Employee retention is every business' key to success. Investing in talent that actually stays at your organization is important and your workplace should be conducive to this goal.
In the property management industry especially, happy employees can mean a more profitable business. It may sound simple, but many property owners, managers, and staff don't know how to make it happen.
The Industry in a Nutshell
The property management industry in the US alone annually generates around $88 billion in revenue. This is unsurprising because the real estate industry is also the country's largest employer, employing over seven million people. According to IBIS World, 877,995 workers belong to the property management sector.
This industry can be complex, involving multiple markets, such as affordable, multifamily, senior, and single-family housing. It also involves numerous responsibilities, including property maintenance, rent collection, handling tenant complaints, and much more.
Happy Employees, Long-lasting Employees
Property owners, managers, and staff can expect to feel the industry's pressure, stress, and demands. While it's an affluent industry, it can also be exhausting. As a result, employee retention becomes a challenge.
Employee retention isn't simply about keeping employees happy; it's also about retaining and nurturing talent for as long as possible. When an employee leaves a company, it costs the employer about 33% of that employer's annual salary. And according to a survey, each month, three to 4.5 million workers quit their job. Imagine the costs!
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Besides money, teams can feel other burdens when teammates leave. It can be a disruption of the team's chemistry or an imbalance in workloads. Moreover, the team must train someone new again.
Employee retention doesn't mean you force people to stay. It means you foster a work culture that supports your business and people for all the right reasons: career growth, job satisfaction, and increased revenue.
10 Tips for a Happy Workplace in the Property Management Industry
The property management industry is hectic, and employee retention is crucial but challenging. As property owners, managers, and staff, what can be the bridge between these two areas? Here are ten things you can do for and with your team:
1. Prioritize Effective Communication
Communication is always key to a successful workplace, especially in the property management industry. The industry involves many stakeholders and processes, and it can be easy to lose track of things. Effective communication ensures that everyone is on the same page, reducing confusion and stress.
Effective communication especially applies to downward and upward feedback within the organization. Retention rates decrease by 16% for employees uncomfortable giving upward feedback, meaning you should foster an environment that allows everyone to express and accept ideas and opinions.
2. Show Appreciation
When you appreciate your team, it's fueling them to move forward. It means recognizing their hard work and effort for a task or long-term project. You aren't robots; you're humans who deserve recognition for your efforts. Appreciation doesn't have to be expensive; it can be as simple as a "Good job!" or a "Thank you for your hard work!" to boost their morale!
3. Incentivize Their Work
Besides words or actions of affirmation, rewarding employees for their work is also a powerful motivator. Employee benefits assure your employees that they're not in your organization simply to work. They are integral to the company's success, so give them the rewards they deserve. This could be monetary incentives, flexible work hours, or anything else that can help with job satisfaction.
4. Identify What Motivates Them
Another way to incentivize and appreciate employees is to identify what motivates them. Some employees are motivated by money, some by compliments, and some by taking time off. Motivation can also be the fulfillment they feel whenever they accomplish a task. Whatever it is, recognize it and let your workplace revolve around it.
5. Allow Them a Degree of Autonomy
Autonomy can give your team members a sense of ownership and responsibility for what they do. It allows them to explore and make decisions without being micromanaged every step of the way. Autonomy empowers them, assuring them that you trust them and their capabilities. It can be an effective way to keep employees engaged and motivated!
6. Be a Mentor
Autonomy must be balanced with mentorship. Mentors can help bring employees up to speed, provide feedback on their successes and failures, and guide them when facing difficult decisions. Mentorship can be a powerful way to develop their skills and keep them motivated. Allow your team to stand their ground, but don't leave them on their own.
7. Provide Development Opportunities
Development opportunities can be a great way to show your team that you care about their careers. Employees who feel they're no longer growing can seek job satisfaction elsewhere. Therefore, it's vital to offer opportunities for employees to broaden their skills and knowledge, attend seminars, do workshops, and invest in them! Encourage them to think outside the box and generate fresh ideas to improve processes, products, or services.
8. Maintain Diversity and Inclusivity
Diversity and inclusivity are vital to fostering a strong, successful workplace in an industry that employs hundreds of thousands. Not only do diverse teams bring in different ideas and perspectives but they also create an atmosphere where everyone's voice can be heard, regardless of race, gender, age, and other factors.
Diversity and inclusivity make your workplace comfortable. More than comfortable desks, chairs, and air conditioning; it should also be a safe place to function, express ideas, and collaborate.
9. Reinforce Teamwork
Encourage your team members to collaborate and understand each other's roles and responsibilities. It's possible to forget you're all on the same team, especially when you lose yourself in deadlines and daily tasks. But some simple activities can help reinforce that bond. Team-building exercises help make teams more productive and efficient, resulting in a healthier work environment emphasizing teamwork.
10. Invest in Property Management Software
Perhaps the most important thing people in the property management industry must do is ensure that they don't burn out. Work-life balance is indispensable. One way to achieve this is to invest in property management software.
Automating mundane tasks can free up time for you to focus on more critical areas. Moreover, having one platform to access all your data simplifies the tedious processes. Ultimately, your team gets to do more in less time. This investment also means you're investing in their well-being within or outside work.
Property management software like ExactEstate aims to streamline and optimize how you manage your business. As a result, you leave room for other tasks that can contribute to a happier workplace. Prioritize onboarding and ongoing training for your team so everyone can learn and benefit from the software!
Keep Employees Happy With ExactEstate!
ExactEstate is the property management solution you need. Our services revolve around simplifying your operations, giving you more time to focus on fostering a nurturing workplace. With ExactEstate, you can spend less time on paperwork and more time working on what keeps your team growing.
Making your business thrive is essential, but it's your team that drives it. Taking care of your team is crucial, and ExactEstate can help you do that faster and easier. You can provide a supportive and engaging environment conducive to growth and productivity with us. Let us show you what we can do. Set up a demo today!
