
- Hop on a call with your client and figure out remote work models for days when fresh recruits don’t have to meet clients or take them through properties
- A study reveals that the first year for real estate agents is generally the hardest. However, this is where you’ve got to figure out plans to retain them for the second year. As per the 2019-2020 real estate income report, you’ll get to know how agents with between one and three years of experience noticed their earnings grow up to $38,141. This number keeps on increasing with time. So, make a suitable data report, combine it with your statistics and deduce the amount of commission your client should pay them if they stick around for more than a year.
10 quick steps to help you in real estate agent recruiting
1. Showcase your workplace culture & company brand
As a recruitment agency, the first step to developing a solid candidate pipeline full of prospective real estate agents for several brokerages would be to amplify your client’s workplace culture and brand.
Now, if you’re a brokerage who’s reading this, you’ve got it right. If you’re still struggling with building a good brand image, now is the time to work extensively on it. Always remember that it’s much easier to recruit the best real estate agents when you’re a market leader and not a challenger. Brand recognition indeed comes with various perks— the first being a solid value proposition.
If a candidate who’s just beginning out to work as a real estate agent recognizes your brand logo and company name, there’s a much higher chance they’re going to work their way in getting a job there.
2. Use the right real estate agent recruiting software
Using real estate recruiting software will help you shortlist suitable candidates and save you loads of time.
You would want to choose a recruiting software that lets you have access to tonnes of free email templates, recruiting campaigns, simplifies the onboarding process, and helps in lead capturing.
With real-time data and analytical reports, integrations, built-in Candidate Relationship Management (CRM) etc., a real estate recruiting software can help you simplify the entire recruiting process.
Today, more than 85% of real-estate recruiting agencies use an ATS to hire agents.
3. Take care of candidate experience
When you track your hiring efforts similar to what you’d do for a marketing campaign, the results you receive will help you accelerate your overall recruiting approach and candidate experience.
Providing a positive candidate experience is a crucial point in every real estate executive recruiter’s checklist. 65% of candidates say how a bad interview experience makes them lose interest in their job. Here are some easy ways to take good care of your candidates:
- Provide a smooth onboarding process
- Keep the communication channels open at all times
- Attend to their queries
- Simplify the job application process, and,
- Grow your employer brand