Anyone looking for housing in the Portland metro area right now will tell you it’s a full time job. With inventory at all time lows and prices at all time highs, sellers have a flurry of offers and competition to get offers accepted is fierce. If that sounds familiar, you might be noticing the resemblance to the hiring market.
In times of low inventory, real estate agents will suggest buyers set geographical boundaries wider than ever to try and boost the number of options. Buyers will realize that the most desirable homes and locations will not be cheap. Offers go up against 30 other offers at a time, causing buyers to resort to unconventional situations to make their offer stand out – offer prices 29% above list price and letting owners stay rent free for up to 60 days past closing and even writing love letters to the owners for example. Most importantly, buyers are encouraged to remain vigilant in this process. Waiting even a day or two to put in an offer in means the house will certainly be lost to other offers.
Interestingly, all the advice for buyers in a tight housing market is relevant to hiring managers trying to hire in an equally tight recruiting market: casting the net wide will generate the largest pool of candidates. The most desirable candidates will not be cheap – hiring quality candidates with transferrable skills instead can be a successful alternative. Differentiating your company’s unique attributes and tailoring the offer to stand out from the others will make sure your offer gets serious consideration. Lastly, don’t wait. Moving candidates through the interview process to offer phase quickly will ensure you close the deal instead of losing out to another offer.
As a hiring manager, take a page out of the real estate agent playbook for this hot hiring market while the inventory is low and going lower.