Find and Keep Them

Find and Keep Them

Here are strategies to help property management companies find and retain quality employees.

By LEIGH IGUESS, Brady, Chapman, Holland & Associates

As employee retention rates fluctuate in the property management industry, Houston apartment owners are struggling to find tenants and hold on to talent. The National Apartment Association reported in December 2021 that more than half of job openings in Houston’s real estate sector were apartment job requisitions. These statistics, combined with the nation’s ongoing labor shortage, present a weighty challenge for the apartment sector to overcome — how to improve employee retention with minimal financial risk.

With corporations offering competitive benefits and attractive salaries, property owners and community managers are looking for low-risk strategies with proven results. There are several approaches companies can take to combat these issues, but the best solutions take into consideration industry-specific conditions, long-term financial outcomes and individual employee needs.

Be Strategic When Searching for New Team Members

Many companies are using higher salaries, unique benefits packages and flexible working conditions to attract employees and stand out from the competition. Of course, before settling on any such offerings, it’s important to consider how they might impact the business as a whole. For example, flexible hours can be a great way to give staff members more control over their schedules, so long as they don’t result in extended office closures or issues that impact the resident experience. At the same time, salary increases can improve employees’ quality of life, but won’t fix convoluted issues in the job market, and must be approached with careful consideration to the company’s bottom line.

You might consider other small offerings that have a big impact on employees’ wellbeing. Mental health benefits, opportunities for growth and incentivized health programs, for instance, can show a company cares about its workers while also meeting the needs of a post-pandemic work environment. Such programs only work if team members are on board, however. Conduct anonymous surveys to help identify what benefits matter most to current employees. Then, use feedback to guide conversations with your company’s employee benefits expert to determine the solutions that make the most sense for your business, current and future employees, and the residents you serve.

Find Ways to Help Existing Team Members Grow in Their Field

Upskilling, or training current employees to take on additional responsibilities within a workplace, is an effective way to add value to roles while promoting growth within the company. By implementing a professional development plan, you can encourage individuals to master new skills, help your business meet its objectives and provide opportunities for team members to advance in the industry. Personalized training which matches a team member’s individual talents and interests to the needs of the company can benefit employee and businesses alike. After all, if a person can envision a future with the company, they’re more likely to remain on. Here are some simple steps you can take when implementing such a program.

• Step 1: Determine Areas in Need of Improvement

Together with your benefits advisor, assess the company’s situation. Evaluate skill gaps among current employees, identify areas of overspending and pinpoint outdated practices that could benefit from updates. From there, you can develop training methods that help you meet your business’s unique obstacles.

• Step 2: Look to the Future

It helps to know what you’ll be up against. Analyzing the market, observing industry trends and reviewing public opinion surveys are just a few ways to determine what your company’s needs might look like down the road. Your risk management professional should be able to help you pinpoint trends and issues that could impact future business, and help you determine the best strategy to address them.

• Step 3: Evaluate Your Current Workforce

Once you know the skillsets required to help your company continue into the future, it’s time to determine which team members can help you get there. One-onone performance evaluations help you address employees’ goals and past work while also gauging their interest in picking up additional skillsets. Such reviews help employees understand exactly where they stand in terms of performance, and help you get to know them better. Once you have a firm grasp on who they are, what they’re good at and what they hope to achieve, it becomes easier to determine future steps.

• Step 4: Provide Training Resources

It isn’t enough to simply tell a team member he or she needs to improve in an area. They need the tools to get there. In-person training can help a person gain real-world experience in tasks they aren’t yet accustomed to, even if that means incorporating new responsibilities gradually. Online courses and certification programs can also be a great way to foster growth. For companies looking to take upskilling further, many institutions offer professional certifications (such as NAA credentials), licenses and even degrees. Depending on your company’s size, you might consider incorporating educational funding or tuition reimbursement programs into your benefits package.

Resident and Employee Retention

In many ways, employee and resident retention go hand in hand. By creating an uplifting work environment with offerings that make employees feel valued, companies differentiate themselves from their competitors and create a community where people want to live. And that can drive resident referrals and positive reviews. Not only is the end result advantageous from a marketing standpoint, but it puts the company in a preferable position among properties offering competitive rates. In the last few years, apartment studies have shown that renters are willing to leave their properties and pay more for a better living experience.

Another way employee retention and low turnover rates can drive business is through establishing more personal relationships between residents and team members. Oftentimes, renters rely on staff members they know and trust to assist with sensitive matters. Frequent employee separations and overly complicated procedures can make tenants distrust upper-level management, especially when they sense frustration from staff members with whom they have a personal relationship. In the same way, an uplifting work environment is contagious. When employees act with assurance and purpose, residents are more likely to trust their knowledge and respect the effort involved in arriving at a conclusion.

Finding new talent and keeping staff members satisfied can be a daunting feat for property managers in Houston. With a bit of strategy, a willingness to communicate with staff members and the right resources, you can face these challenges head-on. Insight from advisors who specialize in assessing industry-specific risks, mitigating employment-related loss and recommending custom solutions can help you meet the needs of your business and those in it.

Leigh Iguess is director of brand strategy and communications with Brady, Chapman, Holland & Associates, an independent insurance agency specializing in risk management, business insurance and employee benefits.