Now I know that you don’t mean for this to happen as a manager or principal and that your days are busy however by just showing a little appreciation, whether that is a pat on the back for a job well done, a bouquet of flowers, a dinner voucher, day spa voucher (the list goes on and on) you will find that a random act of kindness will go a long way to obtaining loyalty. I am not suggesting that you spend a fortune on doing this either, a small showing of appreciation on a random basis is all that you need to do, remember how you last felt when someone gave you praise or complimented you on a job well done.
A constant complaint form principals and hiring managers that we here on a daily basis is that there is too much churn in the industry and no one seems to want to stay in a position anymore, my advice would be to take a look at how you are treating your property managers (we will come to $ later) and take some positive steps to make their lives a little less stressful.
Yes it is a stressful occupation and quite often a thankless one with both the landlords and tenants “attacking” your property managers on a daily basis. What do you think goes through their minds when you come along just after they have had that really awful phone call and you berate them on a trivial matter (in their mind), that sets them off along the “I have to get out of here” my boss is just a #^*@!
Sound familiar? If we are concerned about raising standards, stopping the churn and reducing the costs involved in recruitment then perhaps now is the time to look at how you look after your team and be prepared to give a little, both in kind words and acts of support. The worst thing you can do is to not stand behind your team when there is an issue and take the side of the landlord or tenant, remember it is only one property and is not the end of the world form a management fee perspective, back your guys they will appreciate it.
Now the money subject, if your property manager is coming to you and asking you for a little more money don’t just say no and think that if they leave then I will replace them. Have a look at the portfolio that they are managing and see if there is a way that you can increase fees to perhaps offset the increase in wages. Remember your property managers all know what fees are being generated and whilst they ay not understand the overheads that you have they know how much they are being paid! Don’t be tight with cars or car allowances, give them a fuel card and promise that you will look at their request and GET back to them promptly.
If you wanted to do a few sums to see if you can afford a pay increase (and you know you can) lets imagine that they ask for a $5000.00 a year increase, that equates to $96.15 per week, if they are looking after 120 properties then that is 80 cents per property per week. If you are management fee on that property is on average $35.00 per week the extra cost is very small on a % basis. You can always look at increasing your management fees (your clients’ will get better service as the property manager is now happier J) and you will find that whilst it may have cost you 80 cents per property you may have saved a recruitment fee of over $6000.00, disruption to the office with another staff member leaving, annoying your landlord’s as you introduce yet another property manager and ultimately they will take their business somewhere else.
At the end of the day it is your call how you look after your property management team, my advice is to treaty them how you like to be treated and remember it is your asset that they are looking after, not theirs!!
Author – Richard Taylor
REJS Director email@example.com