One of the overall goals for real estate investors is to expand. But with the expansion of your investing business comes additional duties and time commitments, meaning your one-person operation will eventually need to grow into a full team. As a rapidly growing company ourselves, we’d like to bring you some of the best practices and tips that we have learned about recruiting and hiring a truly exceptional team. Some tips are geared more toward established companies, but that doesn’t mean that fledgling businesses can’t modify and utilize them as well.
Planning Stage
The process starts with some very important questions that you need to ask:
- Why are you considering hiring?
- Often, it’s because you need more team members to grow and prosper. It’s best to hire with the expectation of growth, not once you have already grown. If your team’s already overwhelmed it will be much harder to train a new employee and give them the foundation they need to thrive.
- What does that role require/responsibilities?
- Small businesses often need to hire an individual who can wear multiple hats, for more established companies you may want a specialist.
- Are you looking for an established expert or someone whose intelligence and attitude suggests that they will learn quickly?
- 10/10 times experience means higher salary than potential. Start-ups, small businesses, and other companies experiencing dynamic growth and expansion can often benefit from choosing candidates with serious potential over a highly experienced Sometimes those with a career of experience feel as though their way is the only way, and won’t conform as well to your environment.
- What are your expectations for their performance/ROI?
- Take a look at your best performing/most effective employee within the same (or similar position). What makes them so awesome? What are their habits and practices? Use this info to determine what your new hire should strive for/achieve.
- What is the onboarding/timeline for their role to become 100% productive?
- What does the role look like further down the line/promotions/additional duties?
- What’s the average salary/benefits/compensation structure in your area?
- What type of person do you want in that role?
- Say what you will about Millennials, but they are probably the most important group for companies to focus on during the hiring process. According to Pew Research, Millennials make up the largest percentage of the US workforce and will continue to increase. Millennials overwhelmingly are focused on growth and opportunity, making them great candidates for smaller businesses in dynamic industries (especially real estate). To woo ideal Millennial candidates, businesses will need to focus on tech-savvy, modern work environments. This means cutting-edge connectivity (aka “the internet of things”), a workplace that resembles anything but a cubicle, and proximity to amenities like food and exercise. Millennials want to enjoy their work, not become a member of the rat-race that so many real estate investors have sought to escape themselves.