May 1, 2023

4 effective employee retention strategies for property managers

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Retaining top talent is crucial to the success of any business, and a people-focused industry like property management is no exception. Here are some top tips for an effective employee retention strategy.

Build a validating company culture

One of the easiest ways to create a happier and more motivated team is to recognize their hard work and achievements. Whether they signed a large investor or efficiently resolved a tenant complaint, a simple thank-you note, a shout-out at a meeting, or a bonus can help them feel valued and appreciated.

Provide growth and development opportunities

Training and mentorships can give employees a sense of purpose and direction, and help them feel more confident in their roles. When they feel like they’re developing new skills, they’re also more likely to feel challenged and fulfilled in their jobs. The new skills they learn can also translate into better job performance, increasing both your clients’ satisfaction and your bottom line.

Allow flexible work arrangements

Not all property management work can be done from home, but the pandemic has shown us that remote work is possible and often desirable for many employees. In fact, an Abacus Data survey reports that 72% of Canadian women said work-from-home flexibility is “extremely” or “quite important” when searching for a job.

Giving your employees the resources they need to work remotely, such as collaboration platforms like Zoom and Slack, (or property management software they can use on any web-enabled device), can go a long way in retaining them.

Work smarter, not harder

PropTech can also help you retain employees by cutting their admin workload and letting them focus on more important tasks.

Property management software like PayProp can automate time-consuming and tedious admin such as rent collection, reconciliation, and maintenance requests. Employees can then spend the time they saved on more meaningful and enjoyable work, such as attracting investors, strategic planning, and solving landlord or tenant issues.

By implementing PropTech, you can create a more streamlined, productive, and less stressful work environment for your staff.

Your cheat sheet on how to retain employees

Listen to your employees, invest in their professional development, and provide them with the tools, recognition and flexibility they need to excel. With a solid employee retention strategy, you can reduce your turnover rate and build a team of loyal property managers motivated to help your business succeed.

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