Welcoming a new hire into a role in Commercial Real Estate (CRE) can be a transformative opportunity for both the individual and the team. It’s not just about filling a vacancy. It’s about fostering growth, harnessing potential, and nurturing a lasting partnership.
In this blog, we will delve into the art of getting the most value from your new CRE hire, from managing expectations to coaching and development and ultimately retaining their talent for the long term.
Managing Expectations with New CRE Hires
Launching the journey with a new CRE hire mirrors guiding a ship into uncharted waters. As a CRE veteran, you may grasp the essence of charting the correct course right from the outset. But your new hire may not have that high-level perspective just yet. Clarity is paramount when integrating this new team member. You have to set expectations.
Paint a vivid canvas of their role. Detail responsibilities to illustrate their contribution. The CRE industry’s diversity makes it necessary to outline specifics that pertain to their position, encompassing daily tasks, pivotal projects, and colleague interactions.
Managing expectations encompasses more than just task details. It’s preparing them for the journey, challenges, and triumphs. Share potential hurdles like intricate negotiations, fostering resilience rather than fear. Assure growth as a core part of their journey, with opportunities to enhance skills through workshops and mentorship.
Managing expectations with a new hire is kind of like providing a telescope so they can see the end from the beginning and understand both large-scale and small-scale expectations. This prevents disillusionment and fosters purpose, highlighting their role’s significance.
Coaching and Developing New Hires
Every new CRE hire is an investment in the future, and coaching them for success is pivotal. Rather than just tossing them into the deep end, take a mentorship approach to develop their potential. Provide guidance, ongoing feedback, and tailored training to help them navigate the intricacies of the industry. Encourage questions, foster a culture of learning, and ensure that they have access to resources that support their growth.
Consider implementing a buddy system where seasoned colleagues can offer insights and advice. This not only accelerates their learning curve but also nurtures a sense of belonging within the team. Even a lackluster hire can become a great hire through good management and coaching. Ensuring Long-Term Success Through Retention
As the saying goes, “Retaining top talent is easier than finding it.” Once you’ve invested time and effort in cultivating your new hire, you want to ensure they remain an integral part of your team. To achieve this, adopt effective retention strategies that make them feel valued and invested in the organization’s success.
New hires in commercial real estate are often ambitious and eager to climb the ladder. So, provide them with a roadmap that outlines potential growth within the company. Discuss how their role can evolve as they learn and take initiative. Encourage their development through the use of rewards and recognition. Feeling appreciated motivates employees to stay committed and engaged. Help them to enjoy their work. The CRE life can be demanding, but promoting work-life balance is crucial for long-term retention. Encourage taking breaks, utilizing flexible schedules, and maintaining a healthy equilibrium between work and personal life. Cultivate an environment where new hires feel comfortable sharing their aspirations and concerns.
And keep the lines of communication open. Regular check-ins can help you understand their needs and adapt accordingly, fostering a sense of trust. Keep them learning through workshops, industry seminars, and opportunities to gain new certifications. Employees are more likely to stay invested when they see that their growth matters to the organization.
Their Success is Your Success
When managing a new CRE hire, remember that their success in the CRE industry is a reflection of your investment in their potential. It’s not just about hiring good people; it’s also about nurturing those people to be even better leaders. Give them the tools they need.
As leaders in this field, we have the privilege of shaping careers. By instilling in your new hire a sense of purpose, nurturing their growth, and valuing their contributions, we are not just building a workforce – we are building a legacy.
So, embrace the opportunity to make the most of your new hire. You can achieve long-term success by a careful and strategic approach and by implementing proven management principles.
Sources:
– How to Manage Your New Hire Expectations – Real8 Group
– https://www.indeed.com/career-advice/career-development/developing-employee
– https://buildingrecareers.com/2021/02/11/how-to-inspire-higher-employee-retention/
– https://buildingrecareers.com/2023/02/02/5-proven-ways-to-make-better-hires