The workplace, from a broad perspective, has become a very different landscape than it was in 2019. Turnover is higher, maintaining quality employees is more difficult, and the hiring process is getting longer. With the rise in hiring challenges, it becomes increasingly important to offer unique benefits where possible and really focus on finding the best-fit candidates for the role.
Benefits for Property Managers
Remote work and hybrid schedules are the most appealing job benefits for new hires right now. Unfortunately, property managers don’t have the option for remote work because so much of the job is about interacting with new and existing residents. Hopefully, prospective candidates understand this fact.
You’ll have to find other ways to provide job value. This could be through additional performance-based compensation, unlimited PTO and sick day options, stipends for work-related expenses, free housing, 401k and healthcare options, and more.
Finding the Best Candidate
It can be costly if the candidate you hire doesn’t work out, close to $4000 on average. Having a deep understanding of the candidate is key in mitigating the risks of turnover.
The best property manager will look a little different depending on what type of multifamily property you run. There are two main buckets we can look at: market-rate communities and affordable communities.
Market-Rate Community Candidates
Market-rate communities are largely focused on providing quality service, amenities, and high-quality units. Renters are usually more affluent and cost is a lower priority more often than not. This means the property manager will need to spend more time walking prospects through amenities and the various benefits of living at their property. Additionally, they will need to spend more time finding and communicating with prospective renters to get units filled. This calls for a strong communicator, motivated with a passion for sales. Because this role will have that sales focus, it will be easier to offer competitive pay benefits.
Affordable Community Candidates
Affordable communities don’t have to worry as much about new renter sales because price is the main driver that renters will look at. The main focus of property managers here is to facilitate the work that needs to be done to keep the property running smoothly and looking great for residents. They are also focused on tending to the needs of current residents and ensuring the property is meeting or exceeding expectations for each resident. This calls for an individual who is motivated by the caretaking aspect of the job. Each day they will have to bring that passion to the forefront by making the community a better place to live for the residents.
Additional Measures to Maintain Employees
Communicate Often
- Having regular conversations about how your employees are doing and addressing their concerns will put them at ease, and hopefully improve the longevity of their tenure.
Be Transparent & Flexible
- Make sure company values and policies are clear from the beginning to set expectations
- Life happens to everyone, and being flexible for your employees is very helpful in creating a happy workplace with happier people
The labor market is competitive and finding the right hires is increasingly difficult. Using the above information as a guide will help you find the perfect property managers!
Schoenfelder Renovations is a commercial general contractor and renovator specializing in multi-family housing. If you’re planning renovations of any scale, we are more than capable of managing and executing the job every step of the way. Explore our site to learn more!