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In property management, it's important to keep staff members on board for the long term, as seeing the same friendly faces helps residents feel comfortable, connected, and important. However, high turnover rates can lead to a decrease in resident satisfaction, as new staff members may not be as knowledgeable, experienced, or invested in the community as their more tenured counterparts. High turnover rates can increase expenses due to frequent training costs and lost productivity. If you are interested in keeping employees of your Class A property management team around for the long haul, read on and consider the following tips.
Provide Training
Teach new hires how to be efficient, productive, and streamlined in their work. This will reduce mistakes, errors, and time spent on the job. Providing supportive and thorough training will help employees feel confident and capable, which enhances overall job satisfaction and commitment. Most Class A property management teams have a set of complex processes to be followed, such as efficient resident complaint handling, proper budgeting, and accounting, as well as resident retention. Offering proper training in these areas will ensure employee retention and resident happiness.
Offer Benefits
Consider adding competitive benefits such as medical and dental insurance, meals, and paid time off. Offering additional benefits related to work performance or personal development can also be a good motivator. Offer training programs to upgrade their skills, provide them with opportunities for promotions, and create intra-team communication programs. All these benefits together can create an ecosystem where employees feel engaged, stay longer with the company, and ultimately provide a better quality of work.
Standard Operating Procedures
Standard operating procedures (SOPs) are the backbone of any Class A property management team. They provide employees with clear instructions on how to deal with different issues. By creating SOPs and making them easy to follow, you can increase efficiency, productivity, and overall job satisfaction. Not only do SOPs help employees complete tasks and processes in a streamlined way, but they can also increase consistency and reduce errors. By being clear and direct about overall responsibilities, SOPs can help employees develop a deeper sense of ownership and commitment to their work, which then results in lower turnover rates.
Quarterly Reviews and Feedback
Providing constructive feedback consistently makes employees feel valued and heard. This type of open communication also shows employees that you value their contributions and that you're committed to helping them succeed. Giving recognition for a job well done and showing that their hard work (be it large or small) is appreciated can be highly motivating for employees and is a key factor in employee retention.
As a Class A multifamily decision maker, you should focus on creating a supportive, positive, and engaging work culture. Providing training, benefits, SOPs, and feedback can help reduce employee turnover and lead to a more stable, efficient, and productive team. Making employee retention a priority will, in turn, increase resident retention and happiness.
Invest in Property Management Software
Class A property managers have a lot on their plate and their job can be overwhelming at times. ElevateOS property management software will help you and the residents of your Class A building stay informed and on task. With features like rent payment, maintenance requests, and event reservations, residents and property managers will have more time on their hands to deal with what matters.
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