As seasons change, typically so does the real estate market. And as markets change, so do your needs as a business owner. Let’s take a look how these seasonal changes can impact your staffing needs and explore ways to help you manage across the fluctuating markets.
Staffing Strategies for Seasonal Fluctuations:
Managing staffing levels effectively in a real estate business requires careful planning and adaptability. Here are some strategies to consider:
- Flexible Staffing: Consider employing a flexible staffing model, where you have a core team of year-round employees and seasonal or temporary staff to handle increased workloads during the busy spring and fall seasons. This allows you to scale your workforce up or down as needed. Flexible staffing allows you to outsource projects and tasks to a variety of virtual assistant companies or independent agencies without making an annual commitment. Utilizing flexible staffing allows you to have support for your business when you need it the most. It is important to remember, hourly rates or flat rates tend to be higher when hiring outside sources as you will not have the additional overhead costs that you would have had if you hired a full time employee.
- Cross-Training: Cross-train your employees so they can handle various roles within the company. This flexibility ensures that your team can adapt to changing demands without the need for constant hiring and training. This piece is important not only for seasonal fluctuations but also for regular attrition within the business when employees move on to other opportunities. Having cross-train staff reduces downtime in business and eliminates valuable “know-how” from being forever lost when an employee leaves your business.
- Marketing and Promotion: Boost marketing efforts during the off-season to maintain a consistent flow of leads. Utilize cost effective marketing channels such as digital marketing, social media, and content creation to keep potential clients engaged and informed about the benefits of buying or selling during less competitive times. Businesses often don't utilize downtime to the best of its capabilities. This time is extremely important to analyze and strategize for the following quarter and year and to be able to get a head start on those initiatives before business kicks into high gear again.
- Client Relationships: Focus on building strong client relationships year-round. Even during slower seasons, maintaining a personal connection with clients can lead to referrals and repeat business. It is no secret that real estate is a business based on relationships and in order to keep your business moving forward you should continuously maintain contact with your current circle of influence as well as with all of your past clients. Working with a marketing agency to create strong communication pipelines and appealing content to connect with potential clients is extremely important.
- Financial Planning: Create a robust financial plan that accounts for seasonal fluctuations. Set aside reserves during peak seasons to cover expenses during slower times and avoid financial strain. This is a great strategy to have in place in order to retain your valuable stuff all year round to work on cross-functional projects instead of laying off workers or reducing their hours during the slower seasons and risking the possibility of losing them altogether due to rising cost of living.
There are a variety of factors that can impact your business at any given time. Remember, it is important to plan ahead so that you are prepared for the challenging times. If you need support in planning or finding the right resources for your business, we would love to connect and see how we can help your business grow! Use this link to book a free 30-minute consultation.
About the Author: Kate Teves
Kate Teves is the Founder and COO of the HR Pro, licensed Human Resources Professional and a skilled recruiter. Kate also lends her knowledge to young and upcoming professionals in the world of business and is a part time Professor at Humber College for the international entrepreneurship and business development post graduate program. With 10+ years of practical HR experience spanning across various industries she brings a wealth of knowledge to the world of real estate. Kate always loved the world of business but more importantly that at the core of every business are it’s people. That is what made her want to become a Human Resources Professional and eventually to create the HR Pro.
About The HR Pro
The HR Pro focuses on alleviating the HR Management and Recruitment components from our clients’ busy operations. Our experienced team of professionals provides a range of services including candidate screening, onboarding, policies and procedures and payroll solutions to name a few. With our personalized services and expertise, we make sure that your business has the tools and resources to reach its full potential.
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