YOU’VE GOT TALENT

Today’s property managers need to up their employment game— or risk losing out!

By Erin Ruddy In today’s competitive job market, finding, recruiting, and retaining employees is a challenge for most business sectors. But for rental housing providers that cater to a wide range of demographics and personalities, the importance of having a reliable, professional, service-oriented staff can’t be prioritized enough.

VE GOT TALENT

We have an operating philosophy at M&R Holdings that we’ve been adhering to for decades,” says Randy Daiter, Vice President, Residential Properties. “We put our employees first, and our customers second. The reason is that if you take care of your employees then they’ll take care of your customers.”

Daiter says this strategy has contributed greatly to his company’s high employee and tenant satisfaction ratings, which in turn, has helped produce a continuous stream of brand ambassadors. Given one of the primary goals of this business is to attract new tenants and fill vacancies as efficiently as possible, the positive word-of-mouth generated by those immersed in a building’s culture is an advantage with lasting results.

“We found that our operating practices for the preceding decades helped us when our industry was in a crisis,” he says, referring to COVID. “In the end, we experienced lower vacancies than other buildings, and lower employee turnover. As Collin Powell once said, organizations don’t really accomplish anything. Plans don’t accomplish anything, either. Endeavors succeed or fail because of the people involved. Only by attracting the best people will you accomplish great deeds.”

Sarah Yusyp, Director of Human Resources at Skyline Living, concurs, calling the process of finding, hiring, training, and retaining the right people for her organization critical.

“We are an essential service that provides best-in-class living accommodations and superior customer service to our tenants,” she says. “Our front-line staff are the face of our organization and the individuals offering that exceptional customer service. If those frontline employees are understaffed or poorly retained and are leaving our organization taking their years of knowledge with them, it affects the service our tenants receive. Hiring, training, and retaining the right talent is what keeps Skyline competitive. It’s at the forefront of our operational needs.”

So, how does an organization attract the best people?

According to Daiter, if your company has a good reputation which it continuously upholds with a track record that can be researched, job candidates will be more inclined to apply for an open position.

“Our corporate culture and clearly-defined values have taken us a long way, helping us win two FRPO customer service awards two years in a row,” he says. “This acknowledgement by the industry has translated into our strong reputation both online and informally among industry employees and talent recruitment agencies.”

Having solid leadership is another important cog in the machine— as is an organization’s commitment to developing, nurturing, and recognizing talented prospects. If an employee seems like a “good fit” and shows long-term potential, keeping that individual engaged, motivated, and properly compensated for their efforts is better than the alternative: losing out to a competitor after months of investing in training and development.

“It’s nothing like it was a few years ago,” Daiter says. “People want more flexibility and the right to work from home. There just aren’t as many qualified candidates to choose from, and salary expectations have gone up along with the expenses of running an apartment building.”

“Candidates are being more selective about which employers they will apply to from the get-go, resulting in fewer applications and far less choice.”

The 4 Pillars of Job Satisfaction

Sarah Yusyp, Director of Human Resources at Skyline Living shares what matters most to employees in today’s competitive job market:

Purpose – employees need to know how their efforts contribute to the organization they work for. They want to be a part of change and growth.

Growth – employees want to know that they have a future at their organization. They want their employer to be a place where they can develop their skills and be recognized for their achievements.

Culture – the call to organizations for systemic reform has never been louder. At Skyline Living, we hear those calls and are committed to change. We are continuously learning and actively exploring what it means to be a diverse, inclusive, and sustainable employer, with the goal of fostering an environment where social and environmental sustainability is upheld, and where all our employees feel supported to be their most authentic selves.

Total Rewards – employees want to work for an organization that compensates them fairly for the work they do and provides them benefits that promote and support their mental well-being.

Impacts of the pandemic

Since COVID-19 shuttered the world in March 2020, the employment landscape has changed considerably. Long-term efforts to mitigate the virus have impacted everything from where and how people work, to what they expect from their employers. For rental housing providers, even the tenants have been affected—meaning both employees and residents are demanding more from their management, and both are prepared to walk if the conditions aren’t right.

Five years ago, we could find highly skilled candidates and fill a vacancy within a few weeks,” Yusyp says. “Today, it’s the opposite. With a surge of open positions following the curve of the pandemic, paired with labour shortages, it’s now a candidate’s market.”

In other words, candidates are in the driver’s seat throughout the recruitment process unlike the days of old. Candidates are being more selective about which employers they will apply to from the getgo, resulting in fewer applications and far less choice. Adding to the challenges, Yusyp says jobseekers today are fierce about negotiating higher salaries while considering multiple offers at once.

