Real Estate Agent Recruiting Problems and Solutions with Data Analytics

There is fierce competition for recruiting qualified, skilled, and experienced agents in the real estate industry. Therefore, real estate firms need to be able to find the best people who can contribute to their business success. Most realtors relying on traditional recruiting methods may need to be more effective in discovering competent candidates, assessing their potential, and tracking the recruiting process and its success.
However, data analytics can be one of the best real estate data solutions  for real estate firms seeking top-performing candidates. Brokerages using data analytics can identify skilled candidates, assess their potential and past performance, and track recruiting success. With this information, brokerages can bring improvement to their recruiting process and recruit agents absolutely as per their requirements.
This blog post will highlight some common problems facing real estate firm recruiters and the promising benefits of data analytics that enable firms to overcome them. Keep reading!

Real Estate Agent Recruiting Problems

Problem 1: Finding Qualified and Competent Candidates

Real estate has a highly competitive hiring market, where candidates do not sit around and wait for you to get your act together. This fierce competition for recruiting the top talents compels realtors to find and recruit the top performers. However, finding qualified candidates may be challenging, especially for firms using traditional methods to hire talented agents.

Solution: The best real estate data solution to identify qualified candidates is using real estate data analytics. Realtors or their recruitment managers can use data analytics to access and analyze online profiles of competent candidates. Besides, they can also track their previous employment history and the activities they do on social media. Based on this information, recruiters can assess candidates’ expertise, experience, and personality traits. For example, a brokerage firm could benefit from data analytics to find potential agents with good real estate industry knowledge and a strong presence and activities on different social media. These are potential agents who understand the real estate industry and are more likely interested in becoming agents.

Problem 2: Assessing the Potential of Candidates

Once a brokerage firm has identified qualified and skilled candidates, the next step is assessing their potential, which is a challenge. Even if the recruiter has found some candidates with the relevant knowledge, expertise, and experience, they may lack the personality to be successful in the industry.

Solution: Real estate data analytics is also helpful in assessing candidates’ potential. Real estate firms or their recruiting managers can use data analytics to analyze potential candidates’ past performance and sales jobs. They can also use data analytics simulations (predictive analytics) to forecast their future performance. For example, data analytics can help a brokerage firm assess the sales skills of candidates by analyzing their past sales performance. This information allows recruiters to predict candidates’ success as real estate agents.

Problem 3: Tracking the Recruiting Campaigns and Their Success

Tracking the success of recruiting campaigns is necessary for brokerage firms because this practice can help them make required adjustments. For example, if desired results are not produced for a real estate agency, their recruiters may use the other hiring strategy or target different recruiting methods.

Solution: The success of recruiting campaigns can be best tracked through data analytics. Recruiters can use data analytics to track the number of applicants, short-listed applicants, hired candidates, and new clients who new agents identify. Recruiters can use this information to ascertain the effectiveness of recruiting channels to choose the suitable one and make the right decisions regarding resource allocation.

Recruiters can use data analytics for various purposes, as outlined below:

Besides these common problems real estate firms may face and their solutions, we have some other ways that recruiters can use data analytics for agent recruiting:

  • Forecasting the candidates’ potential and which one id most likely to be successful in the future. Recruiters can use data analytics to access and analyze past data to recognize the factors that can help them predict the success in real estate. Ultimately, they can use this information to predict the potential success of candidates.
  • Targeting recruiting efforts. Recruiters can benefit from data analytics by finding the most effective channels or methods to reach the talent pool. They can use this information to target their recruiting efforts to the best channels.
  • Personalizing the recruiting experience. Personalizing the recruiting experience for each applicant using data analytics can help recruiters stand out from the competition and reach competent candidates. Based on this information, recruiters send pertinent information to candidates and modify the recruiting process to meet the individual needs of each candidate.

Data analytics has become a powerful tool for most organizational functions, and recruiting is one of them. Real estate data analytics can help brokerage firms bring improvement to their hiring process, enabling them to hire competent agents. Consider using data analytics if you belong to the real estate world to enhance your recruiting process.

Final Words

Identifying and recruiting talented real estate agents have become easier thanks to real estate data analytics. Data analytics do not only help brokerages find experienced and skilled candidates, but they can also assess the potential of candidates and their past. Data analytics also makes it easier for recruiters to track the success of their recruiting campaigns. Recruiters can access candidates’ past sales performance, improve their recruiting process, and recruit agents with sound industry knowledge, skills, and experience.

As an industry leader, Relitix can help agencies interested in state-of-the-art real estate agent recruiting methods. We have data analytics professionals who will help your brokerage firm use relevant and important data in agent recruiting, training, and overall brokerage management. If you’re running a real estate brokerage firm, you deserve the accurate market insights necessary to make the right decisions. Whether you need to recruit talented agents, improve the decision-making process, reduce risks, improve customer service, or increase profits, Contact us today!