High turnover harms a property management company's efficiency, performance, and reputation. It can be detrimental to the team's overall morale, result in higher consumer churn, and negatively impact the bottom line. I've witnessed the detrimental effects of frequent staff turnover. What are the issues, and how do you overcome them?
- Better recruitment
This is a key factor in why companies may need help
retaining staff. Panic recruiting often leads to costly mistakes. Companies
should follow a structured hiring process, ensuring transparency about the
role's challenges and conflicts. It's crucial to assess both skills and
attitude for better staff retention.
2.
Comprehensive
training programs
One of the key contributors to employee
dissatisfaction and subsequent turnover is inadequate training. With a
non-regulated industry, we regularly see poor practices taking place. Property
management requires diverse skills, including customer service, legal
knowledge, and property maintenance. It is also a very reactive job; recruits
can be thrust into challenging situations without warning. By implementing
comprehensive training, companies can ensure their employees have the necessary
skills and knowledge to excel in their roles. Regular training sessions,
workshops, and ongoing professional development opportunities increase employee
satisfaction.
3.
Competitive
pay and benefits
In a competitive job market, offering attractive
packages is essential to attracting and retaining talent. Property managers
often handle various demanding tasks; their package should reflect this.
However, the margins can be tight in property management, and consumers need to
be aware that the fee they are charged should relate to the quality of the
product that they receive. Cheap fees can often result in a poorly paid,
overwhelmed property manager.
4.
Foster a
positive work culture
Positive work culture is a powerful tool in
reducing staff turnover. This can sometimes be a negative job, and you
frequently give bad news to people. It is, therefore, important to ensure that
you are celebrating successes and having fun. Team-building activities enhance
culture and bring your team together. They create an environment of positivity
that leads to a much stronger and longer-lasting team.
5.
Career
development opportunities
This may be challenging, especially in smaller
companies with limited career progression. However, in the right environment,
opportunities for career progression may arise. At some point, everyone
leaves.
6.
Embrace
technology
Technology in property management is fast advancing
and evolving. Companies that are set in their ways will struggle to stay
competitive as the advancements of Proptech will inevitably lead to greater
satisfaction for consumers and property managers. In particular, younger talent
wants the technology and picks it up easier. For example, we use 360-degree
cameras to do entry and exit inspections that allow investors and tenants to
view the property remotely. This leads to fewer disputes as our process is more
transparent.
7.
Flexible work
arrangements
If the pandemic taught us anything, it is that we
no longer need to be tied to the office. However, the office is still hugely
important, as a team working collectively also works creatively. In the busy
world that we live in, we have seen that being able to work remotely and around
family commitments can lead to greater productivity. The great thing about
property management is that everything can be measured, so it is easy to
identify issues.
8.
Structure and
support
Using our technology and establishing a structure
where every property manager has someone they can turn to helps reduce churn.
Also, regular audits help to identify areas where a property manager may need
to fulfil their tasks. This allows us to provide greater support and, if
necessary, training.
Reducing staff turnover in New Zealand's property
management industry requires a holistic approach that addresses various aspects
of employee satisfaction and engagement. Implementing these strategies not only
benefits individual employees but also contributes to the overall success and
reputation of the company in this dynamic and competitive field.
