Training
STRONG
TEAM
As the real estate industry faces increased threats and competition , companies struggle with qualified talent
By Nancy Cox
As real estate companies continue to struggle with industry concerns like procuring funding , cybersecurity threats , tenant management , and occupancy – finding , retaining , and properly training top talent has become a major priority . In fact , the 2022 State of the Real Estate Industry Study conducted by The Bonadio Group found that participants across the industry specifically noted staffing issues as a top concern , right up there with the economy and market competition .
In part , having qualified staff in place impacts a company ’ s ability to qualify for certain relief programs and mitigate risks associated with other important business matters – from proper property management to data security concerns .
To address this critical issue , real estate companies are seeking new ways to enhance their culture , secure and retain top talent , and provide proper training to new and existing employees .
The benefits of investing in talent
Tax Incentives Not only does finding – and keeping – qualified talent ensure that your business is run effectively and per industry standard , but there are also tax benefits associated with doing so . One of the alluring credits highlighted in Bonadio ’ s study is the Employee Retention Credit ( ERC ). The ERC is a fully refundable tax credit of between 20 percent and 50 percent of eligible wages paid for increments of time between 2020 and 2021 and the height of the Covid-19 pandemic .
While many real estate businesses incorrectly assumed that their Paycheck Protection Program ( PPP ) loans made them ineligible for the ERC , that is not the case . Businesses can still file for an ERC evaluation to be conducted and can amend returns to claim the credit should they be deemed eligible within three years . Essentially , the government will provide a tax reward to companies that invested in retaining their
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