Acquiring high-performing associates can be a difficult undertaking. Keeping them with an organization can be even more challenging. Readily aware of this notion, the rental housing industry is taking steps to make property management roles more attractive—and a place where associates have the opportunity to progress.
A revolving door of employees is counterproductive, naturally, and properties will certainly feel the time burden and cost impacts of replacing positions every eight months. That’s why offering robust learning and development resources, unambiguous job roles and a clear path for growth is paramount, according to panelists at the Apartmentalize 2024 session “Unlocking Potential: Strategies for Attracting and Retaining High-Performing Employees.”
“An organization’s most valuable asset is its people, so finding the right people for the available positions is vital,” said Jasmyn Sylvester, Vice President of Property Management—East for Pine Tree. “In today’s workforce, demands on employees are at an all-time high. With that in mind, candidates recognize they can ask for more and they don’t have to settle for any and everything.”
That further puts the onus on owners and operators to offer much more than a bare-bones experience when recruiting potential talent. Whereas some associates were content in the past to get the proverbial foot in the door and take any role, that is seldom the case in the current job climate.
“We’re having to be a little more creative with our recruiting and staffing efforts,” Sylvester said. “Finding the right fit largely consists of looking at which roles are available, and the harder the qualifications are to meet a certain role, the harder it is to find a good fit. Good fits matter to organizations, and you want to make sure that whoever you bring in is right for your work-culture environment and the right fit for the position.”
To that end, Sylvester noted that property teams are being “more intentional” about who they bring aboard. And while a wide range of personality types have the potential to be successful fits, the industry certainly has a desired skillset that many operators seek in their recruiting efforts.
“In the property management business, we’re really looking for people who have the ability to think on their feet,” said Benjamin Underwood, Director for Greystar. “What we do isn’t rocket science, but it does require some tenacity, someone who can think quickly, make decisions autonomously and have the ability to grow within your organization. Ultimately, we’re not looking for a culture fit—we’re looking for a culture add.”
In the effort not only to fill positions but also hire associates who will add increased value to them, the panelists agreed that offering career development resources is integral. This includes internal training, mentorship programs, goal setting and implementing tech to help make the routine parts of the job easier. Panelists urged operators to challenge associates to continue their career development and to become part of industry associations to further continue education and fuel professional development.
Dawn Carpenter, Broker-Owner of Dawning Real Estate Inc., noted the Bureau of Labor Statistics showed a 5% uptick in new property management hirings. So, while the sector is active, it remains something of a struggle to attract and retain high-performing associates.
“Attracting good, qualified help that wants to be at your company is so important,” Carpenter said.
Paul Willis is a Content Director for LinnellTaylor Marketing.