Your Next Property Manager

10 / 29 / 19

2 min read

Do you feel like you’re always hiring? You’re not alone. Multifamily property management turnover ranges from 21-54 percent. While there are many variables, you may experience low staff retention when prospective new hires lack necessary personality traits for the job. The requirements of today are different than even a five years ago.

Modern property managers must possess these three characteristics to help you reduce turnover and improve resident satisfaction.

3 Traits of a Long Lasting Property Manager

Teachable Experience can be a double-edged sword. A prospect with several years of experience may have difficulties adapting to the expectations of a new brand or new community. Rookies may have difficulty adjusting their textbook knowledge to meet real-world applications. Experience is less of an indicator of success than teachability. A teachable prospect will be receptive to learning new skills, flexible in the face of change, and dedicated to optimal outcomes.

Tech Savvy Today’s property managers must be comfortable with technology. Daily interaction with property management software improves the efficiencies of accounting and leasing. The same holds true for basic marketing, maintenance, and smart home applications. An ideal candidate will be comfortable familiarizing themselves with the latest prop tech and supporting the organization with technology that drives efficiency and value.

Responsive The internet never sleeps nor does a modern business. A property manager must be willing to promptly address issues (especially troublesome online reviews) and respond to community needs. Responsiveness is a leading indicator in resident satisfaction. We aren’t suggesting that your property manager sleep under the desk. Employees perform best with a work-life balance, but on-the-job responsiveness is key to success.

Which characteristic is most important?

In a perfect world, prospects would possess all the traits above. But what happens if tops prospects are lacking in one of the key areas? If one trait is most important, it would likely be teachability. A receptive, flexible, and dedicated employee can help your organization thrive.

What personality trait have you found to be the most important in a successful property manager? Share your thoughts with us on LinkedIn

AUTHOR

Erica Rascón specializes in online content creation and social media. She joined Yardi in 2011 after receiving her bachelor's degree from Kennesaw State University and serving in the Peace Corps. Erica's interests include sustainability, philanthropy, and the arts.