Generosity: How to Persevere a Long Recruiting Cycle

Monday, February 28, 2011

I had the pleasure of spending some time in the San Francisco Bay area last week with one of our clients. I enjoy this particular company because their energy toward recruiting is among the best I've ever observed. Their executive team and hiring managers are truly passionate about hiring. And their passion is not just raw exuberance, but rather an excitement towards becoming more effective in their methodologies and working smarter than their competitors.

As we talked through their recruiting challenges, it became apparent that passion and energy is something they'll need a lot of if they hope to be successful. Why? Because the real estate recruiting environment is going to continue to be challenging for some time.

One of these challenges is the length of the recruiting cycle (i.e. the time it takes to recruit an agent). Whether a company’s recruiting focus is "new to real estate" candidates or experienced agents who are currently working for a competitor, the recruiting cycle is much longer, on average, than it has been in the past.

Why? Uncertainty in the economy and difficult conditions in the real estate market tend to make people more risk averse. While candidates will still change companies if they experience a crisis with their current employer/broker, most people in today’s environment prefer to hang onto what they have unless the perfect opportunity comes along.

With a lengthy recruiting cycle becoming the norm, the hiring managers who can persevere and stay engaged with a candidate over a long period of time are the ones who are going to be successful.

How do you accomplish this? One place to start is generosity. In a recent article in Fast Company, Anya Kamenetz makes the point that the internet has a way of empowering this type of engagement through generosity:

"… what fascinates me is the way in which the Internet can unleash acts of generosity and true connection.

Truth is, anyone who goes online takes advantage of the kindness of strangers. Wikipedia is the most famous example. Still, sites like Amazon, eBay, Yelp, and TripAdvisor are also valuable because of the feedback provided gratis by millions of people.

When it comes to sites such as PatientsLikeMe, or any of the thousands of message boards dedicated to infertility, cancer, and various other ailments, people get informed about life-and-death decisions based on volunteered information, while also deriving much-needed emotional support from strangers.

Sociologists attribute the desire to contribute to such communities to a “reputation economy,” in which people gain self-esteem and standing by giving away their time and opinion. Information is the thing people will share most readily, followed by time, followed by goods."

Notice what she says in the last paragraph: “…people gain self-esteem and standing by giving away their time and opinion.” If this is true, then hiring managers should be among the most generous people around! In essence, recruiting boils down to continually raising your “standing” in the eyes of your candidates (over a sustained period of time) until the candidate feels compelled to join your team.

What can you be giving away to your candidates?

Editor's Note: This article was written by Ben Hess. Ben is the Founding Partner and Managing Director of Tidemark, Inc. and a regular contributor to WorkPuzzle. Comments or questions are welcome. If you're an email subscriber, reply to this WorkPuzzle email. If you read the blog directly from the web, you can click the "comments" link below.

Five Elements of a Great Business Vision: Guest Blog

Wednesday, February 23, 2011

Last edition, I recommended that you peruse Dan Foster's blog site to see an example of someone who brands well. Below is a guest post by Dan, a Branch Manager for Prudential Northwest Properties in the Portland metropolitan area. In addition to being a Branch Manager and active blogger, Dan is also a Life Coach, husband, and father of two children. If you're interested, he can also be followed on Twitter.

___________________________________________________________________________________

"There is an ancient Hebrew Proverb that states 'Where there is no vision, the people will perish.' The more I talk to people in this economic season the more I am convinced this proverb is true. This week my team and I will be focusing on the story of our business – our vision. Some will be developing a vision for the first time and some will be reconnecting with the vision they created in the past. All of us will be thinking about the story we want to tell our clients, coworkers, community and loved ones in the years ahead.

My friends at Building Champions have helped me layout five key components of a meaningful and effective business vision.

1. Convictions: Vision begins with identifying the values and guiding principles that you are willing to hold true to no matter the consequences. They should represent the core of who you are as a person. People often use words like honesty, integrity, and great customer service. This part of your vision statement must go deeper though by identifying not just the conviction but the behaviors associated with living out that conviction. For example:

Life-long Learning: Passionately pursue lifelong learning and personal development through reading, attending conferences, and networking with other professionals.

2. Purpose: Your vision statement must answer the question, why does your business exist? We all have to know the deeper reason behind why we do what we do each day. Is it all just for money? Is it just about making widgets or providing some service? I believe your purpose is what gets us through challenging times and reminds you to keep fighting the good fight even when nothing seems to be going right. For example my personal business purpose statement is:

To coach and train professionals to be purposeful in their business and life.

