Property management firms must recruit new employees to maintain high employee retention and service quality. The average age of a property manager is over 50 years old, and many of the industry’s most talented individuals will retire within the next 10 to 15 years. Because of this, it is essential to recruit and retain younger talent now to avoid a future talent shortage. Employee turnover can lead to deteriorated service and lowered ROI for property management firms.
Staffing agencies
Hiring a staffing agency to assist with property management recruiting Chevy Chase, MD can save you time, money, and effort. However, selecting the right agency for your needs can be difficult. You’ll want to make sure you choose an agency with the experience and expertise necessary to help you find the best fit for your company. Luckily, some simple steps can help you choose the best agency for your needs.
First, choose an agency that understands property management. The best agencies will understand your requirements and salary range. Then, they will advertise your openings on many platforms and interview candidates for the position. After this, qualified staff will be introduced to you.
Technology
Regarding property management recruiting, there are some key benefits to using technology. First, it helps to make the role more engaging and efficient, which is essential for the job. Secondly, it can give an edge when attracting top talent. After all, a property management team handles several challenges—from thankless residents to maintenance calls all day and night. In addition, it takes calls from prospective renters as well, which can be tedious and time-consuming.
Third, technology can improve onboarding processes. A successful onboarding process will make the job easier for new employees and reduce the risk of error. This will help your team members learn their roles more efficiently and contribute more effectively.
Millennials
With millennials and Gen Zers rapidly entering the workforce, property management companies must reconsider how they attract and retain talent. A strong employment brand and a flexible work environment are crucial to attracting a high-performing workforce. In addition, millennials want flexible work hours and flexible work schedules.
In addition, to pay, millennials are looking for opportunities for advancement. This generation is technologically savvy and values ongoing communication with their supervisor. A recent Workhuman study found that 85% of employees preferred weekly check-ins. No longer will once-a-year performance reviews be sufficient. Furthermore, millennials are looking for a supportive environment where their input is valued and respected. Creating a clear progression plan and promoting merit is crucial to retaining millennial employees.
Gen Zers
The next generation is a valuable demographic for property management. This demographic is digitally savvy and has high expectations. They want to live in a property that offers an incredible digital experience. This means that properties that don’t provide an intelligent infrastructure and electronic processes will become invisible to them. They dislike phone calls and prefer communicating with property owners through digital notifications and in-app chat.
These workers are also eager to negotiate compensation and benefits. For example, eight out of 10 workers say they value employers that offer financial wellness benefits. These benefits may include retirement, 401(k) plans, education, stock options, and health savings accounts. In addition, many SMB employers can benefit from professional employer organizations’ offering benefits and compensation options comparable to those of Fortune 500 companies.
Company culture
Company culture is one of the most critical aspects of success in the property management industry. With the right culture, you can build an engaged team that will push your company forward. In addition, the company culture should inspire employees and hold leaders accountable. Here are some tips for cultivating a strong company culture for property management recruiting.
Identify and articulate the company’s values. Then, ensure that the company’s actions, policies, and values match these values. This can motivate employees to give their ideas and input. However, a rigid hierarchy can limit this, so creating an inclusive environment is essential.
Pay scale
While a set pay scale binds government employees, private-sector managers can rank hiring and salary criteria according to the company’s bottom-line contribution. While experience and educational background can affect pay levels, other factors include personality and appearance. In addition, technology savvy and experience with property management can also play a significant role in the compensation of property management employees. As a result, the average salary of a property manager will vary depending on the location, years of experience, and skill level.
