The customer journey for a Canadian CEO to select a commercial real estate broker consists of four different stages, including awareness, information search, negotiation or comparison, and decision making. More information regarding those stages is written below.
#1. Awareness of a Commercial Real Estate Broker Need
- According to a study conducted by the Bureau of Labor, the employment of real estate brokers and sales agents is expected to rise by approximately 11% in 2019 to 2022.
- In the second quarter of 2018, the sales of commercial real estate reached $16.5 billion in Canada which is 38% higher than the first quarter of the previous year of 2017.
- According to the report of CBRE’s Canada Quarterly Statistics in the second quarter of 2019, the industrial property market is considered very healthy.
- The market of the office area is also considered to be good and healthy, according to the PwC Canada. A study conducted by JLL Research in the second quarter of 2015 also reported that the vacancy rate for office properties reached 10.5%.
#2. Information Search
- Due to the technological revolution, Canadian CEOs may post recruitment advertising for free on employment and career sites, such as Wow Jobs and Indeed. From there, potential workers can apply to the company.
- Before publishing the recruitment advertising, a Canadian CEO must also possess a deep understanding of the skills and experiences needed in a commercial real estate broker.
- Although the job requirements of each commercial real estate broker from different companies may vary due to the budget and expertise, a commercial real estate broker applicant must complete the Broker Registration Education Program. Several colleges and universities in Canada also offer various programs related to real estate.
- A commercial real estate broker should have a strong understanding of the property market, local economic trends, current income tax regulations, and purchasing arrangements. He/she also must be able to handle administrative job s related to real estate documents, agreements, and lease records.
- Soft skills, such as strong communication ability, active listening, social cues, negotiation ability, patience, and tactfulness, are also needed to become a successful commercial real estate broker.
- To cope with the current system, a commercial real estate broker must possess a strong understanding of the usage of technology, including various social media platforms.
- Every potential worker is required to send in a resume to the company he/she desires to work in, whereas a resume is important for a company to have a deeper understanding of the potential worker's skills and experience. A company may also compare the skills possessed by the applicants.
- During a job interview, the CEO may also assess the soft skills and the characters of the potential commercial real estate brokers, including verbal and non-verbal communication skills.
- Most of the real estate companies in Canada demand the potential commercial real estate broker possess a positive and professional attitude with a high degree of integrity, honesty, and ethics.
#4. Decision Making
- Before finalizing a decision, an employer needs to fulfill the essential requirements of an employee according to Canadian law, including payroll account number, workplace safety, and insurance.
- A Canadian CEO must first understand the classification and the medical condition of his/her employee before signing the employment contract.
- Due to the anti-discrimination law in Canada, a CEO must not eliminate or reject applicants based on their "race, ancestry, place of origin, color, ethnic origin, citizenship, creed, sex, sexual orientation, gender identity, gender expression, age, record of offenses, marital status, family status or disability".
- Our research suggests that there is no definite explanation of how a Canadian CEO determines a commercial real estate broker. However, there might be several factors, including educational background, soft skills, and other relevant attributes, that have major roles in the decision making of a CEO, although the priority selection of these factors might be different according to each company's culture and policy.
To determine the typical customer journey for a Canadian CEO when it comes to selecting a commercial real estate broker, we first reviewed the studies of customer journey mapping through reputable websites, including Nielsen Norman Group and CXL Institute. We found that these articles mostly covered the customer's journey to complete a purchase. Hence, our research team decided to slightly improvise the steps of the customer journey to fit the inquiry given. We concluded that there were four stages to create a customer journey for a Canadian CEO to select a commercial real estate broker, including awareness, information search, negotiation, and decision making.
Our first strategy was to find any precompiled information related to the customer journey for a CEO selecting a commercial real estate broker on trusted articles and news platforms, including Deloitte and UX Design. However, we didn't manage to collect any relevant information for these articles mainly covered the customer journey from the buyers' perspective instead of the CEO. Then we attempted to look for the related information through scientific literature platforms, including Science Open, NCBI, and PubMed. But, our strategy remained unsuccessful. For our last strategy, our research team tried to visit several official websites of Canadian real estate to find information about the process of hiring in the selected companies. The firms that we picked included The Canadian Real Estate Association, RE/MAX, Commercial Real Estate Services Canada, and Realtor. However, such information also didn't exist in these sites. After extensive research utilizing three different strategies, we concluded that precompiled information of a Canadian CEO's customer journey when it comes to picking a commercial real estate broker wasn't readily available or publicly accessible.
Then our research team attempted to find any information related to commercial real estate broker across Canada through articles, studies, and job boards from respected sources, including Investopedia and Kapre. The information that we collect from these sources included the skills, educational background, and attributes of a sought commercial real estate broker, as well as the tips to become a successful commercial real estate broker. Utilizing the insights collected from the aforementioned sources, we could have an understanding of what a Canadian CEO wanted in a commercial real estate broker to join his/her company with the assumption of these articles were written to increase the potential for a CEO to hire an applicant who follows those tips. Our strategy was proven to be successful in which we managed to gather relatable information to be added to our findings. However, we still couldn't find enough valuable information for the subcategories of Awareness and Decision Making.
To seek the missing information, we browsed through various expert blogs and marketing reports from reputable sources, such as Troy Media and PwC Canada.
We also visited several Canada-based commercial real estate websites, including The Canadian Real Estate Association and RE/MAX, to collect information related to the general profile of the employee and/or employer. Our strategy was proven fruitful. We managed to collect quantitative and qualitative data to be added to our findings. But we still couldn't find enough valuable information to thoroughly explain how a Canadian CEO makes a hiring decision.