FCB #047: Strengthen Your Team: Recruiting & Retention

Introduction

When I had my own CRE appraisal business,  one of the most challenging areas was recruiting and retaining top talent.

It took me a few years to master this, but once I did, my business really took off.  Yours can too!

If you'd like more success hiring and keeping great people, listen up!  You're going to love this newsletter!

There are five areas you need to work on to master the recruiting and retention game:

1. Understand the Market
2. Develop a Compelling UVP
3. Leverage Recruiting Channels
4. Create a Positive Culture
5. Invest in Your People

Understand the Market

In the commercial real estate (CRE) appraisal space, demand for skilled appraisal staff never ends.

As a business owner, it's crucial for you to understand current market dynamics.

These include retirement of seasoned professionals and technological advancements.

In developing your overall hiring and recruiting plan, you should:

• Stay updated on industry trends and projections for appraisal demand.
• Monitor demographics to anticipate potential talent shortages.
• Assess impact of tech advances on appraisal practices & staffing needs.
• Network with your peers. Exchange insights & strategies for new talent.
• Conduct employee surveys to gauge talent needs and gaps.

Develop a Compelling UVP

To attract top talent, it's imperative to articulate a compelling Unique Value Proposition (UVP).

Highlight the unique aspects of your appraisal business. What differentiates you?

These could include items such as:

• a superior brand,
• a supportive work culture,
• opportunities for professional growth,
• competitive compensation and benefits,
• and access to cutting-edge technology.

Emphasize how joining your team can offer a platform for honing skills and advancing careers in the CRE industry.

Define your organization's core values and integrate them into your recruitment messaging.

Your company's Core Values are absolutely key! Don't gloss over this!

Showcase success stories of career progression. Brag a little!

Benchmark your compensation and benefits against industry standards.

Offer flexibility and work-life balance initiatives to appeal to top talent.

Solicit feedback from current employees to continually refine and enhance your value proposition.

Leverage Recruiting Channels

There are a lot of different ways to find top talent. Be creative!

Explore different recruiting channels to reach the people you want and need.

Traditional methods like job postings on industry-specific websites and professional networks remain valuable.

However, don't underestimate the power of intern programs and social media platforms like LinkedIn for targeted outreach. Trust me on this.

For example, take a look at what Valbridge Property Advisors and Mosaic Property Valuations are doing in these regards.

Also, consider partnering with educational institutions and attending industry events to connect with young aspiring appraisers.

Keep the following strategies in mind when developing your recruitment process:

• Develop a comprehensive recruitment strategy that encompasses both online and offline channels.
• Tailor job descriptions to highlight key aspects of your value proposition and attract the right talent.
• Actively engage with industry-related groups and forums to expand your network and visibility.
• Utilize employee referrals programs to tap into existing networks and attract passiionate candidates.
• Continuously evaluate and optimize recruiting channels based on their effectiveness and ROI.

Create a Positive Culture

I hate to say it, but we had a "revolving door" for years until we finally dialed in the "culture" piece at our firm. 

While recruiting new talent is essential, retaining existing staff is equally vital for your sustained business success.

Cultivate a positive work environment where employees feel valued, supported, and recognized for their contributions.

Implement mentorship programs to facilitate knowledge transfer from senior appraisers to newer team members.

Foster a sense of camaraderie and continuous learning.

Do the following and you'll be well on your way to having a very positive work environment for your team:

• Conduct regular employee engagement surveys. Gather feedback & ID areas for improvement.
• Recognize and reward outstanding performance through formal recognition programs.
• Foster open communication channels to address concerns and promote transparency.
• Provide opportunities for cross-functional collaboration and skill development.
• Promote healthy work-life balance. Offer flexible scheduling & remote work.
• And, most importantly, don't forget to HAVE FUN! People love having fun!

Invest in Your People

Investing in the growth & development of your team is one of the best investments you can make.

This not only enhances their skills but also reinforces their commitment to your appraisal business.

Offer opportunities for ongoing training, certifications, and attendance at industry conferences.

Empower your staff to stay abreast of industry trends and best practices.

Reward them and reap the rewards! Invest in your people. It's one the best things you can do!

Do the following to position your business as a destination for top talent seeking growth and advancement:

• Develop personalized development plans for each team member based on their career aspirations and growth areas.
• Allocate dedicated time and resources for training and skill-building activities. Develop your mentorship program!
• Encourage participation in industry associations and networking events to expand professional networks.
• Support pursuit of professional designations such as MAI, SRA, AI-GRS, AI-RRS and R/W-AC.
• Foster a culture of continuous learning and knowledge sharing.

Conclusion

In the competitive landscape of commercial real estate appraisal, recruiting and retaining top talent is a top strategic imperative for you.

By understanding the market, developing a compelling UVP, leveraging diverse recruiting channels, creating a positive culture, and investing in your people, you can grow and strengthen your team and position your appraisal business for long-term success.

Make recruiting and retention one of your top strategic goals.

Remember: You want to have "always-on" marketing:

• For New Clients, and
• For New Top Talent.

Learn how to win them. Learn how to keep them.

That's the name of the game for appraisal business success! 

Until next time...

Here's to your success!

• Calvin Cummings
• Appraiser2X Coach
• MAI, Non-Practicing

www.CalvinCummings.com

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