What Qualities To Search For When Finding A Real Estate ExecutiveShare
If you manage a real estate business, then you most likely have or need a real estate executive. If you are searching or trying to recruit one, here are some of the qualities you need to look for in your candidate.
Someone Who Can Work With Upper Management
One of the most important duties for a real estate executive is their ability to work and communicate with upper management to develop portfolio goals, develop plans to meet those goals, and report back performance over time. As such, when recruiting an executive, you need someone that has been shown to work well with upper management. Even if someone does very well in portfolio measures such as lowering costs and completing profitable contracts, someone unable to work with their superiors will make the business suffer. For example, even the most successful real estate brokers who can't communicate with upper management can interrupt the flow of business, costing you time and money.
Someone Experienced With Real Estate Portfolios
Another important part of searching for a real estate executive is making sure they can manage the various real estate contracts your business will handle. While unlicensed employees can handle lower-level projects such as office management or advertising units, real estate executives need to handle much of the technical, mathematical aspects. This includes finding and buying real estate that will turn a profit, and selling when the time is right. This also includes authorizing expansion when appropriate or cutting losses as soon as you should. Someone that works well with upper management may struggle with the more business-oriented aspects of real estate and would be better off not becoming an executive.
Finally, one of the most important parts of real estate executive recruiting is making sure that the person you hire can and will comply with any and all regulations. There are a lot of rules and regulations to keep track of, and you and your company need to follow them all to the letter. This includes making sure unlicensed employees do not overstep their bounds, that rules around rent and tenancy are set according to local regulations, and other laws. If you hire an executive that bends the rules or allows others to bend the rules around your property, then you'll find yourself facing stiff fines or even jail time.
Real estate executives need to be able to manage up, to turn a profit within the real estate portfolio, and to remain compliant with any rules and regulations. When searching for a real estate executive, make sure to do your due diligence in finding the best one. If you need help finding the right candidate, reach out to a real estate executive search service.