Attracting and Retaining Top Talent in Real Estate

In the past few years, the power dynamics between employers and employees on the job market are constantly changing. Navigating this dynamic labor landscape can be a stressful task for companies and employees alike, particularly in the real estate sector where competition for top talent is always intense. Yet, there are still some strategies that the most successful and desired employers regularly implement to stand out in a job market where employees have high expectations of their future place of work. We’ve evaluated strategies spanning through all stages of the employment process, so let’s look into how employers attract and retain the most qualified candidates on the market.

Recruitment Stage:

1. Leveraging Talent Acquisition Sources:

Skilled professionals don’t hang out at one particular place, so attracting top talent means that employers need to cast a wide search net and look for job seekers through multiple acquisition channels. Employers can leverage popular job boards such as LinkedIn for corporate roles, and Indeed and Craigslist for more location-specific needs. However, thinking beyond conventional platforms can also be helpful. Tapping into talent pools from adjacent industries is also a smart strategy to find talent with transferable skills.

2. Thinking Outside the Box:

Many real estate roles can be successfully carried out through a combination of skills that can be built in different disciplines (i.e. transferable skills). Employers often find qualified candidates by looking beyond the borders of the real estate industry and exploring sectors like construction, finance, or project management, where individuals possess relevant competencies that can be adapted to real estate. By broadening the search criteria, employers not only increase the pool of potential candidates but also foster diversity and innovation within their organizations.

3. Evaluating Candidates:

Making informed hiring decisions requires a robust evaluation process. Employers and hiring managers can benefit from an established interview process, working with thoughtful interview questions that determine whether the employee and the company are a good fit in terms of skills, culture, and values. Checking candidate referrals is also an important practice during the candidate evaluation process, as it can provide a different perspective on an employee’s qualifications.

4. Streamlining the Recruitment Process:

First impressions matter. Smooth, efficient recruitment processes not only attract top talent but also reflect positively on an organization’s reputation. Recruiting firms can play a crucial role in streamlining the hiring process. Many studies have pointed out that the cost of a bad hire extends beyond monetary losses,¹ so outsourcing recruitment to specialists who can ensure a seamless experience for both candidates and the hiring team can prove beneficial in the long run. But regardless of whether it’s handled in-house or outsourced, any recruitment and hiring process should prioritize clear communication, transparency, and professionalism to leave a positive impression on potential hires.

Retention Stage:

5. Prioritizing Onboarding:

The onboarding process can set the tone for an employee’s entire experience with a company. Establishing a structured onboarding process that provides new hires with the tools they need for success is a smart move for any employer. From outlining expectations to engaging current employees in training sessions, creating a supportive environment from day one is a certain way to set the new employees and the business up for success. If all this is complemented with comprehensive work resources, mentorship programs, and introductions to clients and other key figures, you’ve found yourself a great way to foster a sense of belonging and integration for employees within the organization.

6. Investing in Employee Growth:

Continuous learning is a crucial ingredient of professional development. Comprehensive training programs can encourage employees to identify additional skills they might want to acquire to grow in their role. Sponsoring access to relevant courses demonstrates a commitment to employee growth and inspires respect and loyalty. Providing opportunities for mentorship, job rotations, and cross-functional projects can broaden employees’ skill sets and in turn be beneficial for the business.

7. Tailoring Benefits:

Beyond traditional perks, employers can explore innovative incentives that resonate with their specific workforce. Whether it’s gym memberships, vendor discounts, or tailored benefits based on personal employee preferences, demonstrating a genuine commitment to employee well-being and satisfaction inspires appreciation in team members. Some creative employers even conduct surveys or focus groups to gather insights into employee preferences and adjust benefits offerings accordingly.

Personalizing benefits packages not only enhances employee morale and engagement but also differentiates organizations as employers of choice.

8. Embracing Feedback:

Remember, no employer or employee is perfect, but a commitment to growth is what defines success for both in the long run. A culture of openness to feedback is often indicated as one of the most desirable characteristics of a great workplace. Employers can benefit greatly from encouraging employees to voice their opinions and suggestions for process improvements. By incorporating their insights, employers not only optimize workflows but also demonstrate that employee contributions are valued and respected.

Encouraging regular feedback, conducting stay interviews to identify potential areas for improvement, and empowering employees to take ownership of their professional development journeys are all great ways to stand out as a sought-after employer.

Attracting and retaining top talent in any industry has historically been a challenging endeavor, and the real estate sector is not immune to it, either. The strategies we explore in this article, however, can lay the foundation for sustained success in any business. While some may require a significant investment of time and resources, these strategies yield great dividends in terms of employee retention, productivity, and organizational reputation. In a competitive labor landscape where individual contributions can often make or break a company’s success, prioritizing the recruitment and retention of top-tier professionals is a pathway to long-term success.

And if you are an employer looking for ways to optimize your talent acquisition processes, remember that you can position your organization as a magnet for top talent in real estate by fostering a culture of continuous improvement, investing in employee development, and adapting benefits to meet evolving needs. Embrace innovation, empower your workforce, and cultivate an environment where talent thrives, and your organization will emerge as a leader in the competitive real estate job market.

1 https://resources.careerbuilder.com/news-research/prevent-hiring-the-wrong-person