That statement motivates me and reminds me that what I do each day is more than just the supervision and oversight of real estate transactions, more than just training classes, and more than just answering the 'got a minute' questions. It’s about helping people conduct their business with purpose and intentionality each day so they can reach new levels of success both personally and professionally.

3. Envisioned Future (Story): Your envisioned future is your description of who you want to be and what you want to achieve over the next 5-10-20 years. Remember you must be able to see your vision if you are going to achieve it. This part of your vision statement takes the emotions, dreams, and motivation you have for your business and puts it into words. The following is an excerpt from my team’s vision statement and talks about the culture of our office:

When you walk into our office you will find a warm and engaging environment that will be the beginning of a real estate experience. Our administrative staff will understand they are on the front lines as directors of first impressions. We will create a culture that invites our team members to be the best they can be in all areas of their lives. Our team will consist of highly trained and passionate real estate agents that are driven by purpose in their life and business. We will be a diverse group of sales leaders unified by our convictions and purpose. We will be purpose driven brokers.

4. Key Areas of Development: The key areas of development flow from your envisioned future and become the areas of your vision for you to start developing over time. As I wrote the vision for the Sherwood and Newberg teams at Prudential Northwest Properties I identified common themes in the areas I was writing about and soon had my list of key areas of development: Customer Service, Training, Coaching, Culture, Marketing, Recruiting, etc. I spent time writing about what each of these areas would look like, how we would be perceived by our clients, and what it would feel like when we were fully developed in this area. For example:

Our Community: We will actively participate in our community through service to our clients and through charitable donations and event sponsorships. We will engage our communities by offering relevant and real time information on their real estate investments. We will utilize the latest technology and best practices to serve our clients and community. We will be known for our convictions and purpose.

Training: Recognizing that people grow from interacting and learning from each other, our team members will regularly participate in various training experiences. These training experiences will be relevant, market sensitive, and provide an opportunity for team members to learn from their peers, develop new skills, and perfect their natural talents.

Coaching: Our culture will be one that is fueled by our convictions and accountability. 100% of the team will be involved in a coaching experience on a bi-weekly basis. We will model service and balance. We will hold each other accountable to living our Life Plans and will not allow our careers to take us off track. Coaching will be the cornerstone experience for a team member’s individual development.

5. Compelling Ambitions: Your compelling ambitions must be clear and motivating. They will become the unifying focal point of your efforts and the catalyst for team spirit and motivation. They must also be measurable and have a clear finish line so you know when you have reached them. These goals should be big enough that people doubt whether they can be achieved but attainable with you and your team giving your entire heart to the cause. For example:

Achieve the #1 position in overall market share for both active listings and closed units in Yamhill County, the city of Newberg, and the city of Sherwood by 2013.

Be patient as you go through this process. It can be challenging and even awkward. However, I’m convinced the reward is worth the hard work. If you would like a copy of the tool that I use for creating and revising my business vision please contact me.

Question: Do you have a business vision for your career, the people you lead, or the company you own?

Make it a great day!

Coach Dan"

Editor's Note: This article was written by Dr. David Mashburn. Dave is a Clinical and Consulting Psychologist, a Partner at Tidemark, Inc. and a regular contributor to WorkPuzzle. Comments or questions are welcome. If you're an email subscriber, reply to this WorkPuzzle email. If you read the blog directly from the web, you can click the "comments" link below.

Branding Example for the Real Estate Manager

Monday, February 21, 2011

A couple of weeks ago, Ben wrote a series of well-received articles on employment branding, as it relates to managers and the importance of recruiting and retaining high-caliber agents and candidates.

Long before "branding" was ever a topic of discussion, a leading pioneer in in the field of I/O (Industrial Organizational) Psychology, stated that he always begins working with an organization by first asking this question:

"What is it that you are known for, and how are you furthering that knowledge to others?"

Whether you know it or not, you are known for something. You may not be aware of what it is and may need to spend some time exploring and assessing your strengths and what you stand for. If you haven't yet, please do read Ben's series on branding (1,2,3,4).

Then…check out Dan Foster's blog…

Dan, manager at Prudential Northwest Properties, based in Portland Oregon, is a very skillful brander. He has obviously worked hard to articulate and build further an identity for himself that resonates with who he is, and what he values. You'll notice that he's certainly not trying to be everything to everyone… He is simply conveying and repeating his message again and again…

And so, instead of me taking your time today, allow me to redirect you to Dan's site so that you can spend some quality time pursuing ideas on how to further your brand, and better yet, your mark on this world…

Real Estate Managers and Gold Rush Alaska

Wednesday, February 16, 2011

As you know, if you've read the first edition of this series, I promised you a description of how your job can be compared to a Gold Miner's, and how this analogy should be in the forefront of your mind at all times if you want to consistently add value to your office and company.

