5 Benefits of Data Processing in Real Estate Recruitment
Many companies still use traditional recruitment methods like internal hiring and employee referrals because they’re simple and familiar. While these are undoubtedly effective, they might not be enough for acquiring top talents in a highly competitive industry like real estate. That’s why it’s a good idea for your brokerage to explore new techniques in talent recruitment, such as using a data-driven approach.
In particular, data processing tools such as the one in brokerkit.com can help maximize agent recruitment efforts through a wealth of key information. These tools can also process data to identify candidates from a large talent pool. With real estate agents that possess the right skills, experience, and mindset, organizations can more easily achieve their business goals.
If you’re still undecided whether or not data processing can help you recruit talented real estate professionals more efficiently, check out the benefits listed below.
Make Objective Recruitment Choices
Many recruiters often find themselves in the challenging situation of choosing just one among many exceptionally qualified candidates. In this kind of scenario, it’s quite common for some emotion or bias to affect one’s decision and make a final choice based on it.
Although many experienced recruiters may have trusted their intuition before and yielded good results, it might be more difficult for newer recruiters. This is when employing data processing and analysis comes in handy. Data-driven hiring can help you come up with a more objective choice by showing variables you might not have seen through traditional recruitment. For example, the data you collect may reveal information in one of your candidate’s work histories that may make them better qualified for the position. It’s also possible that the candidate has something in common with one of your top agents that may make them more effective.
With data processing, you get to have a more holistic view of each potential recruit so you can formulate a more informed decision.
Boost Quality of Hires
Aside from making more objective hiring choices, using data and recruitment analytics can help improve the quality of your hires. For example, the results of a skills test and general mental ability assessments can supplement resumes and interviews. In turn, these can help determine a candidate’s future job performance.
Additionally, you can use data to identify the recruitment channels that yield quality candidates. You can gather data like top-performing agents, turnover rate, and productivity levels, among others. Then, you can compare the information between the different hiring sources such as job boards and social media channels. This helps you determine which channels generate top talents so you can reallocate your resources accordingly for cost-effectiveness.
Improve Hiring Forecast
When you spend more time processing and analyzing your recruitment data, you can also pinpoint patterns and trends that can affect future recruitment situations.
For example, by taking a closer look at your company’s recruitment and hiring patterns, you can forecast potential vacancies and the time to fill those positions. You can track the annual turnover rate and common times of the year when people leave the company. You can also monitor how long it takes to hire for certain roles, how many potential candidates to look for, and the time each candidate spends in each stage of the hiring process. At the same time, this kind of data-driven recruitment approach allows you to identify challenges or bottlenecks that could be slowing down the recruitment process and address them quickly.
Reduce Hiring Costs
Aside from facilitating a faster and better recruitment process, using data in recruiting real estate agents can also lower your hiring expenses. That’s because you get to eliminate long traditional processes, which commonly require plenty of resources. For example, you can use the data to identify the platforms on which you typically spend a lot of time and money advertising job postings. If they offer little to no positive results, you can minimize spending or cut this from your recruitment program. Then, you can transfer your recruitment team’s efforts to more successful endeavors.
Enhance Candidate Experience
Using data to improve your brokerage’s recruitment process bring the additional benefit of improving your candidate’s recruitment experience. Some candidates might tend to drop off at certain points of their recruitment journey because they’re annoying, redundant, or too intensive to complete. As a result, you can lose top talents. A candidate’s unpleasant recruitment experience can also negatively affect your brand as an employer. This could discourage other real estate professionals from even considering joining your company.
When you apply data processing in your recruitment strategy, you can identify these problematic points and remove the roadblocks that might be stopping top talents from pushing through with their application. As a result, you can refine your candidate experience into a desirable one that many qualified individuals would willing to go through.
While many traditional recruitment strategies are simpler, they might not be the best methods to help you recruit top talents into your brokerage. Consider the benefits mentioned above to better appreciate how data processing and data-driven recruitment can help improve your recruitment process. When you decide to implement data processing into your real estate recruitment plan, feel free to experiment with it and integrate it with your other effective tactics. This way, you can come up with a robust strategy that will help you recruit the industry’s top talents.