This is a pivotal moment for real estate investing companies; hiring real estate staff has sky-rocketed in importance and those that get the best handle on it now will capitalize on the maximum profits ahead.
Those that lock down the best talent and teams now will be better positioned for the new surge and decade or more of housing boom. While those that don’t will at best fail to realize their full potential and miss out on plenty of income, and will most likely just fade away, missing the opportunity of a lifetime.
The big challenge for real estate investing companies right now is honing in and making those key hires.
Many young real estate investing companies are on a tight budget and may not be able to afford a high powered team of six figure players. Obviously going too cheap is just going to sabotage any future prospects and can do more damage than good. However, there are solutions for finding a happy medium and positioning for success. This could mean hiring flexible remote staff on an on call basis, independent freelancers or even starting some employees as part-time until things take off.
Another problem many real estate investing business owners find themselves dealing with today is finding the right balance between screening prospective team members and scaring quality talent away.
Much of the advice out there today centers around being extremely thorough with job descriptions and screening employees and demanding a lot of hoops to be navigated to ensure getting high quality, experienced candidates. Sadly, many investors overlook the fact that true top guns that are being tracked down by the top real estate investing companies in the business. As a result, these candidates often believe their resumes should speak for themselves and shouldn’t need to be put through the wringer or give up free work in hope of getting an offer.
Your best bet is to find some good middle ground and consider testing out some different hiring strategies.