Introduction
These external factors, as well as job market trends such as the Great Resignation and “quiet quitting,” combine to make it challenging to find—and keep—the talent you need to manage your property portfolio effectively.
Despite these challenges, there are specific actions you can take to position your company for greater success in attracting and retaining talent.
Hiring and Retention Challenges
High Stress, High Turnover
In the property management sector, you encounter frequent changes and uncertainty, making it stressful for new hires trying to ramp up in a given role. In some cases, it can be too much for new employees, so they may leave shortly after being hired.
If you’ve been left with a vacant position not long after you filled it, you’re not alone. According to one estimate, turnover in property management is nearly 33 percent.
A Complex Skill Set
Unlike roles in other sectors that may have a more well-defined skill set necessary for job success, individuals working in property management must possess a broad spectrum of skills. This can make recruiting and candidate selection even more challenging. As one property manager wrote in Forbes, “[property management] requires a careful combination of people skills, customer service, organization, and a team-based mentality, all within a high-pressure and fast-paced environment.”
Mismatched Compensation Expectations
Property manager compensation covers a broad spectrum. According to the US Bureau of Labor Statistics, the lowest ten percent of property managers earn less than $30,740, and the highest 10 percent earn more than $124,680. Of course, property manager pay is based on many factors, including experience, location, and job complexity. But given the broad compensation range, candidate and employee expectations can be at odds with what your property management company can actually pay. Moreover, managing your portfolio amid rising inflation, eviction moratoriums, and other pressures may make it even tougher to meet employee pay expectations.
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Tips for Attracting and Retaining Talent
Build a Strong Talent Pool
By now, you’ve probably mastered online recruiting. But to ensure you have the talent you need at all times, you will need to do more than post job descriptions and wait for applicants to come rolling in. In fact, in this competitive job market, applicants may not be as plentiful as you need.
To increase the odds of attracting the quality candidates you seek, consider the following actions:
- Leverage your network: Ask your LinkedIn network for recommendations and referrals.
- Get referrals: Create an employee referral program that rewards employees who refer candidates you hire.
- Reassess your job postings for content and length: Research by LinkedIn found that shorter job posts receive more applications. In addition to keeping your job posts short, consider including a salary range on all posted positions. This can help you attract individuals whose expectations align with your budget.
Develop a Comprehensive Onboarding Program
Onboarding should be more than just signing forms and getting new hires on the payroll. Instead, you should develop a 30, 60, or even 90-day plan to help new hires learn the role and build relationships with key contacts. Then, to keep everyone on the same page, make time for periodic meetings to set expectations and check progress.
When you take the time to develop a comprehensive onboarding program, new hires feel more committed and engaged. According to a BambooHR survey, employees who experienced an effective onboarding program were 18 times more likely to feel committed to their organization and 30 times more likely to have high job satisfaction.
It’s also a good idea to automate your onboarding activities. Many onboarding platforms enable a nearly paperless onboarding process. As a result, no matter where you or your new hires are based, you can communicate and complete the necessary forms seamlessly and accurately.
Build an Environment That Supports Employee Engagement
Keeping employees engaged at work is one of the most vital actions you can take to improve retention and performance. Research by Gallup found that engaged employees have lower turnover and absenteeism and higher productivity than less-engaged employees.
To create a culture that supports higher employee engagement, offer your employees the following resources and support:
- Opportunities for training and development, including one-on-one coaching and support for professional certifications that boost knowledge and business acumen.
- Tools that promote efficiency and eliminate tedious manual work, such as homeowner association (HOA) management software that simplifies actions like fee collection, property tracking, and reporting.
- Varied ways for employees to share their experiences, ask questions, and make suggestions, such as employee surveys, one-on-one meetings, and regular team meetings.
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