Growing your property management business doesn’t only mean acquiring additional properties and increasing your operation’s efficiency. It is also means investing in the right people.
The team surrounding your property management company has a direct influence on the bottom-line success of your business. Are you investing in the right staff? Are you doing enough to keep them around?
Take a hint from Andrea Nelson, the Director of People and Culture at FastSpring. In Andrea’s recent webinar, she walked us through the ins and outs of solidifying exceptional staff and keeping them around for the long haul.
3 Key Takeaways from Andrea’s Presentation:
- People are your biggest expense. Invest in them. Many of you already know that the property management industry presents the unique challenge of high turnover. When people leave your company, you lose the value of their experience and are forced to rededicate your time and money to train someone new. The best investment you can make is in the workforce you have now. Boost employee engagement — it’s known to result in 25% lower turnover — and will decrease the cost of talent acquisition.
- Be a “Talent Magnet.” Get to know your talent before you even need them. Learning about your ideal employee is the best way to make genuine and lasting connections when the opportunities arise. Also, become a familiar face at networking events, professional mentor programs, and industry awareness happenings around town. Make sure you’re also looking for a culture fit.
“Your company culture is your selling point. If your brand is community forward, people will want to work there.”
Andrea recommends that once you spot great talent, don’t give up. Even if the timing is off, don’t abandon reaching out. They’ll know who to contact when they’re at a place to make a career move.
- Onboard talent thoughtfully. One of the best ways to boost talent growth and retention is to make sure you set them up to succeed. “Sink or swim” is not a good strategy. Your talent wants to contribute in great ways so give them the tools, resources, and training to do so. Make this a priority from the start. Not only will it cultivate exceptional talent but it will overflow into business development and growth in the future.
For more on Andrea’s presentation, her thoughts on offering free snacks, and partnering with the right software, check out the recording below: