In the world of property management, staff turnover can be a persistent challenge. High turnover harms a company’s efficiency, performance, and reputation. It can be detrimental to the team’s morale, result in higher consumer churn and negatively impact the bottom line. I’ve witnessed the detrimental effects of frequent staff turnover. So, what are the issues and how do you overcome them?

Better Recruitment

This is a key factor in why companies may need help retaining staff. Panic recruiting often leads to costly mistakes. Companies should follow a structured hiring process, ensuring transparency about the role’s challenges and conflicts. It’s crucial to assess skills and attitude for better staff retention.

Training

One of the key contributors to employee dissatisfaction and turnover is inadequate training. With a non-regulated industry, we regularly see poor practices. Property management requires diverse skills, including customer service, legal knowledge and property maintenance.

It’s also a reactive job; recruits can be thrust into challenging situations without warning. Comprehensive training can ensure employees have the skills and knowledge to excel in their roles.

Competitive Pay

In a competitive job market, offering attractive packages is essential to attracting and retaining talent. Property managers handle various demanding tasks, and their package should reflect this. The margins can be tight in property management, and consumers need to be aware that the fee they are charged should relate to the quality of the product they receive. Cheap fees can often result in a poorly paid, overwhelmed property manager.

Work Culture

A positive work culture is a powerful tool in reducing staff turnover. This can sometimes be a negative job, and you frequently give bad news to people. It is, therefore, important to ensure you are celebrating successes and having fun. Team-building activities enhance culture and bring your team together.

Career Development

This may be challenging, especially in smaller companies with limited career progression. However, in the right environment, opportunities for career progression may arise. At some point, everyone leaves.

Technology

Technology is quickly evolving. Companies that are set in their ways will struggle to stay competitive as the advancements of “proptech” lead to greater satisfaction for consumers and property managers. Younger talent wants the technology and picks it up easier. We use 360-degree cameras to do entry and exit inspections that allow investors and tenants to view the property remotely. This leads to fewer disputes as our process is more transparent.

Flexible Work

We are no longer tied to the office, but the office is still important, as a team working collectively also works creatively. We have seen that being able to work remotely and around family commitments can lead to greater productivity. The great thing about property management is that everything can be measured, so it is easy to identify issues.

Structure, Support

Technology and a structure where every property manager has someone to turn to helps reduce churn. Regular audits help identify areas where a property manager may need to fulfil their tasks and allow us to provide greater support and, if necessary, training.

Reducing staff turnover in New Zealand’s property management industry requires a holistic approach that addresses employee satisfaction and engagement. Implementing these strategies benefits individual employees and contributes
to the overall success and reputation of the company.

David Faulkner is the General Manager of Property Management for Property Brokers and is recognised as one of the leading experts in the New Zealand Property Management industry. He has been involved in the industry developing robust policies and procedures, training, and consultation services for many years.

www.propertybrokers.co.nz