July 28, 2016
In the wake of Brexit, presidential elections and chatter about “peaking in this current real estate cycle,” many CRE companies are, in fact, still searching for top talent to fill financial analyst, asset and property management, construction, and development positions.
As companies recognize an ongoing need to compete for top talent amidst a shrinking talent pool, Jana Turner, industry veteran and RETS Associates principal, shares tips and insights about why the current real estate market has created the need to promote your firm to candidates throughout the interview process, and place them at the center of the search process.
According to Jana, the interview process needs to be front-loaded, streamlined and authentic. Below are Jana’s top three tips to taking the marketing approach to interviewing talent.
Step 1: Create a Plan
The most important thing is front-loading the interview process. By laying out a road-map approach to interviewing and hiring, companies can create efficiencies to save time and money, get insight into the full spectrum of talent, and secure the ideal candidate before they get picked up by a competing firm.
Step 2: Maintain the Sizzle
The unemployment rate for commercial real estate is much tighter than the general unemployment rate right now. As a result, candidates may be less likely to leave their current organization if they are inconvenienced through the hiring process. Furthermore, many top candidates are talking to multiple companies and can be scooped up quickly if you don’t maintain sizzle and fluidity through the process.
Step 3: Demonstrate That You’re Invested
Savvy companies are making upfront investments to prove the value of long-term relationships to potential new hires. These types of gestures prove to the candidate that you understand his or her value, help you compete with other firms in the market, and build lasting relationship with potential hires.
It is important for commercial real estate developers, owners, operators, third party services and more to recognize that this approach to the interview process is the new standard and cost of doing business. Most competitive firms are taking these steps to make the investment and demonstrate their dedication to candidates long before signing on the dotted line. In our experience, taking these steps not only helps to secure top talent, but also ensures the candidate is the right fit for the firm and its future.