Best Practices: Hiring Commercial Real Estate Brokers

Goal:

Determine the best practices for hiring commercial real estate brokers to a brokerage firm in order to hire experienced brokers that are paid exclusively by commission.

Early Findings:

  • The recruitment and hiring process for new real-estate agents to a brokerage firm tends to follow this process: write a job description, identify the type of agent you want to hire through a behavior profile, advertise the job posting online, review resumes and application materials, offer a behavior assessment, like a DISC assessment, to get a behavior profile of applicants, host phone/online interviews, host in-person interviews, check references and make an offer.
  • Best practices for recruitment include crafting a value proposition for your brokerage, using non-traditional job posting channels or events, and having a strong, positive company culture.
  • Best practices for hiring include using data to make hiring decisions, building rapport with the candidate during interviews, and focusing on candidates personalities/willingness to succeed at your company.
  • Best practices for successfully hiring the agents you want are offering non-monetary perks like great office space or flexible schedules, making sure agents are aware of advancement opportunities within your brokerage, and having a structured and supportive training program once someone has been hired.
  • We were unable to find any best practices specific to commercial real estate, however, we assumed that the recruitment and hiring process for all types of real estate would be similar.

Proposed next steps:

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As the initial research was only able to identify some best practices, and not provide in-depth analysis of these practices, we would recommend a project to detail 2-3 best practices for hiring real estate agents to a brokerage for each phase of the hiring journey (recruiting, hiring process, and signing/retaining). These projects would focus on real estate as a whole, and not specifically commercial real estate, as it was found during the first hour of research that information specific to hiring commercial agents was scarce.