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Why 1 in 4 On-Site Managers May Leave Their Companies in the Next 12 Months

                   While the rental industry has been brainstorming new and better ways to find or retain Maintenance Techs and Leasing Professionals, a new threat has been silently growing with very significant reach. Over the past year, our employee engagement data has shown On-Site Property Managers’ intention to remain with their company slowly shift from “Very Likely” to an increasing response of “Neutral,” and “Unlikely.”  This rising level of uncertainty is certainly understandable. Since March 2020, On-Site Managers have dealt with new and changing situations on a daily basis, with no frame of reference or past experience to draw from. Not only did community offices close, requiring a sudden shift to a remote workforce, but policies, procedures, and processes had to be created and rolled out guiding everything from which service requests the maintenance teams would be allowed to address, to amenity shutdowns, to disinfection requirements, to Personal Protective Equipment (PPE) procurement, to rent collection and notice restrictions, not to mention the management of a stressed-out team, increasing resident calls/complaints/concerns, skyrocketing package management, etc., etc., etc. It’s been a year, to say the least. While there has always been a segment of managers who are unsure about their likelihood to remain with their company, that number has typically hovered around 12%, with one or two percent expecting to depart in the next twelve months. In 2020, however, that uncertainty increased to 15%. Unfortunately, five months into 2021 the numbers are looking even more bleak. 18% of On......
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Is recruiting like an Easter egg hunt?


 

Wonder why you are always recruiting? Why does it seem that all the great candidates are working at one of your competitors? Hmmm? Is your foundation for attraction and retention well built?  Love the saying "if you build it they will come"?  Well for a property management company that translates into how's your company culture, reputation, benefits and much more.  To get the golden egg, your nest must be in order.
Let's discuss what you can do to find the golden egg.

 

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What to do About Challenging Multifamily Recruitment and Retention

Given sustained, record low unemployment in the general economy, it’s not surprising that attracting and retaining quality associates is universally regarded as one of, if not the, most challenging parts of a senior executive’s job these days. Simply put, it’s an employee’s market! That was one of the least surprising insights from our 20 for '20 research - where we asked 20 senior multifamily executives for their perspectives on the industry outlook for the next few years.  Given the generally challenging conditions for talent acquisition and retention, we were keen to learn more about what strategies and tactics worked best for our 20 executives in this tight labor market. Retention in 2018: It's all about the culture Almost universally, these C-suite executives pointed first to culture. “When people can get more money elsewhere, you need to create an environment where there are other reasons they’ll want to stay,” was one variation on the general “It’s not only about money” theme. While it’s easy to tout “culture” as being important, we found it particularly challenging to get beyond those simple exhortations and into specific behaviors that drive a successful culture. The obvious risk is that in the absence of a tangible, winning culture, companies rely on “human resources inertia” to keep their people.  And unfortunately, it tends to be mediocre associates who stick around just to stick around while better associates take the initiative to find other opportunities. One respondent characterized his firm's approach with the quote attributed to Richard Branson: “Train them so they can leave; treat them so the......
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4 Things you need to know about the New Federal Overtime Rules

4 Things you need to know about the New Federal Overtime Rules
Although I’ve been reading about this for over a year, I was still scratching my head about the #NewFederalOvertimeRules even a week or so ago!  Four important basics follow.   The first thing you need to know is it takes effect December 1, 2016.  The second thing you want to know is whether your salaried exempt employees are still exempt from overtime, or if they will now be eligible for overtime.  To be paid as salaried exempt (no overtime), they MUST meet ALL of these rules: •As of December 1, 2016 the employee must make $47,476 or more per year.  ANYONE making less than that is automatically non-exempt (not exempt from overtime, i.e., they are eligible for overtime).   Prior to that, the threshold was $23,660. •The employee must be paid a set amount each week, not varying based on how many hours worked. •Their duties must include “managerial” decisions, such as supervising others, with the authority to hire and fire or greatly impact personnel decisions. For the complete list, go to https://www.dol.gov/whd/overtime/final2016/general-guidance.pdf Best Practice: Perform an audit of all your existing employees and if an employee doesn’t meet any one of these, that employee is non-exempt, meaning they are eligible for overtime pay. The third thing you’ll want to consider are the several options to “stay legal.” A few are listed here:  •Raise pay: You can increase the person’s pay to minimum $47,500, and if you meet the other 2 requirements you may still pay the employee as salaried-exempt (from overtime).  •Recl......
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Speed Hiring! 8 Tips for Finding the Right People Fast!