My current favorite cable TV show is a program called "Gold Rush Alaska." If you haven't seen it, I highly recommend starting from the very beginning through on demand or via the Discovery Channel on the internet.

The program is about a small team of unemployed, blue collar workers from Sandy, Oregon, who spend their last dollars on equipment and leasing of a promising piece of land in Alaska, with the hopes of finding gold. I love watching this team of inexperienced, but mechanically savvy guys think their way through a series of mistakes, alternatives, fixes, injuries, and mechanical changes in order to capture every flake of gold, while discarding all unnecessary rocks and gravel.

The reason your job has become very much like theirs is that yours no longer provides easily found gold (new or experienced agents) by stumbling over nuggets as you walk along the river bed. In fact it's gotten downright difficult.

One of the most fascinating themes to watch as the series progresses is how each and every piece of the entire system is vital to the success of finding LOTS of gold….or none at all. In each episode the workers spend most of their time assessing each and every part of the process. This kind of diligence and attention to the overall process is crucial for effective and efficient recruiting as well. In fact, many similarities can be drawn between gold mining and agent recruiting. Here is a description of some of the machinery used in gold mining and how it relates to the sourcing of agents:

Large Backhoe to dig up large amounts of dirt and rocks: This is your first stage of sourcing candidates. These numbers must be sufficiently large enough that you KNOW that there must be gold (great hires) in the volume. This process includes continually broadening your network, increasing your exposure and brand, and setting up a system to manage large volumes of new candidate interest.
Grizzly Feeder: This is a huge rectangular receptacle that can receive tons of dirt and rocks. This is your version of a reliable system that can track every candidate, or where every experienced agent (as you network) can be entered and tracked. It must be built to quickly receive the large volume of candidates that you presumably and consistently are feeding into the system.
Large Trommel: This is a large drum that constantly rotates, and gradually separates the gravel from the gold. This process is similar to the many calls you make and emails you send to slowly build a trusting relationship with candidates to ensure that you don't lose any of the best talent.
Sluice Box: This piece may be the most important. This long corridor of riffles further refines the separation of gold from gravel. Read this explanation and see if you can understand the similarities between Mining and patience in Recruiting:

"Getting the flow right is the key to running a sluice. Too much water, or moving too quickly will carry gold higher into suspension.

On the flip side, too little flow, while allowing the gold to drop out quickly, also allows lighter material to drop out, filling the space between your riffles, eliminating the slow spots entirely, and allowing the rest of your gold to flow right out of the box.

The perfect flow allows the gold and other heavies to drop out of suspension and the lighter material to flow out of the box."

To recruit well, you must have the right equipment, put all the pieces in place, be diligent in keeping the flow going at the right speed (while not missing any golden recruits), and most importantly…you must consistently measure and perfect every piece of the puzzle.

Two Ways Real Estate Manager Jobs Have Changed Forever

Monday, February 14, 2011

Over the past three years I have heard the following words from ALL of the smartest people I know: "The world has changed!"

These words may sound shallow and cliche when they come from the mouths of most people. But, when these words trickle out, VERBATIM, from the mouths of my top ten list of most successful clients, mentors, acquaintances and friends I am blessed to know, I tend to listen…..carefully. And so should you.

I have questioned each of them about what they mean when they state that "the world has changed," and invariably it can be boiled down to the following: Each and every business and each and every position within those businesses (especially the visionaries and the managers) must overhaul how they approach their work from this point forward if they expect to remain competitive. Here's what these folks are really saying:

"You don't have to reinvent everything, but you must do a thorough assessment of all you do, and everything you believe, and rethink its proper fit in today's…and tomorrow's markets."

I have deliberately spent some time thinking about the changes that I see in your position and responsibilities. I would love to hear from all of you about the changes that you see. I will start the list with two observations I've made, but will amend the list as I hear from many of you. I will post however many changes we can list. It may be five…it may be 12…I'm not sure yet. But, you and I can help build the list together. So, for today, here are two ways that Real Estate Manager jobs have changed:

