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Can We Fix Property Management Turnover?

Can We Fix Property Management Turnover?
The multifamily industry has a turnover problem, but it’s not the resident turnover we primarily think of. The turnover problem is actually one that has been steadily growing for the last decade: property managers.  While many operators focus on resident turnover, losing a property manager can take a huge transitional toll on how a community functions. Property management turnover is costly and puts a strain on other onsite associates. Research from the National Apartment Association estimated 2019 turnover for onsite managers and leasing teams was 22.5% and 31.9% respectively.  So, why do property managers leave? While multiple reasons exist, delinquency management is one of the biggest factors - some of what we hear a lot is… “Managing delinquency sucks” - Delinquency is bad, and it generally means residents aren’t having a good experience. Paying rent late is stressful enough. Worse yet, property managers don’t sign up to collect bad debt. Who wants to approach an irate resident who is emotionally stressed because they are having trouble making ends meet -- or a resident who just experienced an expensive, stressful life event -- with a high-cost late fee? “Managing delinquent rent is time consuming” - Property managers don’t necessarily have the tools or time to understand the personal circumstances of each renter, and managing delinquent rent has become a huge part of the job that no one enjoys. The process of working with each renter is time consuming, taking at least a few hours a week per delinquent renter, at best. Property managers would pr......
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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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5 Mindfulness Tips to Improve Resident Well-being & Reduce Stress

mindfulnessDuring the day-to-day challenges produced by COVID-19, many residents are experiencing an increase in stress, anxiety, and depression. As renters continue to adjust to the new normal, they should be mindful of taking care of themselves and those they love. While we’re all coping with the evolving coronavirus pandemic and other stresses that can have a major impact on our well-being, developing a self-care practice such as mindfulness is essential.   What is mindfulness? According to the American Psychological Association (APA.org, 2012), mindfulness is “…a moment-to-moment awareness of one’s experience without judgment.” In other words, it’s about paying attention while being aware of the present moment through guided meditation practice. And, with practice and curiosity, it can be a powerful tool that can help us in these trying times. As we become more aware of what’s happening in the present moment such as the sound of birds chirping, the wind blowing, or even the smells that surround us, we are learning to calm the body and mind.  Awareness of the five senses through visualization exercises will help connect with the presence of sense in well-being. For this reason, the practice of mindfulness can lower stress levels, reduce anxiety and depression, make us feel more connected to our loved ones, and most importantly, help us be physically and mentally well.  5 Tips for Practicing Mindfulness As residents continue to carry out their day-to-day lives, they can practice several mindfulness techniques that will help improve their well-being. 1.  Be aware of your breathing.  As you i......
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Apartment Lifestyle Services Are Bound to Make Single-Family Homeowners Jealous

Apartment Lifestyle Services Are Bound to Make Single-Family Homeowners Jealous
Several years ago, I achieved the American Dream. I bought a home. But, I've got to be honest: sometimes being a homeowner is anything but a dream. I often find myself missing the ease and simplicity of apartment living and all of the extras that make it so great. I find myself a little jealous of apartment residents.I miss John, the exceptionally kind doorman who would greet me every night when I got home from work with a genuine smile. I even find myself pining for the trash chute that was in my apartment. Stinky scraps from an elaborate fish dinner? Simply run them to the trash chute. Tons of trash following a dinner party turned rager? Run the evidence to the trash chute and be done with it. But I especially miss how simple it was to get the help I needed with my day-to-day tasks. It was so easy and affordable to use a dog walker because so many of them were already coming to my apartment community. When I lived in an apartment in downtown Chicago, I had a great dog walker who would take my Maltese, Serge, out for a daily, leisurely stroll in the dead of winter. Now, it's not nearly as convenient to hire a walker because they’re aren’t that many coming to our community daily. So I have to rely on my husband to walk the dog - and frankly, I’m a little skeptical of the quality of walks the pooch is getting.And how I wis......
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GENERATION Y: Straight Talk From a Gen Y Apartment Manager -Part 2 of 2

CAUTION: Her transparency might be more than you can handle. This is the second post in a two-part series on “Straight Talk from a Gen Y Apartment Manager.” A friend of mine recently sent me a link to a Harvard Business Review (HBR) blog post, “Solving Gen Y’s Passion Problem.” I strongly encourage you to take the time to read this in its entirety. In a nutshell, the HBR blog addresses the fact that members of Generation Y demand a lot from their working life right away and are frequently disappointed about what they experience instead. This has resulted in a “passion” problem in the workplace.I immediately shared this blog on Facebook, LinkedIn, and sent out a tweet. While a few of my social contacts replied with, “I agree” or “I still don’t get them” a few had more to say about it. One individual completely opened the “door to understanding.” She is a member of Gen Y and an Apartment Manager—jackpot!  She has some interesting thoughts to share about her generation, our industry, and why she believes this “passion problem” exists. The rest of this blog is dedicated to her, as she responds to “Solving Gen Y’s Passion Problem” in her own words.   5.    Paying Our Dues While I feel like I still have a good grasp on the concept of paying my dues to get where I want to go, I do find myself feeling like that process is sometimes slower than I expected. And the feeling that......
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GENERATION Y: Straight Talk From A Gen Y Apartment Manager- Part 1 of 2

Generation Y CAUTION: Her transparency might be more than you can handle A friend of mine recently sent me a link to a Harvard Business Review (HBR) blog post, “Solving Gen Y’s Passion Problem.” I strongly encourage you to take the time to read this in its entirety. In a nutshell, the HBR blog addresses the fact that members of Generation Y demand a lot from their working life right away and are frequently disappointed about what they experience instead. This has resulted in a “passion” problem in the workplace. I immediately shared this blog on Facebook, LinkedIn, and sent out a tweet. While a few of my social contacts replied with, “I agree” or “I still don’t get them” a few had more to say about it. One individual completely opened the “door to understanding.” She is a member of Gen Y and an Apartment Manager—jackpot!  She has some interesting thoughts to share about her generation, our industry, and why she believes this “passion problem” exists. The rest of this blog is dedicated to her, as she responds to “Solving Gen Y’s Passion Problem” in her own words and sheds some light into potential Gen Y retention strategies. This is the first post in a two-part series on “Straight Talk from a Gen Y Apartment Manager.”  1.    The Sky Is the Limit I do agree with the author’s assessment of the “passion problem.”  I, for one, have certainly been fed a TON of “do what you love” and “the sky’s the limit”......
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