How To Build Your Real Estate Executive Team In A Cost-Efficient Manner

Business Blog

Pandemic or not, life goes on, and eventually, cities will ease restrictions on businesses and people. You need to be ready for the rollercoaster that will be the commercial and residential real estate markets once this is over, and that means shoring up your executive team and ensuring that you quickly replace anyone who is leaving. However, right now, you may be more inclined to avoid spending a lot of money. This means you need to find the most cost-efficient ways to recruit new executives.

Verify Need

It's true that executive offices need people. Not every company can streamline duties so much that they can eliminate higher-level positions. However, after someone leaves the company, it's a good idea to review whether that position is still necessary. Sometimes the review is as simple as looking at the person's desk and saying yes, this person was so key to the company that no one can absorb the position's duties. But company structures change over time, and a quick review of where that position fits in the company's current setup is helpful. Because if it turns out that much of the company is pivoting away from what the last person in that position did, then it may be time for some minor restructuring. In any event, re-evaluating the need for the position will show you just how necessary it is and how much money you can realistically offer candidates.

Use Your Own Contacts

Next, of course, look through your own contacts. People you know personally and have worked with previously or contemporaries who may know of others looking for new challenges, are usually a great source of good referrals. When you can talk to someone you trust about a particular candidate's strengths and weaknesses, you get a much better idea of how well they'd fit in with your company's culture.

Use a Recruiting Firm

Of course, maybe all your contacts know only people who they wouldn't recommend working with. In that case, you need to widen your search radius, and the easiest, fastest way to do that — and thus one of the most cost-efficient — is to work with a recruiting firm. These firms have pools of candidates they've identified and efficient search mechanisms for finding more. And with many companies shutting down indefinitely, you've got more people to choose from than ever. Let the recruiting firm do the sorting work so that you don't spend any more time or money on the search than you have to.

If you need help recruiting a new executive, contact a company like Equinox Search.


22 April 2020

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