Speed Hiring! 8 Tips for Finding the Right People Fast!
A recent tweet from GraceHill said that our industry is slow to hire.  It reminded me of why I try to be PASSIONATE about hiring.  When you have a vacant or about-to-be-vacant position, nothing is really more important.  If you’re a “MAN DOWN” You can’t get your work done as well, working to see the other person’s job is done  Everyone else has to work harder too You are torn between time to recruit, interview, vet and hire, and time to do what’s not being done by the “missing person”  And that doesn’t even consider the impact of the learning curve on co-workers’ time and keeping results up.  The best solution: REHIRE FAST! Here are 8 Tips to Speed Hiring: 1. Post ads before the ink dries on your outgoing employee’s notice!  Post the position on any site you think will draw qualified industry professionals: Apartment Association job sites, Craigslist, LinkedIn, MultifamilyInsiders, Indeed, and more!  2. Call your “Employment Pool.”  Think of people who have “WOWed” you, or who have sent you a resume in the past.  Call them now!  If they aren’t interested, ask if they know anyone else.   3. Network!  I was excited to get 2 great referrals from a business friend I messaged on LinkedIn!  Call your network and let them know what you’re looking for, and contact everyone they suggest.  Even if that person isn’t “the one,” they may give you a name!   4. Call any resume that meets your criteria FAST!  In fact, set an alarm so your email dings every time......
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Appealing to Generation Y: Tips for Recruiting Millennials to Apartment Community Teams

Appealing to Generation Y: Tips for Recruiting Millennials to Apartment Community Teams
If you’re having trouble recruiting millennial employees, you're in trouble. According to the U.S. Census Bureau, millennials became the largest generation in the U.S. workforce last year. And their share of the labor pool will grow in the coming years as more graduate from college and baby boomers retire. But if your property management company is having trouble attracting millennials, you're not alone. In a 2014 survey commissioned by Elance-oDesk and Millennial Branding, 53 percent of hiring managers reported "difficulty finding and retaining millennial talent." Apartment owners/operators should get better at recruiting this generation because of the many positive qualities millennials bring to onsite community teams. They have been unfairly painted as "entitled" and "job-hoppers," among other negative stereotypes. In reality, millennials bring energizing doses of entrepreneurialism, technological know-how and creativity to apartment teams. So, how can your company improve its recruitment of millennials?  • Emphasize a Bigger Picture. Millennials want more than a paycheck. They long for jobs that give them a sense of mission and make them feel part of something bigger than themselves. Working to ensure that residents have quality, safe, clean housing and enriching experiences at their communities can provide exactly that sense of mission. Property management companies should make sure they emphasize this in job descriptions and in-person interviews.   • Give Them the Long View. Millennials also want to be where they can grow. They're often criticized as being restless, but if they know there are opportunities for advancement, they're as loyal as the preceding gener......
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Where's Waldo?

Where's Waldo?
An excerpt from a recent IREM White Paper regarding 10 Trends in Multifamily Property Management states “finding the right property management associate is difficult because the industry requires a unique combination of management skills, marketing savviness, emotional intelligence and financial acumen in order to be successful.”  Management companies can ramp up recruiting efforts in order to seek out these unique candidates but there is a fundamental flaw in the efforts.  Waldo begets Waldo.  Meaning, the hiring manager must possess the qualities being sought in the candidates.  Otherwise, how will one recognize what they seek?  Take notice on the listing of property management associate qualities, not one mention of multifamily or residential experience.  No lease up, disposition, acquisition, renovation, development experience required.  It was encouraging to read a majority of NMHC Property Management Companies (surveyed for the white paper) have recognized experience in the industry is low on the priority list of qualifications for best in class candidates.  Core values, which is what I label the combination of skills in the first paragraph, are most important and the hardest to teach.  If someone in the professional labor market lacks sufficient emotional intelligence for example, the learning curve will be immense and the damage which could be done in the interim, impactful.  The fundamentals of multifamily property management can be taught by those with experience.  The basics of the industry are not overly complicated and it is the basics that sustain performance throughout real estate cycles.  Take it from a seasoned property management exe......
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4 Ways to Recruit the Best Candidates Online