“We just can’t spend as much time evaluating a candidate anymore, or we may lose them to our competitors,” she says. “Furthermore, we’ve seen a notable shift in our interview process: it’s not just us asking the candidate why they’d like to work for us, it’s the candidate asking us the tough questions. Today, we have to sell our company just as much as the candidate has to sell themselves.”

For this reason, Yusyp says Skyline Living has had to evolve the ways in which it attracts candidates to remain competitive in this new labour market, putting more emphasis on the benefits the organization has to offer versus the vacant position simply selling itself.

Mental health, wellness, and the environment

While COVID has left a devastating trail in its wake, it has also shone a spotlight on our mental health and wellbeing— something that used to be considered out of the realm of an employer’s responsibility. But after months of isolation, uncertainty, and operating in an environment with heightened needs to sanitize and social-distance, pandemic measures have taken their toll on much of the workforce and altered the perspective of what’s considered normal.

“Gone are the days of working long, grinding hours,” says Yusyp. “Employees today aren’t just expecting a paycheque for their hard work; they want to work for an employer who truly cares about their needs and supports work-life balance. Based on these expectations, at Skyline we heightened our focus on training and communication. Our front-line staff require training that is more readily available, accessible, and functional in a virtual environment.”

Clear, timely and continual communication is another requisite of site-staff who want to feel seen and heard. Essentially, Yusyp says employees are seeking a caring work community that respects them and aligns with their values, while also showing a commitment to the greater good. More than ever, employees are placing a high importance on their companies’ environmental, social, and governance (ESG) strategies, proving the point Daiter made earlier that corporate culture counts for a lot.

In closing, Daiter says, “I wouldn’t be surprised if we moved to a four-day work week at some point in the future given the importance of work-life balance. Five years ago, that concept would have seemed far-fetched.”

YOUR ROADMAP TO MULTIFAMILY SUCCESS IN 2022

By: Peter Altobelli, vice president, Yardi Canada Ltd.

2022 is turning out to be a promising year for the Canadian economy and multifamily industry. Canada is experiencing a robust recovery from the pandemic, adding more than 200,000 jobs and dropping the unemployment rate to 5.3% in Q1. To help with the talent shortage, Canada is striving to accept more than 400,000 immigrants by the end of the year, creating a ripe opportunity for the multifamily market.

The Q1 2022 Yardi Canadian Multifamily report showed rent growth is abundant across London, Hamilton and Kitchener-CambridgeWaterloo, with each area experiencing a 10% increase on average. While affordable housing is still an issue, a shift toward multi-use properties comprising of residential, office, retail and hotelling hopes to alleviate concerns within the real estate market.

Where marketing success happens

According to a 2021 tenant survey by Informa Canada, more than 50% of renters found their ideal units online, with internet listing services (ILSs) appearing prominently in searches. But to really stand out and attract quality renters, your real estate marketing strategy needs to extend beyond the ILS. Today’s customers expect properties to have a user-friendly, attractive and interactive online presence. In the same survey, 50% of renters who visited a property’s website said the visit influenced their decision to rent.

Search engine optimization (SEO) and reputation management should be foundational elements for your brand. While inexpensive compared to ILS costs, both require consistency and expertise. Some prefer to use an agency rather than manage inhouse. Putting SEO best practices in place now will lead to longterm success, helping your communities outrank the competition in local searches.

Where conversion success happens

It’s an optimal year to take leasing to the next level, especially if your business plans to grow. In the Informa Canada survey, more than half of these renters preferred to interact with the leasing office via email, text or chat, with only a minority still preferring to call. With the right technology, it’s easy to stay on top of evolving renter expectations. Your leasing and customer relationship management solution should offer your staff the flexibility to connect to prospects and residents 24/7, 365 days a year — from anywhere and via multiple channels.

To stay competitive and support your leasing team, integrate an omnichannel chatbot into your property websites and resident portals. Make sure to select a bot powered by artificial intelligence (AI) that can truly help your guests. This ensures prospects have a frictionless experience when inquiring about building amenities, tour options and lease agreements. Al is also the key to centralizing leasing data, keeping customer information current and accurate, and accelerating unit turnovers

. Overall, guiding your prospects through a seamless search and leasing experience can establish trust for your business and create more conversions down the road.

Find success every step of the way

This is a transitional year with a positive outlook for the residential market. The next wave of renters expect a cohesive leasing experience, and the technology to meet their expectations is readily available. Yardi has completely integrated solutions that can help you achieve success every step of the way, from customer acquisition to resident retention. See it all at: yardi.com/ multifamily

For more information about Yardi, please call (888) 569-2734 or visit yardi.com