While unemployment remains incredibly high in the U.S., real estate companies are struggling to secure good talent to join their teams.
This is a critical hiring moment in the real estate industry. Perched on the verge of a new boom period real estate agencies, builders and investment companies are rushing to acquire top talent to secure the lead and position themselves to maximize profit in the coming months and years.
Unfortunately whether it is hiring real estate agents, web developers or administrative assistants finding good talent is proving to be much more challenging than many anticipated.
A big part of the problem is the rapidly rising level of competition. Six months ago brokerages and real estate investing companies might have been hammered with hundreds of applications to filter through within hours of posting a job. Now it’s slim pickings and even a matter of having to hire high powered recruiters to go out and poach talent from others.
A few years ago MBAs and real estate industry pros that had previously been earning seven figures a year could be snapped up for barely over minimum wage. Now as the industry bounces back these top producing real estate agents, real estate investing experts and other related staff have their sights set on those big numbers again. Tech talent is especially in tight supply and even content marketers have being doubling and tripling their hourly rates in the last 12 months. Those that haven’t built these escalating expenses into their budgets are in for a rough ride.
Recruiters are also reporting encountering a more difficult time than ever when attempting to seduce good talent from current placements. A few may still be concerned about the economy and fear making changes, especially to an unproven firm. Others like the freedom of working on a contract basis and don’t want to commit to long term in house roles. To be successful in motivating employed recruits to move anticipate having to offer as much as 25-50% more than where they are at now or having an incredibly strong mix of company culture and other benefits.
