Topic: Should I leave my property that is up for sale?

I'm seeking a little advice. I'm a PM in New Mexico and my property is for sale. I love my current company who is based out of CA and it is reciprocal. I won't be able to continue working for them because I'd have to relocate to CA and it is not conducive for my family. The tough part is that we don't know how long the property will take to sell and the property itself is very tough physically and demographically. I don't really want to stay after the company I love moves out. I feel a lot of loyalty to my current employer, but at what point should I start putting myself out there to find my next employer? Should I stay with my current company until it sells because they have treated me so amazingly? Or is it ok to get out there and find something new, not knowing when it will sell?

Great question, Feliza! I think having strong loyalty is a good thing, but I think you should also be fair to yourself. In the end, they are the ones cutting off the relationship, not you, so if you feel you have to leave beforehand, then I think that would be fair. However, even if it is fair, you might be burning bridges as a result. The problem is that the new management may choose not to retain anyone from the former company, so it isn't as if you are in a completely safe situation. Many times, companies give employees special bonuses to stay on during the transition to mitigate this issue, and it's too bad they didn't do the same here.

If you have a really good relationship with your current company, it might be a good idea to have a frank conversation with them, telling them that you are concerned that any new company may not keep you on board, or if they do, whether it will be a good company to work for. And if they don't keep you on board, then suddenly you will be stuck without a job. At the same time, you love your company and don't want to leave them in the lurch, so do they have any ideas to help with the situation? Maybe they'll bring up the idea of a stay-on bonus, or maybe there is some other option out there.

I could be wrong about that advice, however, so it will be interesting to hear other's opinions on this. My guess is that being frank with them has few negative possibilities - they are not going to fire you right as they are trying to sell it - that would be a disaster for them. So my guess is that you are in safe territory by bringing it up, but I'm not completely sure.

I have some experience in this arena. Brent is very correct - if they did not offer you a Retention Bonus, then they are ready to cut ties, especially since it is a business decision. The company rep may feel since they offered you a position with the company, if you move, ultimately it is your decision. If you cannot move, they may not be overly concerned.

The worst thing that happens when you stay during the sale is that you never really know what is going on regarding discussions between the current management company and new ones looking at the property. Even when you have a wonderful relationship with upper management, this is business and you are not necessarily a big factor. You have the right to ask for 1. a Retention Bonus 2. If the new Owners plan to offer you a position 3. for time off to interview during the week for a new position. Any management company who understands you will not be offered employment with a new company and does not take care of you in these areas, does not really care about you.

The other thing to consider for yourself, when you stay during the sale, is how to mask your fears, how to continue feeling great leasing to new Residents and how to not feel sad, angry and let it show on your face every day.

Communication is always a two-way street. I don't think you are burning bridges by asking for information. They would be burning a bridge if they were to fire you for seeking new employment.

Another final thought: when you love your company, it may be difficult to adjust to a new one. It might be time to search your soul for the reasons that you love your current company so you can seek those same characteristics in a new one. You may feel it is time to delve into some new type of work or go back to school. Just remember, if you stick it out through the sale and the new company does not offer you employment, don't rush into any old job. You would then qualify for unemployment benefits, which you might use to bide your time until you find a great new company or a new direction.

All these ideas are great so far. Keep in mind two other things you have not thought of:
1. Your property might not sell at all, and you could still be there with the same company that manages it now.
2. It could be purchased by another company who is even better than your current company!

That said, if your current company has not offered a retention bonus, I don't think it would hurt to ask about it. Perhaps they think you will stay whether they offer it or not. In some cases they can offer it after they get a buyer (because the buyer is willing to pay the money for that retention as part of the deal).

If it were me, I wouldn't start looking just yet. I've been through this, and "up for sale" sometimes turns into "it's no longer for sale" or "it didn't sell."

Thank you, this is good information. I've never heard of a retention bonus in this circumstance. My company both owns and manages the community. The president has inquired about my desire to stay with them if I'd move to CA, which makes me feel valuable to them. They have shown me much appreciation. That said, maybe they would consider a retention bonus, although timing will play a factor it seems. I believe they would be open and honest with me if they knew we would not be kept on. As always, I suppose it all comes down to communication. I know there has been an offer made on the property, but I've been advised that this can really drag on and on. Not knowing what to expect is so difficult. I will definitely use this advice. Thanks again.

I have been on my property for 4 years. It has been for sale for one year and under contract twice. It is a roller-coaster, but I have chosen to stay because I love the property and my residents. I am dedicated to maintaining the integrity of the property until the very end.

The current buyer has stated that they would keep me as the manager. They also told me that, if the property were not in good managerial shape, they would not keep a manager.

It's hard to find quality, dedicated employees and unless they have a family member or a very close associate who needs your job, they will likely keep you.

