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  • Writer's pictureReal Estate Today - New Zealand

Staff Turnover Can Be A Persistent Challenge for Businesses.

High turnover harms a property management company's efficiency, performance, and reputation. It can be detrimental to the team's overall morale, result in higher consumer churn, and negatively impact the bottom line. I've witnessed the detrimental effects of frequent staff turnover.


What are the issues, and how do you overcome them?


High turnover harms a property management company's efficiency, performance, and reputation. It can be detrimental to the team's overall morale, result in higher consumer churn, and negatively impact the bottom line. I've witnessed the detrimental effects of frequent staff turnover. What are the issues, and how do you overcome them? 


  1. Better recruitment 

This is a key factor in why companies may need help retaining staff. Panic recruiting often leads to costly mistakes. Companies should follow a structured hiring process, ensuring transparency about the role's challenges and conflicts. It's crucial to assess both skills and attitude for better staff retention.


2.      Comprehensive training programs 

One of the key contributors to employee dissatisfaction and subsequent turnover is inadequate training. With a non-regulated industry, we regularly see poor practices taking place. Property management requires diverse skills, including customer service, legal knowledge, and property maintenance. It is also a very reactive job; recruits can be thrust into challenging situations without warning. By implementing comprehensive training, companies can ensure their employees have the necessary skills and knowledge to excel in their roles. Regular training sessions, workshops, and ongoing professional development opportunities increase employee satisfaction. 


3.      Competitive pay and benefits 

In a competitive job market, offering attractive packages is essential to attracting and retaining talent. Property managers often handle various demanding tasks; their package should reflect this. However, the margins can be tight in property management, and consumers need to be aware that the fee they are charged should relate to the quality of the product that they receive. Cheap fees can often result in a poorly paid, overwhelmed property manager. 


4.      Foster a positive work culture 

Positive work culture is a powerful tool in reducing staff turnover. This can sometimes be a negative job, and you frequently give bad news to people. It is, therefore, important to ensure that you are celebrating successes and having fun. Team-building activities enhance culture and bring your team together. They create an environment of positivity that leads to a much stronger and longer-lasting team. 


5.      Career development opportunities 

This may be challenging, especially in smaller companies with limited career progression. However, in the right environment, opportunities for career progression may arise. At some point, everyone leaves.  


6.      Embrace technology 

Technology in property management is fast advancing and evolving. Companies that are set in their ways will struggle to stay competitive as the advancements of Proptech will inevitably lead to greater satisfaction for consumers and property managers. In particular, younger talent wants the technology and picks it up easier. For example, we use 360-degree cameras to do entry and exit inspections that allow investors and tenants to view the property remotely. This leads to fewer disputes as our process is more transparent. 


7.      Flexible work arrangements 

If the pandemic taught us anything, it is that we no longer need to be tied to the office. However, the office is still hugely important, as a team working collectively also works creatively. In the busy world that we live in, we have seen that being able to work remotely and around family commitments can lead to greater productivity. The great thing about property management is that everything can be measured, so it is easy to identify issues. 


8.      Structure and support 


Using our technology and establishing a structure where every property manager has someone they can turn to helps reduce churn. Also, regular audits help to identify areas where a property manager may need to fulfil their tasks. This allows us to provide greater support and, if necessary, training. 


Reducing staff turnover in New Zealand's property management industry requires a holistic approach that addresses various aspects of employee satisfaction and engagement. Implementing these strategies not only benefits individual employees but also contributes to the overall success and reputation of the company in this dynamic and competitive field. 

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