Today's manager must change WHO they recruit: The days of thousands of brash and naive "I want rewards without work" kind of people wanting to make an easy buck in real estate are probably over…and should be over. Prior to 2008, a manager could actually argue that it was appropriate to hire hundreds of low quality people. After all, everyone's neighbor, or someone in their circle of friends, was selling or buying, and fewer homeowners were as concerned as they are today about squeezing every last dollar out of each exchange. Today, customers are demanding a more savvy approach and increased need for professionalism. As an example, my neighbors, who recently put their house up for sale, formally held interviews with three agents (one was a mutual friend and neighbor) before finally choosing an agent who demonstrated the most professionalism in asking questions, intelligently listening to their needs and presenting a plan for selling their home that best reflected those needs. (The friend/neighbor didn't get the gig.) Experience in the business and who you know may mean less than an agent's actual customer focused skills these days. The new agent must be an excellent executor of sales tasks that drive business as well.
Today's manager must change HOW they recruit: Today's agent in today's market must be a hard-working professional. They must be a high caliber business person who understands the essential importance of how, (despite the importance of every technology tool out there) through meeting peoples' needs daily, they will build a good referral base. These agents will not be recruited through traditional means, but like mining for gold, will be found after lots of digging, lots of panning, and very hard work on the part of the manager to dedicate a great deal of time interviewing.

In the next blog I'll take this gold mining analogy a step further and describe what must be done to end up with the best talent…

Brain Rules: How Understanding The Brain Can Make You a Better Manager

Wednesday, February 09, 2011

I want to address a somewhat random topic today, but I think it's something you'll find interesting. The topic is sleep, and the question is…Why do humans need to sleep?

Maybe it is not as random as you might initially imagine. If you're a regular WorkPuzzle reader, you might recall that we centered a series of discussions last November around how to gain a competitive advantage in recruiting by making sure that your office is a compelling place to work. I would argue that if you can continue to develop your knowledge of what makes people perform at a peak level, you'll attract the interest of the most talented individuals.

Yesterday afternoon, I had the privilege of attending a lecture by Dr. John Medina. Dr. Medina is a developmental molecular biologist at the University of Washington and author of a best-selling book, called Brain Rules. As you might have guessed, he specializes in brain research. His presentation primarily focused on the latest research on the brain's need for sleep.

If you've ever been forced to stay awake for many hours, you may have noticed that it isn't your body that "get's tired," it's your mind. This is true of all humans. This is why sleep deprivation is commonly used to interrogate and torture people during wars.

For many years, the prevailing thought was that sleep was an energy restoration activity… It only made sense- you feel tired when you go to sleep… So, you must need some time to rebuild your brain's energy stores, right?

The problem with this theory is that as scientists have gotten better at understanding the brain, they've discovered that the brain doesn't really rest during sleep – It is actually quite active. So, if it's not resting, what is your brain doing?

Researchers now believe the brain is learning while you sleep. Here's what happens: While you sleep, your brain goes through sleep cycles. There is a deep sleep part of the cycle that typically lasts 26 minutes. During this period, the brain is taking the information that you collected from the previous day, prioritizing it, and then replaying the important events over and over again in your mind. This replaying of events is what causes your brain to actually capture and make sense of the information. It's called learning.

The brain ends the deep cycle after 26 minutes and then wakes you up. This is called rapid eye movement (REM) sleep. Most people don't actually wake up during this phase, but instead are brought to near conscientiousness. Researchers believe that the brain does this as a safety mechanism. It brings you out of deep sleep back to where you're nearly awake so you can check your surroundings. If everything is OK (i.e. you brain determines you're safe), it descends back into deep sleep for another cycle.

In essence, the brain needs some time each day where it can shut off information from the outside world and just focus on learning. If the brain is deprived of this time of focus, all kinds of bad things can happen. At a minimum, the brain could develop a pattern of inefficiency for assimilating new information.

I find all of this brain research stuff very interesting. Naturally, my mind starts spinning on all the applications that can be made with these discoveries. Here are some ideas that have come to mind:

Learning and Sleeping are Directly Connected. If we have an interest in capturing and applying important information that we've collected from a training seminar, networking meeting, or some other source, it is important to get good sleep the night after the information is presented.
Coaching and Training. If you're responsible for coaching and training agents you may want to pay more attention to how your students are sleeping. Let's suppose you hold a sales meeting and hire a high-priced trainer to present valuable information to your agents. For fun, you then host an evening activity that encourages your agents to stay out late and party a little bit. Probably a bad idea if your hope was for your agents to retain the training material.
Become the Expert on Peak Performance. We've talked the last couple of weeks about building your employment brand. Part of your brand should involve having a reputation for helping those around you perform at a high level. Understanding how to capture and assimilate new information is critical in this pursuit.

There are many more ideas worth considering in this realm. As a starting point, I would recommend picking up a copy of Dr. Medina's book on brain rules. It would probably be a great thing to read before going to bed…