The real estate industry is facing significant talent gaps. A shortage of exceptional candidates has impacted the ability to meet growing demands, which is why many professionals turn to real estate recruiting firms. NYC-based companies have specific needs that aren’t being met. However, recruiters can help their clients in various ways.
Talent gaps can create many challenges for residential and commercial real estate companies, such as higher costs, a lack of innovation, and longer vacancy periods. It’s important to focus on your brand’s recruitment needs. When you do so, you’ll retain the best candidates and attract new ones. However, this requires employee training and development.
Working with a real estate executive search firm in New York City can be highly beneficial. You will meet professional candidates who want to work and can do the job. Recruiting doesn’t have to be difficult. Let’s learn more below.
Factors That Contribute to the Talent Gap within the Real Estate Industry
Many factors have led to a talent shortage, but real estate executive recruiters can help you deal with them. Here are the things to consider:
An Aging Workforce
Many experienced people are close to retirement age, so they’re planning to leave the industry. This is problematic in specialty roles, including construction and property management, because fewer qualified candidates are available to fill those positions.
Whether you need a vice president or CFO, real estate executive search firms can help you find appropriate candidates.
Changing Work Requirements
A younger New York City workforce wants flexible careers and a strong work-life balance. Therefore, a traditional schedule in the real estate industry isn’t as attractive.
Your goal is to hire the right person for the role, which requires you to be flexible in how you word the job description.
Competition from Technology and Finance Sectors
The real estate industry is competing with other sectors, including finance and technology. Those seem to have more innovative environments and more growth opportunities, making it hard for you to find the top talent for your brand.
How Is It Different to Recruit Talent for the Real Estate Industry?
Real estate is volatile and is always in the news. Recruiting for this industry means dealing with natural, migratory, economic, and regulatory influences. You need the best people possible. They will close deals and weather a rocky career path with ease.
It’s hard to find these people because those impressive skills aren’t easy to put on a resume. A real estate executive search can help. The recruitment professionals already know what you need and will look through their talent pools to locate it.
Types of Challenges Real Estate Recruiters Can Help With
Be aware that real estate recruiting comes with its own challenges, though recruiters can help you. Here are a few factors to consider:
Few Resources
The real estate business is highly competitive, and your talent will likely move to smaller boutiques that offer personalized service. If you’re a larger company and want to hire the right person, your best bet is to pay everyone competitively to keep them on your side.
Whether it’s a vice president you’re hiring or a financial officer, executive recruiters can help you find talent. Recruiting is their bread and butter, so they’ll work hard for you.
Compliance Issues
As with other industries, real estate must stay compliant with federal and local government regulations. New York City is notorious for having many rules in place. The people you hire should keep up-to-date on these things, and a real estate executive search firm will ensure they do.
Focusing on the Technological Side of Things
The real estate industry is becoming more technological, so New York City IT professionals are essential. Developers want to create buyer profiles focusing on demographics and financial information, and companies concentrate on AI, finance, and property discovery.
LinkedIn saw more than 180,000 software development jobs posted about six months ago. Business owners require professional expertise, which involves IT teams. Executive recruiters can help you find and utilize those services as needed.
Higher Employee Turnovers in Real Estate
Candidates want more flexible work environments now, and they will leave jobs that don’t offer that. This affects small companies significantly. When you hire someone, you require them to work certain hours, and real estate recruiters will help you locate and nurture them into staying.
Using a real estate executive search firm is the best solution, even if you can’t offer remote-only working conditions.
Remote Work Demands
The COVID-19 pandemic caused a hike in the demand for remote work. Many New York City residents want to work from home and will look for careers offering this option. Your business might suffer if you don’t consider that and use it to your advantage.
Recruiting firms can help you find people willing to work in an office setting. However, it’s wise to implement a hybrid or remote model if possible.
Addressing Talent Issues with a Boutique Executive Search Firm
Choosing the best candidates requires you to use a real estate executive search firm in New York City. Here are a few ways this can help:
Points to Consider
- Use a more proactive recruitment approach by identifying the top talent and reaching out to the candidates.
- Leverage job boards, social media, and real estate industry-specific networks to reach more qualified candidates.
- Focus on retention by investing in employee training to reduce turnover rates.
- Partner with various associations and educational institutions to promote careers within the real estate industry.
- Hire a real estate executive search firm in New York City to use its vast network of qualified candidates.
- When recruiting, know which types of employees will be suitable for your needs. Don’t settle for anything less than the best fit.
Choosing Appropriate Real Estate Industry Recruiters
Understanding the talent shortage in the real estate industry is just the first step. Now, you have to combat and overcome this issue.
Real estate executive search can be highly beneficial. It will help you find qualified candidates, hiring them before other companies snatch them up.
If you’re in New York City, it’s important to have a reliable recruitment strategy. The Quest Organization is here to help. Contact us for a free consultation at 212-971-0033 or email info@questorg.com.
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