Srini has more than 25 years of experience, of which over 15 years are in the real estate sector. In his various roles as CEO, COO & CFO of leading real estate developers in Bangalore & Mumbai (Ozone group and The Wadhwa Group). Srini has been at the forefront of leading the Real Estate development business across all asset classes of Residential / Commercial / Retail & Integrated Townships. He is a notable speaker and thought leader on various platforms for the RE Industry.
Human Resource has been the backbone of the real estate industry ever since. Like many other industries, real estate is going through a paradigm shift. In order to succeed over the long term, agencies must attract, develop, and efficiently train new recruits to stay ahead of the competition. It is imperative to understand the changes in the industry in regard to HR and the talent functions to help in a deeper understanding of what makes a real estate company stand out in recent times.
Technology- the support system of real estate:
Technological advancement is one of the significant developments that are occurring in the real estate sector. More and more real estate firms will need to transform into tech firms that also specialise in the most advanced ways of managing and retaining clients. Technology has taken on a central role in the way clients interact with real estate managers and as they are armed with the tools of the internet today, including the tech-enabled procurement that is now gaining momentum in the industry. Organizations need tech-savvy leaders and employees who can harness inventive thinking, establish the correct strategies, and use the systems and technologies that best meet the objectives of the business, according to the PwC report Talent Trends 2019.
Training to adapt:
Recruiting and training new talent effectively is creating a demand for skilled agents as well as those with soft skills we often see in real estate agents:
- Communication.
- Active Listening
- Negotiation.
- Patience.
- Problem-Solving Skills
Typically, these abilities are what create successful real estate managers. Although these talents are crucial, tech skills are also quickly becoming in demand. These skills can be taught to individuals early in their careers to ensure that they experience rapid progress and promote themselves and their businesses as highly qualified professionals. These skills can be taught to individuals early in their careers.
The training of new, qualified hires must begin as soon as possible in real estate firms, but this is not the only reform required for the businesses in the sector to remain competitive.
The new normal:
The pandemic has moved the center of attention to technology, but it’s crucial to recognize what technology lacks and where well-trained people can help. The most valued talents are those who are aware of tech and possess the soft skills of standard agents while being able to communicate clearly across a variety of channels and knowing when to demand a response from a potential customer and when to wait for them to consider it. With these changes to the status quo, it is impossible to ignore the importance of all of these very human qualities.
Modernising way of leading real estate companies:
Alongside the traditional ways of operations with limited job roles to choose from, real estate companies have evolved over the years to prove that they are one of the biggest industries to attract as many jobs as possible. New departments have been started in companies, new marketing and PR talents are taking the industry a notch higher than it ever was.
Thus, real estate companies are no longer limited to just buying and selling properties. New approaches have been taken to glamorise the industry so as to be able to pull in the most talented individuals while also helping the industry grow.
Conclusion:
The real estate sector has to broaden and improve its methods of acquiring and retaining talent. This includes modern techniques that start with the customer and work backwards. Our focus remains on what our customers really want, what is valuable to them, and how we can satisfy their needs. Let’s begin by equipping the appropriate individuals with the necessary abilities to ensure that as the sector grows, so does its workforce.