7 Ways to Reduce Turnover and Increase Employee Retention for Property Management

We’re going to rip the band-aid we all know exists and state the obvious: employee turnover within property management is a major pain point for multifamily. Phew, we said it. Now, solutions for reducing the 33% turnover rate have been talked about and with the cost of hiring, training, and getting employees up-to-speed, we want to give you the most effective strategies so you can maximize NOI for the long run:

1. Provide Clear Communication and Expectations: Clear and consistent communication is key to building trust and fostering a positive work environment. Employees do their best when they fully understand their roles and responsibilities as well as the company's goals and objectives. Regular performance evaluations and feedback can also help ensure that employees are meeting expectations. 

2. Offer Competitive Compensation and Benefits: Competitive compensation and benefits packages are an investment and can help attract and retain top talent, if you budget for it accordingly. This includes offering fair wages, health insurance, retirement plans, paid time off, and other benefits that employees value. However, you can also offer perks that aren’t out-of-pocket costs such as added flex days or providing access to benefits that are employee self-funded (retirement plans, life/accident/pet insurance, concierge services, etc). 

3. Comprehensive Training & Resources: Onboarding employees means giving them the training they’ll need in order to be successful. Industry, fair housing, and even company-specific training around their role should be easy to consume and understand. Some properties even have de-escalation and interpersonal skills training to equip them for the inevitable conflicts between residents or staff. Additionally, training staff to use your technology can be a tough task, especially if the staff are new to your software. Talk with your software provider about additional videos, resources and support that can be provided to make sure new staff can hit the ground running when they start their daily operational tasks. Shameless plug: Many organizations that switch to ResMan report that the ease of use of the software actually reduces turnover because it saves time and makes everyone’s jobs easier from site staff to back office teams and even regional managers. 

4. Create a Positive Work Environment: A positive work environment can help employees feel valued and appreciated. Encourage open communication, teamwork, and collaboration. We know a positive work environment comes from the top down, so help managers build leadership skills by mentoring them along the way.

5. Offer and Encourage Professional Development: Providing opportunities for employees to learn and grow can help them feel engaged and motivated. Offer training programs, mentorship opportunities, and allow them to attend local, state or even national industry conferences and events. To those who show an interest in growing, offer some sort of reimbursement for their certification course fees. Shameless plug #2: Some property management software providers (like ResMan) offer industry and leadership skills training courses as part of the platform, making it easy for you to both offer professional development and develop the next generation of leaders for your organization.  

6. Show Appreciation: Showing appreciation for your employees’ hard work and dedication can help to foster a positive work environment and increase employee satisfaction. A simple “thank you” email or a hand-written note can go a long way in making employees feel appreciated and valued. Host events like holiday parties or a company picnic to show appreciation to staff for their hard work. 

7. Foster work-life balance: Allow employees to have a good balance between work and personal life. If you can manage it with the role, flexible working hours, remote working options, and paid time off can help employees feel more satisfied and less stressed. Make sure your leaders and managers are doing their best to model good work-life balance so employees feel like it’s okay to take advantage of their benefits without getting burnt out. 

Implementing these strategies can help property management companies retain their employees and improve overall employee satisfaction, which saves you time and money. It is also important to remember that retaining employees is an ongoing process that requires constant attention and effort. However, that attention and effort will go a long way in its return. Regularly evaluating and adjusting these strategies can help ensure that they remain effective over time for your company’s overall hiring and staffing needs. 

Does your current software provider support your employee retention enough? Let’s talk.

‍