Some decades ago, recruitment was not as data-driven. Without the technology that’s now available, it was difficult to collect, sort, and interpret large volumes of data needed to measure the effectiveness of recruitment strategies. Real estate recruiters tended to rely on their experience, coupled with intuition and even luck.
7 Ways Intelligent Data Can Help in Real Estate Recruitment:
1. Find high-performing candidates
2. Identify recruitment and process issues
3. Reduce time to hire
4. Increase jobs acceptance rates
5. Reduce cost of hiring
6. Eliminate biases
7. Optimize candidate journey
Today, however, the game has changed. Tools such as BrokerMetrics have made it easier to find leads, send targeted campaigns, as well as collect and analyze data, among many other functions. Of course, experience and intuition still play key parts in the recruitment process. Nevertheless, you can’t deny that intelligent data can give your brokerage more insight about your candidates and how you can recruit them more effectively.
For an even better appreciation of the data-drive recruitment, here are just a few ways that intelligent data can improve your real estate recruitment efforts:
With the help of intelligent data, it’s easier for real estate recruiters and brokerages to find high-performing candidates. Using data gathered through public content, including but not limited to social media and news articles, it’s easier to spot applicants with the right qualifications and gauge how suitable they are for the post.
Intelligent data can also help you create a reliable database of passive candidates and know when these people are ready to make a career change. This way, you can create a pipeline of sorts and match ideal people for a certain position (even if it isn’t open yet). Once they become available, it will then be easier for you to contact them for an interview or job offer.
Real estate recruitment (and recruitment in general) can suffer from various issues, such as high rejection rates, mismatched applications, or frequent turnover of new hires. This can severely affect not just the quality of hires but also the overall effectiveness of your recruitment strategies and process.
Through intelligent data, you can discover issues that you may not have noticed before. You can also pinpoint exactly where your recruitment process needs some work. More importantly, data can help you figure out solutions to streamline and improve your hiring campaigns and strategies.
In relation to the above, one of the biggest issues in real estate recruitment is a long hiring time. There are many factors that can result in this problem. Perhaps the vetting process is taking too long. Maybe you’re getting too many applications that don’t actually pass muster but still end up interviewing because they somehow slipped through the cracks. With the help of data, there’s no need for guesswork. You can pinpoint exactly which parts of the process bogs you down.
From there, you can develop a more streamlined process and improve your results. For example, you can eliminate a few redundant (or even unnecessary) steps and automate others. This not only saves you time, but also helps improve the quality for your hires. A shorter hiring time can also make a positive impact in terms of cost per hire.
As mentioned previously, a high rejection rate is a big issue for recruitment professionals. Not only does this cost your brokerage more money, but also affects productivity since you don’t fill the posts on time. Through the use of data, you can more easily spot the reasons behind the rejection rate. Equipped with this information, you can then turn the problem around and increase the acceptance rate.
At the same time, using intelligent data can also help you make accurate forecasts regarding factors surrounding job acceptance. These include the hiring time (see above) and annual turnover rates. This way, you can anticipate your hiring needs properly and be able to address them in a more proactive manner.
Another huge benefit of using intelligent data for real estate recruitment is that you can reduce the cost per hire. How? One way is that you can quickly identify the channels where you make the most hires and the best hires. (Note that the channel that gives you the most hires may or may not also give you the best hires and vice versa.)
From here, you’ll then know on which channels you should direct your budget. You can then customize your communications to appeal to the cream of the crop. This can reduce the number of bad hires and the number of people you interview just for one post; you may even end up hiring the best person the first time around. Ultimately, this results in cost savings.
Humans have always had cognitive biases, which are often tied to the brain attempting to make information processing faster and simpler. Because recruitment involves a lot of human elements, it can be a little difficult not to let our biases color our decisions.
However, these biases don’t help much when you’re trying to hire the best people for your company. You might end up missing out on a really talented candidate who needs a little bit of help when it comes to interviewing.
Using intelligent data, your biases won’t affect your decision-making. When you have access to all the right information, you can make hiring choices purely from the merits of the applicants. In the end, this will not only result in high-quality employees (which is the ultimate goal of recruitment) but also reflect positively upon your real estate company.
The candidate journey, which starts from their awareness of the available job and ends with the candidate sending an application, is a huge contributor to recruitment success. Through the help of data, you easily optimize this journey and help make the entire recruitment process easier and more efficient.
Pay careful attention to each stage of the candidate journey: awareness, interest, consideration, and application. Then, using intelligent data, you can set metrics to gauge how well you cater to the applicants’ needs during each stage. From here, you can then make changes or improvements to your strategies and ensure the best candidate journey.
With an optimized candidate journey, you can better attract the right candidates. More importantly, you can lead them further to the last stage and seriously consider their application instead of being indecisive.
The key thing to understand about data is that it also has its limitations. For one, data can give you in-depth insights but you have to be the one to make your interpretations. Intelligent data can also tell you what problems you may be having and where; however, you’re the one who has to decide how these problems are going to be addressed.
Finally, you can’t entrust everything to data. At the end of the day, recruitment is a very human process. There are nuances that can’t simply be identified by software and data, no matter how intelligent they may be. Nevertheless, as shown above, data is definitely a valuable ally for real estate recruiters and hiring personnel. If your company isn’t using data to improve recruitment yet, perhaps it’s time to do so.
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