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Real estate companies have unique HR needs that can make it difficult for just any HR software to fit the bill. Real estate companies have enough to focus on with staying up to date with market health, current listings, underwriting policies, and client needs, so finding an HR software solution that can handle all HR needs can ease the burden.
HR in any business is responsible for managing the employees of that company. Human resources is responsible for processing payroll, hiring, managing complaints and disciplinary issues, managing benefits, and much, much more. The role of HR is no different for a real estate company. Real estate HR is responsible for supporting the real estate agents and office staff.
But what exactly are the roles HR plays in real estate?
Real estate agents are the public face of the real estate company. It’s essential to hire the best possible agents who are not only great agents but who also will represent the company well. HR is responsible for hiring both agents and the office staff that help keep the company running. HR must recruit skilled agents and professional staff who can meet the company’s standards.
The HR department is also responsible for ensuring the smooth running of the company’s normal operations. This means ensuring that relations between employees are also running smoothly. It’s HR’s purview to handle claims of harassment, maintaining company safety procedures, and handling the legal aspects of the sale of homes and buildings.
HR is responsible for recruiting agents and staff that meet the company standards. HR is also responsible for ensuring that employees continue to meet the company’s standards. To that end, human resources handles employee evaluations. These will help ensure that all agents and office staff are meeting performance expectations.
Real estate agents have certain sales procedures that they’ll need to follow whenever they sell a house or building. It’s HR’s responsibility to teach these procedures to new agents and to ensure that agents continue to follow proper sales procedures. These procedures will help the agents to uphold the standards set by the company.
Every job requires some amount of training. Even in specialized fields where much of the learning is done before hiring on, there are specific procedures and guidelines that agents and staff must follow that may be unique to your real estate company. HR is responsible for providing the necessary training to both agents and staff. This training will ensure that everyone knows exactly what is expected of them so they can meet the company’s standards.
While every HR department will face some challenges, there are some challenges that are specific to the real estate industry. Many real estate companies end up facing high turnover. This can occur for a variety of reasons, including companies hiring inexperienced agents, not offering enough training, a lack of a mentorship program, and low pay. Without the right support from HR, the company may lose good employees. Employees may also leave due to workplace issues such as experiencing harassment from a coworker or manager.
Another reason high turnover can occur is because the real estate company is behind the times in terms of technology. There are a lot of software options out there that can help real estate companies’ HR departments better support their agents and staff. When looking for real estate company software, real estate companies should consider acquiring software that can help in the following areas.
Real estate companies often employ staff in several different roles with highly differing payroll settings. HR software that includes payroll support can stream time and attendance information, commission information, and any other relevant information into the payroll feature, making it a snap to run payroll. This can help to keep employees happy and the business running smoothly.
Taxes and tax filing can become complicated when home closings occur at different times, agents receive different rates, and payroll is just generally unpredictable. HR software can keep track of all taxable income, make sure that deductions are subtracted, and even compile reports for filing. Owners or managers may simply have to press a button to file and send the tax money outlined in the reports.
While much of the real estate operations are performed on the go, the business is still a business and must comply with applicable labor laws and regulations. As such, HR software can provide information and support for complying with regulations. HR software is updated regularly with the most current compliance information and professionals are often available to answer questions and provide support.
Attractive benefits packages, retirement options, and perks can help to attract and retain the best real estate agents and office staff in the business. HR software will allow employees to manage their own benefits and review perks and retirement options. This can be extremely helpful for agents that are rarely in the office.
Great agents are hard to find and interviewing and screening can be difficult when everyone is constantly on the move. HR software with mobile support can assist with recruiting and onboarding high quality agents. In some cases, video interviewing options may be invaluable.
Paperless onboarding can be a desirable option, as it saves agents time from coming into the office and makes it easy to keep required paperwork in order. HR software that offers paperless onboarding may also be customizable, allowing companies to post videos and relevant information that will help new agents success in the area.
Integrating HR software with accounting software can help real estate companies to review the financial health of an organization in one place. This can assist with decision making and strategies, while providing real-time feedback about aspects of the business. Not all HR solutions are capable of integrating with accounting software, so this may be an HR software selection consideration, particularly for small offices.
Is your real estate company looking for software to help manage your HR? We can help you find the software that will best suit your agency’s needs. Visit our Software Match page to start your search today.
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