In today’s job market, it is not easy to retain apartment management personnel over the long term. Many apartment management companies have turnover rates as high as sixty percent. One of the main reasons for this is that employees view their current job as a job, not as the first step in a satisfying career.
One way to encourage employee loyalty is to develop a career ladder within the company. Take time to consider the various positions within the company and the talents and task requirements for each position. Make sure that this framework of positions is well known within the company, so that any employee can see where they can be promoted to from their present position.
Talk with employees on a regular basis about their current position and their level of job satisfaction. This does not have to be lengthy conversations, and can be as brief as an email thanking them for a task well done, and an open ended phrase asking them for any comments or other ideas on how to approach similar tasks. A mention of an apartment management seminar, or some on-line websites that they might look at also indicates that they are valued, and they are expected to grow in capabilities within the company.
This should be done for employees in both apartment management maintenance and also in leasing. Many employees in the lower levels for both of these fields will change jobs if they find a position that pays them fifty cents more per hour. Though this is understandable, it is at least important for these employees to feel that they can come and discuss their salaries and other aspects of the job before making a job change decision.
When such a conversation occurs with a valued employee, it should be welcomed. Conversations about salary are often seen as uncomfortable, but they need not be as long as the current apartment management market is understood. A leasing agent that does a creditable job should be paid at the going rate in the area, and the conversation should include what the current average salary is. If the employee is being offered significantly more at another apartment management consortium, then perhaps the job market has indeed changed.
A second consideration is performance rewards for employees. Some rewards are easily thought of, such as cash or prizes for a certain number of new leases. Other rewards may be based on compliments given by clients, or from good suggestions to problem posted on the company apartment management website or bulletin board.
Fostering a sense of community is one of the best ways to develop company loyalty, and apartment management companies tend to lag in this regard. They often have a number of functions for the people living within an apartment complex, but not often do they schedule functions for the employees of the company
Also using a website for company information and for input has its merits. Information about job openings, about other apartment management issues within the metropolitan area, and an area for thanking individuals are all ways to make an employee feel as if they are knowledgeable about the company as a whole, and not just a “cog in a wheel”. Here’s hoping some of these suggestions will improve company loyalty and overall employee satisfaction.
David Lindahl, also known as the “Apartment King” has been successfully investing in single family homes and apartments for the last 10 years. David regularly shares his secrets and experience on the same stage as Tony Robbins, Robert Kiyosaki, and Donald Trump! If you would like a free copy of the Special Report: 27 Ways to Buy a Multi-Family Property with No Money Down, please go to http://www.davespecialoffer.com/