ROADMAP FOR COMMERCIAL RECRUITING

ROADMAP FOR COMMERCIAL RECRUITING

Doug Winfrey Brand Manager, RE/MAX Commercial RE/MAX, LLC 5075 SOUTH SYRACUSE STREET DENVER, CO 80237 303-796-3919 [email protected]

WHY RECRUIT COMMERCIAL PRACTITIONERS? Additional revenue source for your office Increased market presence through diversification A “complete offering” of real estate services An expanded referral base; the ability to keep commercial referrals in-house There are no additional costs to Brokers or Agents who do commercial transactions in the RE/MAX Network!

OUR COMMERCIAL RECRUITING ADVANTAGE Practitioners in traditional commercial brokerages work exclusively on one subset of commercial properties and are on commission plans that range from 50/50 to 60/40 splits. RE/MAX Commercial operates in an entrepreneurial environment free of silos where Practitioners have the freedom to work on any property type and keep more of their commissions!

THE RECRUITING CYCLE DEFINE THE ROLE CREATE A DETAILED RECRUITING PLAN SOURCING & PROSPECTING INITIAL CONTACT DELIVER/MEET EXPECTATIONS CLOSE CANDIDATE SELL THE OPPORTUNITY DISCOVERY CONVERSATION

DEFINE THE ROLE It’s imperative to define the role that you’re looking to fill before searching for prospective candidates to recruit. What critical, unmet commercial real estate needs exist in your office? Are you looking for practitioners who can fill commercial gaps or a manager who can establish and grow a commercial division within your office? Are you looking to bring on a seasoned veteran who will command higher commission splits or a rookie who can be built up?

CREATING A RECRUITING PLAN Creating an actionable Recruiting Plan that you can stick to is one of the most important steps in the recruiting process. Your recruiting plan approach should be similar to the approach you take when prospecting for new clients and should outline a daily/weekly/monthly number of cold calls you’ll make, networking functions you’ll attend and meetings you’ll take. Sticking to a recruiting plan will help you identify your “sales funnel” and help you determine how many candidates you need to reach out to before bringing on a new hire.

SOURCING THE RIGHT CANDIDATES There’s no right or wrong way to look for potential commercial real estate candidates to reach out to. Leveraging business-focused social media sites like LinkedIn is a great way to connect with potential commercial recruits for your office Local networking events held by organizations like CCIM, ICSC, SIOR and NAIOP are a great way to meet potential recruits in a more laidback setting. Reconnecting with agents that have been on “the other side” of a transaction you’ve worked can be an effective sourcing approach as well

MAKING INITIAL CONTACT WITH CANDIDATES When making initial contact with a potential recruit, your #1 goal should be to get a follow-up call/meeting on the calendar. In most cases, your initial contact with a recruit, either over the phone, inperson or through email, should be brief. At this step in the recruiting cycle, you’re looking for candidates who are open to change and willing to have further dialogue about your opportunity.

THE “DISCOVERY CONVERSATION” The “Discovery Conversation” is your chance to get to know a candidate and uncover pain points in their current role and “nice to haves” in their next. Are management’s values/vision at your candidate’s current brokerage in line with their own personal values? Does your candidate feel unappreciated or unsupported in their current role? Does your candidate feel like they’re in too restrictive of a role? What do their current commissions splits look like? Always ask for referrals! If you speak to someone who isn’t a fit for your role, chances are good that they know someone who could be!!!

SELLING THE COMPANY AND OPPORTUNITY Once you’ve uncovered your candidate’s pain points and future goals, sell your office, position and RE/MAX Commercial network in a way that appeals to them. There’s no “one-size-fits-all” recruiting pitch – what’s important to one candidate may not be a factor in a different person’s decision. Use the information you gathered during the “Discovery Conversation” to sell your opportunity and handle candidate objections in a meaningful way Honesty and transparency are crucial at this stage of the recruiting cycle. We have a model that is unique and desirable to commercial professionals – there’s no need to sugar-coat, exaggerate or over-promise.

CLOSING THE CANDIDATE After pitching the opportunity to your candidate your goal is to get them to commit to joining your office. You’re being evaluated as a potential employer at this point, so don’t be pushy! Some candidates may commit on the spot while others may need days or even weeks to make a decision. If you don’t get a commitment on the spot, set a time for a follow-up call or meeting to reconnect and discuss further. Keeping in regular contact with your recruit between the time they commit and time they start with you is crucial and can prevent “cold feet” scenarios.

DELIVERING ON EXPECTATIONS Successfully delivering on the expectations that you’ve set with your new hire will improve your retention rates and will have a huge impact on your ability to continue to successfully recruit. No one likes to feel like they were misled, especially not on major life decisions like career moves. New hires have no problem leaving if they feel like the role they’re in was over-sold. We’re in an industry that talks to each other, a lot. Developing a reputation as an office that over-promises and under-delivers will make it difficult, if not impossible, to attract new recruits.

RECRUITING TIPS AND BEST PRACTICES Attracting, hiring and retaining new hires impacts the overall success and viability of your office: don’t taking your recruiting approach lightly! Stick to the metrics that you’ve laid out in your recruiting plan. This will help you evaluate your effectiveness and retool your approach as needed. Always take a consultative approach vs. a “hard-sell” approach. Your candidates want to work for a manager and leader, not a used car salesmen. Don’t get too attached to candidates during the recruiting cycle. Not everyone is going to be a fit for your position. Be humble! Candidates are turned off by managers who sell the features of their job/office vs. selling the opportunity. Don’t get discouraged - learning to effectively recruit and grow your office takes time and experience and, in most cases, a lot of “no’s”

RE/MAX COMMERCIAL Registration for the 2019 RE/MAX Commercial Symposium is now open!