Navigating the Challenges of Hiring Bookkeeping Talent in Real Estate
Embarking on the journey of hiring skilled Bookkeeping professionals can often seem daunting, particularly in a specialized field like real estate. Let me share my experience to shed some light on this process.
Having transitioned into real estate investing in 2016 after a robust 15-year career in finance, I’ve spent the last year collaborating with a fractional CFO firm. In my role as CFO, I’ve observed a recurring issue among our clients—a lack of proper Bookkeeping practices. This insight sparked an entrepreneurial idea: to launch a bookkeeping service dedicated exclusively to real estate investors.
Despite minimal marketing efforts, I’ve successfully secured 6-7 clients. This indicates a significant potential for growth if I were to increase my outreach efforts. However, my passion remains firmly rooted in real estate investing, which is far more lucrative and enjoyable for me. Therefore, my objective is to delegate the bookkeeping tasks to a capable individual, allowing me to concentrate on what I love most.
At this point, transitioning from a hands-on bookkeeping role to one where I manage a team has become essential. The critical question now is: how challenging is it to recruit competent bookkeeping professionals?
I am open to training a newcomer since I’ve diligently documented my processes with this purpose in mind. This documentation will simplify the onboarding and training processes, ensuring consistency and quality in service delivery.
For anyone in a similar position, the key lies in finding individuals who possess not only the technical skills required for bookkeeping but also an understanding of the real estate industry. Patience, effective training modules, and clear communication will be vital as you build a talented team capable of supporting your business vision.
One response
Hiring Bookkeeping employees, particularly in a niche sector like real estate investing, can present specific challenges but also offers distinct opportunities. Your experience, both in finance and real estate investing, positions you well to tackle these challenges effectively. Here’s a structured approach to finding competent bookkeepers for your business:
1. Understand the Skill Set Required:
Bookkeeping for real estate requires specific knowledge, such as understanding property management software, realty-specific tax regulations, and possibly multi-currency transactions if you’re dealing with international investments. Ensure that your potential hires have, or can learn, these skills.
2. Recruitment Strategy:
– Targeted Job Listings: Post your job openings on platforms frequented by finance professionals, such as LinkedIn, Indeed, or specialized finance job boards. Tailor the job description to emphasize the real estate focus, which is likely to attract applicants with relevant interests or experience.
– Networking: Leverage your connections within the finance and real estate sectors. Personal referrals can lead to quality hires. Attend industry events or virtual meet-ups to expand your network.
– Partnership with Educational Institutions: Consider collaborating with local colleges or universities offering finance and Accounting programs to tap into a pool of upcoming talent.
3. Evaluate Candidates Effectively:
– Assess Technical Skills: Even if you’re willing to train, it’s crucial to assess basic Bookkeeping skills. Consider giving practical tests during the hiring process to gauge their abilities.
– Cultural Fit: As you enjoy real estate more than bookkeeping, finding someone passionate about numbers and who finds fulfillment in the details can create a balanced team. A good cultural fit can significantly benefit your company’s growth and sustainability.
4. Training and Development:
– Since you’re open to training, develop a robust onboarding and training program. Documented processes are a great start, but consider using tools like online training modules or mentorship programs to bring new hires up to speed efficiently.
– Encourage continuous learning. Real estate is a dynamic industry, and staying updated with the latest developments will be crucial for your bookkeeping staff.
5. Retention Strategies:
– Competitive Compensation: Bookkeeping is a meticulous and responsible job. Offering competitive salaries and benefits can help attract and retain talent.
– Career Growth Opportunities: Clearly outline potential advancement paths within your firm. This can motivate employees to perform better and stay longer.
– Flexible Work Arrangements: Post-pandemic, many