Navigating the Challenges of Hiring Bookkeeping Staff: A Real Estate Investor’s Perspective
Having transitioned from a 15-year finance career to real estate investing in 2016, I recently embarked on a venture with a fractional CFO firm. Here, I took on the role of CFO, providing strategic financial guidance to their varied clientele. A common thread among these clients quickly emerged: their Bookkeeping was consistently in disarray. Recognizing a niche, I decided to launch a specialized Bookkeeping service tailored exclusively for real estate investors.
To my surprise, the demand for such a service was evident. Without extensive efforts in marketing or outreach, I amassed a client base of 6-7 individuals. I’m confident that with a targeted promotional strategy, the potential for growth is enormous.
However, my passion lies more in the realm of real estate investments than in the detailed intricacies of bookkeeping. Furthermore, the financial rewards of real estate investing outpace those of bookkeeping. To strike a balance and focus on what I truly enjoy, I’ve realized the need to delegate the bookkeeping responsibilities.
So, the pressing question arose: how challenging is it to recruit skilled bookkeeping personnel? While I’m open to training new hires and have meticulously documented processes to facilitate this, finding the right candidate remains pivotal.
Embarking on this next phase, I’m poised to reduce my direct involvement in bookkeeping and seek capable hands to uphold the quality and precision my clients expect. The journey to find the right bookkeeping talent, though daunting, is an essential step in growing this promising aspect of my business.
One response
Hiring Bookkeeping employees can indeed present several challenges, but with the right strategies and mindset, it is definitely achievable, especially in your specialized niche of real estate investing. Here are some steps and advice to help you navigate this process effectively:
Leverage Your Network: Given your extensive experience in finance, real estate investing, and the CFO realm, you are likely already connected with professionals who might lead you to potential candidates. Tap into these connections by reaching out to industry peers, attending finance-related networking events, or joining real estate and finance groups on platforms like LinkedIn, where you can post job opportunities or seek referrals.
Define Your Needs Clearly: The specificity of your niche in real estate investing Bookkeeping means that you need someone who is not only skilled in Bookkeeping but also has a basic understanding or willingness to learn about the real estate sector. Clearly delineate the required skills, such as familiarity with Accounting Software and understanding real estate investment terms, in your job description.
Use Niche Job Boards: To specifically target candidates with a real estate background, consider using niche job boards or platforms that cater to real estate and finance professionals. Websites like RealEstateJobs.com or even dedicated finance sections on broader platforms can be useful.
Consider Remote and Freelance Options: With the rise of remote work, you can broaden your talent pool by considering remote freelancers or part-time workers who specialize in bookkeeping. Platforms such as Upwork or Freelancer can connect you with skilled individuals who prefer flexibility but still offer the quality needed.
Craft a Comprehensive Training Program: Since you’re open to training, use your documented processes to develop a structured onboarding and continuous training program. This will not only help new hires get up to speed quickly but also ensure consistency in bookkeeping practices as you scale.
Highlight Career Growth Opportunities: Prospective employees are often attracted to roles offering career development. Emphasizing potential career paths, professional growth, and skill development within your firm might make the position more alluring, increasing your chances of attracting quality candidates.
Offer Competitive Compensation: Understand the market rate for bookkeepers in your area or within the real estate industry specifically. Competitive salaries, along with benefits like flexible working hours or performance bonuses, can make your offer more attractive.
Evaluate Soft Skills: While technical skills are crucial, soft skills such as attention to detail, communication, and problem-solving are equally important. During interviews, assess these skills through situational questions or practical tests