I’ve been house hunting lately, and I really want to buy my dream house, even though I don’t think I’m ready financially. This means that when I see a “dream house” that I can afford, I immediately become skeptical. I’ve been watching the housing market in my area for the last three years, and I have learned a lot from what I’ve read and observed. However, I am no real estate expert (in case you were wondering). What I have learned, is that although the most beautiful well maintained “perfect” house in that “not so perfect” neighborhood is within my budget and better than I imagined, I might have a mess on my hands and won’t be happy in the long run.
I’ve read and even talked to friends about finding a modest fixer upper. I’m not really handy, so we are probably talking about painting and carpet. However, even a few aesthetic changes can make an impact on my investment. I don’t like the idea of putting work into a house that I need to live in, but when I think about it, one of the main reasons I’m buying is to have something to sell later if I need to and at least get my money (with interest) out of it. That will only come with effort and choosing the right neighborhood.
Choosing a good, loyal employee can be the same way. You may find someone that meets all of your criteria, including a tough to find credential like the CPA. However, getting a good resume, is not all you need. You need to know that you have found someone who fits your company culture and has the right expectations on career track and workload.
I have seen countless times where a client has been disappointed by the “perfect” candidate when that candidate decided not to move forward. In all actuality, this “not-so-perfect” candidate was doing them a favor by not wasting any more of their time when they never really intended to take the role or be there long term in the first place. Maybe for the “not-so-perfect” candidate, it was about getting a significant increase in salary, a stepping stone, or a chance to take an offer back to their current employer…I could go on.
The candidate with the “perfect” resume is not always the right one for the company. Sometimes, it is the candidate with a few job moves or with more experience than credentials or less experience with the right industry. I would call the “less than perfect” candidate the “fixer upper.” Yes, you will probably have to spend time on training or you may be taking a risk that they will retire early, but you may experience more loyalty. You may find that they are grateful and hard working. Maybe taking a role at your company gives them the chance to work toward a higher position that wasn’t possible at their last work place. Maybe they were under-appreciated at their last work place and they are more like a diamond in the rough that hasn’t yet been discovered.
I’m not saying that all “fixer uppers” are a good investment. However, if they are close to what you are looking for and have the ability to gain momentum once they are trained (fixed up) properly, it may be worth the extra effort. Just like I would get an inspection and run a crime report on the neighborhood I’m looking at, I would make sure to do a background check and check references. If anything looked fishy, I certainly wouldn’t move forward.
But if everything checks out, you might just have a great investment on your hands!
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