3 Easy Steps To Guarantee Recruiting Success
By: Alex Shattuck
I started investing in real estate in 2017. Many told me it was a terrible time to buy. The market was not a buyer’s market. Prices were too high. They weren’t lying, but they weren’t necessarily right either. Buying properties in a seller’s market is all I know. The market has not been ideal yet I’ve been able to amass millions in real estate in a short amount of time. This was without any partners, or outside investors.
The job market has made recruiting a struggle for business owners in recent years as well. The reasons for the struggle continue to change but this pain point doesn’t appear to be going away. It is not an “employer’s market” just like it is not a “buyer’s market”.
You can tackle this problem head on with these 3 steps that I used to win in real estate:
1. Educate Yourself
When I decided I wanted to invest in real estate I didn’t just go put an offer on a property. I went to Google. “Best real estate investing books” click. I scrolled and identified a couple then jumped onto my Amazon app and placed the order. It was deer hunting season in Michigan so I was able to learn while hunting. I blew through those first two and then went on to read well over 50 books on just real estate alone in the following 2 years.
Success leaves a trail. Whether you want to be better at real estate, or recruiting. There are resources for you. Many are free. E-books, podcasts, webinars- you name it. If you are frustrated with your inability to recruit good people but haven’t done anything to improve your ability to do it- who’s fault is that?
2. Don’t’ Be Shy
“He who has a thing to sell and goes and whispers in a well, is not so apt to get the dollars as he who climbs a tree and hollers.”
I’ve had some really great real estate deals land in my lap. It wasn’t luck though. I climbed the tree and hollered. People know I buy rental properties so when someone wants to unload one- my name often gets brought up in conversation. I’ve had the same success with recruiting. I am always recruiting and not shy about it. You should not be shy about the fact that you are looking and what you are looking for. Climb the tree and holler with me.
3. Know Your Criteria
When I was first reading up on real estate, one book told me to look at, and analyze, 100 deals before buying your first property. I had already learned in another book how to analyze a deal and decide my criteria needed to make a purchase. My criteria at the time was this:
- I wanted a value add opportunity. I hoped to find the worst property in a great neighborhood to maximize forced appreciation through renovating the property.
- I wanted it to cash flow $500/month. (generate $500 in profit after all expenses, including mortgage)
- I wanted a minimum of 15% cash-on-cash return. (annual cash flow profit divided by amount of cash personally invested)
To make a long story short. I found a property for sale, looked at it, ran the numbers and it checked the boxes I wanted to check. I looked at one property and bought it. Now, if I would have looked at 100 would I have found a better deal? Probably. But how long would that have taken and what would have been the opportunity cost of waiting?
This is what we need to do with hiring. Know your criteria and when someone checks the boxes- HIRE! Sure, you could interview 100 more potential employees and maybe find someone more qualified, but what is the opportunity cost in waiting?
If you apply these 3 easy steps to recruiting I guarantee you more success with recruiting.
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