Over the previous four weeks, I published two Insights (1,2) concerning the sourcing trends for new-to-real-estate recruiting prospects. Here’s another quick update.
Volume. Sourcing volume goals are based on long-term historical trends. In April, we sourced 88% of the volume goal. This is 3 percentage points higher than March results (85%).
Costs. Sourcing costs (measured in advertising cost per applicant) increased from $4.95/prospect to $5.79/prospect. The historical trend line is $5.42/prospect during this time of year.
Conversion. The number of unique views to job postings increased 19.9% in April, but the conversion rate from view to application fell from 32% to 25%.
The increase in views balances out the reduction in conversions for overall prospect volume. Since most advertisers charge on a pay-per-click basis (views), costs have increased.
Quality. Recruiters and hiring managers continue to report the quality of the recruiting prospect is the best they’ve seen in several years.
After being forced out of their traditional jobs in recent weeks, many high-quality individuals are reconsidering their career options and making choices to be more independent.
For those committed to planting recruiting seeds for the future, it’s springtime.
Shortly after the last downturn, a new crop of high-performers took root and started to prosper.
I suspect the same thing will happen again.
