In 2021, the property management industry's quit rate reached 25%. This was slightly higher than the 23% rate for the whole real estate sector. The number also suggests various property management issues that may be prompting property managers to leave their jobs.
Below, we’ll discuss the seven reasons why property managers quit their jobs.
Stress and Burnout
One of the biggest reasons property managers decide to leave is stress and burnout. Being a property manager is a challenging career. They have to address tenants’ different concerns, ensure timely rent collection, fill vacancies, screen tenants, handle inspection and maintenance, and more.
With all these tasks and responsibilities, they might have to skip lunch breaks and work longer hours. They might also end up accepting client calls even on weekends. As a result, they experience stress and burnout.
That is why property managers should set clear expectations and boundaries. For instance, they can offer client handbooks and ensure tenants understand the rules and standards before they sign the agreements.
As a property owner, promote effective time management and remain organized by setting a standardized procedure with your staff, complete with checklists, and then review them once in a while to determine whether changes have to be made.
It’s also great to talk to the staff every quarter, learn how they’re doing, and discuss ways to support each other. Doing this can help reduce stress and burnout and the desire to quit the job.
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One of the answers to “Why should I leave my job?” is the lack of opportunities for career growth. Among property managers, only 28% think that they have great career opportunities. Moreover, almost 30% of property managers are not confident to say that they have received enough training to play their role properly. These numbers indicate that many property managers think they’re not growing in the industry, which leads to resignation.
Moreover, if the staffing size is small in the first place, there are not many opportunities to be promoted to a higher position, like a department manager. Hence, others may choose to pursue another career path.
Bad Company Culture
Surveys show that the biggest reason employees leave their jobs is toxic company culture. The same thing applies to property management. Company culture is about the beliefs, values, goals, attitudes, or behaviors that make up a certain organization. Hence, it involves everyone in the team. If property managers can’t feel a sense of transparency or inclusivity within the organization, then they’ll think they’re in the wrong organization, hence the decision to leave the job.
That is why it’s important for property owners, managers, or staff in the residential property industry to build a great company culture and a happier workplace wherein everyone’s ideas and feedback are considered. Promote communication, teamwork, diversity, and inclusion, and ensure employee recognition.
Moreover, when interviewing potential property managers, see if their values and behaviors match those of the company for a great cultural fit.
Insufficient Pay and Lack of Rewards
Several property managers tend to work overtime without getting enough compensation. Oftentimes, they might not be able to take lunch breaks because of busy schedules and too many tasks at hand. However, the efforts they’ve exerted and all those long work hours do not translate into better pay.
Apart from the insufficient pay, some property managers are not well-rewarded. Hence, they don’t feel valued or appreciated. To help boost employee morale in property management, offer incentives and bonuses. The reward can also be non-monetary, like recognizing employee contribution, pushing for work-life balance, and maintaining open communication.
Maximizing technology can also help increase project managers’ productivity. With reliable property management software like ExactEstate, you get everything you need for a more streamlined and effective process — from tenant screening and maintenance to accounting and detailed reporting.
Difficult Property Owners
Some property management issues lie in property owners themselves. Yes, there are tenants who are difficult to handle, but they usually undergo a thorough screening process, including background checks, before getting accepted into the rental property.
Meanwhile, property managers won’t know how property owners will behave until they start working with them. For example, some landlords come off as too demanding. They may have unreasonable requests or expectations. Moreover, others are quick to blame property managers for things that are already beyond their control. These kinds of behaviors will cause unnecessary stress to property managers and make them feel unappreciated and disrespected. That is why others choose to let go of the job.
Low Work Satisfaction
Job satisfaction refers to how content one is with their work and its individual aspects, including career growth, salary, work-life balance, job security, and more. Property managers may have a challenging job but if they feel heard and valued and are well-compensated, then their work satisfaction should be high. However, if they have low work satisfaction, they’ll be motivated to quit the job.
As a property owner, you can prevent this problem by listening to property managers’ feedback. For instance, if some extremely difficult tenants are already affecting the whole team’s productivity and job satisfaction, you might want to consider letting them go.
Moreover, one-on-one discussions with your staff can help you determine their level of satisfaction at work and how you can further assist them to reach both their goals and your company’s.
Lack of Resources
Utilizing outdated technology slows down property management and your business in general. You’ll lose time and money in the long run. At the same time, property managers will get stressed and burned out.
If you want to stand out in the residential property industry, take advantage of technology and innovation. Invest in reliable tools like ExactEstate. With our simple and easy-to-use property management software, you can increase your staff’s productivity, find the most qualified residents, and keep your tenants happier. You can also easily customize the system to accommodate your unique needs.
You can automate payments and access files anywhere you go. Furthermore, you can get real-time reports, including income summaries, rent rolls, bank deposits, and more.
As a one-stop shop for all your property management needs, ExactEstate then helps you grow your business while building a great relationship with property managers and residents.
Final Thoughts
Property managers might find themselves asking, "Why should I leave my job"? Several reasons include burnout, unhappy workplace issues, lack of career growth, inadequate compensation, and lack of resources.
If you want to increase your team’s productivity and keep talented property managers while boosting your profits, use the best property management solution, ExactEstate. Schedule a demo today to find out how we can make your business stand out!