4 Ways to Recruit the Best Candidates Online
The days of recruiting and newspapers and print ads have largely passed—today, if you aren’t recruiting online you aren’t getting the best candidates. Recruiting online successfully takes a careful strategy: you have to know where to post and what to post in order to attract talent.   1. Use Your Website Most employers have job listings on their websites, but usually they are buried and difficult to navigate. You website is one of the first places a job seeker will look, so maintaining up-to-date job openings and an easy way to apply is crucial. What’s more, if a job seeker is coming to your website to apply for a position then it means that they are interested in working with you specifically—if  not, they wouldn’t have taken the time to seek you out—and having specific apartment job openings on your website is the best way to connect with candidates who are going out of their way to find you.  2. Check Candidates out Online Most candidates are online in one form or another, and checking out their profiles can give you some insight. Looking up a candidate can tip the scale if you are wondering whether to call someone for an interview or make them a hiring offer. LinkedIn is probably the best place to start checking out a candidate’s credentials– this is where they should list all of their work experience in one place.  3. Use Social Media The use of social media as a recruiting tool is growing, and if there are any ......
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The 7 Most Common Hiring Mistakes

The 7 Most Common Hiring Mistakes
In a competitive job market like the multifamily industry, hiring managers often go into the hiring process expecting it to be a breeze—only to run into challenge after challenge. All too frequently they are making some of these common mistakes that—once fixed--could them save bundles of time, money, and energy in the hiring process.     1.)           Deciding Too Quickly Finding the right person for your property is worth taking time for. If you rush the decision making process you are more likely to try and make the wrong candidate fit with the position, exaggerating their qualifications or overlooking their flaws.   2.)           Overlooking Past Work Patterns Has a candidate hopped around to different properties? Has their career path shown upward growth? Past behavior is a good indicator of future performance; and as such you should not overlook work patterns on a candidate’s resume.   3.)           Not Hiring with the Property’s Culture A candidate you choose to hire should not only have the right skills set, but should blend well with your property’s culture. Competition among properties is too steep to choose a candidate who doesn’t gel with your property’s current employees and tenants.   4.)           Hiring Yourself Your property should be composed of an efficient team, which means having employees that balance one another out. If you repeatedly hire candidates who remind you of yourself or have the same qualifications as you then you will not have the diversity needed to grow your property successfully.   5.)           Not Looking Beyond the Resume A ca......
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Recruiting in the Multifamily Industry

Recruiting in the Multifamily Industry
The job market today is saturated with candidates who apply to a multitude of jobs in the hopes that one will come through. With such an emphasis on quantity how do you find candidates of good quality for your property? These 6 steps will get you on your way to recruiting the best person for the job:   1. Be Specific in Your Job Postings No matter where you are posting a job opening—Facebook, Craigslist, your website, etc.—a few extra details about the position can go a long way. By making sure you outline the responsibilities and requirements of the job you will weed out applicants who are simply applying to a large number of jobs that seem vaguely related to their experience. For example, within the Multifamily industry if you are looking for a candidate with a specific background or expertise, make sure you mention it.   2. Go Beyond Job Boards Today job boards are overloaded with both recruiters and applicants. Sites like Monster or CareerBuilder may attract a high volume of applications, but they foster an environment of quantity over quality. Job boards are full of apartment job postings, making it difficult for yours to stand out. While job boards can attract excellent candidates, they should not be relied on as your main source of potential employees.   3. Focus on Social Media During the recruiting process your company should be very vocal on its social media outlets. The main advantage of recruiting via social media is that you......
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