I would stay at least until they have a buyer with approved financing. At that time, I would ask for a retention bonus. I've never heard of that, either.

I have my eyes open, just in case something just as interesting as what I have comes along, but, if not, I'm staying until closing day, whether they hire me or not.

I wouldn't want my resume to reflect I quit by property just because it was for sale. That could make a new employer not consider hiring me, too.

Good luck! Sounds like you are worth a million!!!

Thank you for your feedback. It's good to hear from someone who is currently in the same boat. I appreciate input from all angles. In my case, I love my company much more than the property! I have a very tough demographic. One of the reasons my company has been so great is because they've made it worth sticking it out for over 3 years. We've been able to stabilize and maintain occupancy, which was no small task. Santa Fe is a very small job market as well. Good opportunities don't come along often, and that contributes to fear of what comes next. I've just barely come to grips about losing my company. It hurts~ ha ha! I know it's just part of the business. I think I will just start getting my name out there again and hopefully do some interviews so that some groundwork is laid. I will prolong my employment with them as long as I can unless something comes up that I can't turn down. Of course, if something great comes up, I'll do whatever possible to leave my current company in good hands/condition. They really mean a lot to me and I make sure they know it.

I wish you the best of luck with your property as well! :-) Here's to satisfying work environments! I hope we both find companies that deserve us, when that time comes.

Hello Feliza,

Here is the one thing which I have found to be true and that is change is an unkown and it scares most people. I read your post and there were three things that I picked out of it.
1. You love your company.
2. They offered to keep you and you relocate to California
3. You do not want to move because it will not be right for your family situation

Everyone brought up great points and I have an approach which centers on you and your reasons for not relocating. It is not me wanting to know the reasons, but what I am saying is your sitting down and writing the reasons that it will not be good for your family to relocate. Then, worse case it if you do not relocate and you do not find a job which you like.

I got the impression from what I read that the property where you are at you are not over joyed with it. So, what if you and the family take a little vacation to the new place where your company would be placing you. Have the family members look at it. Coordinate with people that work for the company that have lived in the location for a while and see if they will take you around. Hear from others and then after talk with the family and see what they think.

Not going to talk multifamily, but moving and change. I was in the military for 25 years and my family had to pick up and move a lot. My children were sad when they had to leave friends and what I always did for them was get them information of where we were going to and have them research the areas and then brief me. They learned many things as well as I did and by the time it came to leave even though they were sad for leaving friends they were embracing the move as it was an adventure because now they were getting ready to experience the things they had read about.

The other is being the bread winner in the family or half of the bread winning team comes into play. Happiness is not always about money. There is a lot to be said about a company that wants to keep you and offering you another position. It means that you have built something there. If you leave and you go somewhere else, you have to start over and that is also an unkown.

America today is not like it was years ago where people and companies had loyalty to each other as today (my personal opinion) is it is the exception when a company is loyal to its people and the people to their company. So we have people relocating a lot these days. Those that advance in life are ones which normally will relocate when it is called upon to do so. Some companies put it in their interview will you relocate if necessary and to say no is like a nail in the coffin.

The most important thing is many may have the same experience, but their life situation may not be the same. Example one may be having a property sold from under them, but they are not the major bread winner. One may be single dad or mother, and the other may be a single person with no one else to worry about.

Make a pros and cons list and be brutally honest with yourself. Get all that are involved in the family and have them make their lists. Everyone listen to one another. When there is say less money coming in and uncertainty what are their thoughts then?

Many times I have had to lead change at work and at home. The hardest change was always at home and I found the best was sitting everyone down and doing the ups and downs as a unit and it brought us even closer together.

Start looking immediately! It takes 6-12 weeks to secure a position.

Typically what is the percentage for a retention bonus? Is there a standard? Thanks

I don't think there is a standard. It seems important that the Management Company and/or Regional advocate with owners on behalf of the site team.
We have worked hard on our employees' behalf. We realize the team on site is not only critical to day to day operations, but they are an integral part of the sales team! They assist in showings, update reports (and do it again), polish up the property, coordinate inspections, work with engineers and other due diligence contractors, all the while doing their "Day Jobs!" Who wants them either operating in fear or looking? It's definitely in the sellers' best interests to keep them! Nothing adds more to the price than good results, and the $$ promised to keep the staff motivated is usually pretty small compared to the brokerage fee, and yet is critical to getting the highest sales price, and to reducing reasons for a buyer to retrade the price!
Before we went to the seller to recommend the staying bonuses, we surveyed national brokers for what they saw with the sales clients they had. We heard some broad ranges that included:
* One to 4 months' salary depending on everything from length of employment to anticipated length of the sales and closing process
* Including 1-3 months' compensation for insurance/cobra cost
* Paying incentive bonuses to keep occupancy/revenue at optimum levels
We made sure all the plans we proposed included all team members - not just the Manager. It takes a team to run a property!