How do we hire the best person for an entry-level investment real estate position?

With a “green pea” hire, what they can become is far more important than what they can accomplish on day one. 

The habits they bring in will be what you spend most of your time either overcoming, or in a few special situations, enhancing.

Education vs. Experience?

Give higher value to whether they showed up to work on time, stayed focused on task, and learned as they grew in the job. Advantage – (longer-term work) experience. 

Creative vs. Consistent? 

Dependable production wins out over occasional greatness. Advantage—consistency (once they show they can do a particular item, they have bought for you time, which is more valuable than money).

Attitude vs. Aptitude? The right attitude is difficult to teach; focus on someone who shows up day one with this box checked. Advantage – attitude.

A.D.O.P.T. A SYSTEM

Give them a system denoting activity priorities.

ACTION – Focus half their day on activities impacting generating money for you in the next 30 days. Early understanding of what drives your income is the most important initial training.

DEVELOP – Allocate 20% of their time solving today the potential crisis of tomorrow. In leasing and sales, help open up new relationships. In property management, take the lead to track the status of ordered materials. As they better understand how you generate income, the more effective they may become in helping research and develop winnable opportunities.

OPERATIONS – On those things which are truly within their control – replacing ink in the printer, taking a mailing to the post office, calling to obtain on site results – limit them to 10% of their day. Demand they get it done, and quickly return to those things (see Action and Develop above) which drive income.

PERSONAL – Sharpen the saw! They need spend 10% every day getting a little bit better/smarter (rather than escaping into their iPhone or gossiping in the lunchroom). If they won’t daily invest 10% of paid time making themselves more valuable, do you really think they are spending time making your company better?

TOUCH – Have them spend 10% each day reaching out to maintain contact with occasional clients.  Post card, email, text, voice mail – just a little on something easy (write for them a one-paragraph script). Otherwise, you become “out of sight, out of mind” when your former clients have an opportunity to send business.  

BOTTOM LINE

The right leadership of a new hire is as important as making the right hire.

Position the newbie so they can fail in small / safe ways; otherwise, they will not learn decision-making on the fly. 

Be readily available with a life preserver but stay far enough distance away so they go underwater occasionally…and learn to swim on their own.

Watch closely how they play with others—investment real estate is a team sport; one great player (even you!) cannot alone assure success.

To learn how to apply this A.D.O.P.T. System to build stronger, more effective entry-level teams in investment real estate, contact Rick Chess at rick@chesslawfirm.com or 804-241-9999.