Picking up the Pace: Accounting Hiring in Real Estate and Property Management

While finding finance and accounting talent in a historically tight labor pool is one trend on every CFO’s mind, actual hiring needs and talent availability have been different in each sector.

How have companies in the fast-paced world of real estate and property management been keeping up?

We asked Aston Carter accounting and finance manager Gina Halvorson, who’s had over a decade of experience in talent placement, including six years in Chicago’s busy real estate market.

Roles and Requirements

Hiring managers at real estate management firms are mostly looking for property accountants at both the senior and staff levels, as well as transactional accountants with the appropriate knowledge to serve in accounts receivable or payable roles.

While companies in other sectors, such as business and professional services, have responded to the shallow labor pool with increasing flexibility on hiring requirements that cite prior industry experience, that’s not always the case in real estate. Says Halvorson, “For property accounting roles, it’s 100 percent critical for people to have industry experience. On the transactional side, it’s helpful, but not a must.”

Industry-Specific Skills and Mindset

If you think accounting work in the real estate and property management sectors is similar to other industries, think again. According to Halvorson, what makes the sector unique is how its fast-paced complexity requires an ability to be quick on your feet and flexible in your mindset.

“When you're a property accountant, you're closing almost every single day, every single week. It's constantly busy, and you often have to code-switch between different enterprise resource planning systems and property types,” says Halvorson. “Not only that, but you also have to properly communicate the context of every dollar, and be client-facing and service-oriented from property to property. It can feel overwhelming to people with a more traditional accounting background.”

So the requirement of industry-specific experience for hiring real estate accounting talent is less about finding the correct technical skills than filtering the candidate pool for communication skills, employee mindset and fit.

Making Adjustments

With the labor pool being as tight as it is, and with companies needing to stay firm on industry-related experience for their accounting needs, how can real estate and property management firms adjust to the current employment market?

Halvorson’s found that timing is the key. “In my conversations with hiring managers, I’ve emphasized that decisions need to happen faster,” she says. “The reality is if you don't make a decision today, this person is going to get another offer tomorrow. I've had managers extend job offers during the interview.”

What’s the best way to win on accounting talent in the real estate and property management sector?

Think fast.

Attracting and Keeping Talent

Retention is becoming key as well. “There's a lot of talk about these companies being more of a training ground for candidates,” says Halvorson, “because they're often losing talent two to three years after the initial hire.” So it only stands to reason that employee retention programs such as workplace culture initiatives, scheduling flexibility, and payment and advancement structuring will eventually come to the fore as this field continues to adjust to a shortage of available labor.

Pursuing Knowledgeable Partnerships

While demand for finance and accounting talent remains high (and the supply low), it’s vital for real estate and property management companies to increase their reach into the job market by partnering with resourcing firms who are making proactive adjustments of their own.

For Aston Carter, that means an increased focus on consultant outreach and service.

“We prioritize a high-quality candidate experience, with a focus on building relationships based on knowledge. Employees are curious about the roles they’re being hired for, everything from compensation and benefits to the company’s market position and growth prospects. When we answer those questions, candidates trust us more.”

Thinking Ahead

The war for accounting and finance talent is on in the real estate and property management sector. As hiring managers find themselves in the trenches, it’s important to keep a long view in mind.

 “I’d love to develop partnerships in real estate and property management that take the needs of the end user into account, to be able to serve our property management companies better by understanding who they’re targeting as clients,” says Halvorson. “That’s an area where this advance talent outreach we’ve been doing can really be tailored to serve long-term hiring strategy.”