The multifamily sector consists of tangible assets, ranging from smaller properties of 20 or 30 units to 100 or more units housed within mid-rises or high-rises.
But no matter the size of the property, people are involved. People rent the apartments. On the other hand, people also manage the operations and processes that keep everything moving.
However, experts tell ConnectCRE that there is more to a successful apartment management team than simply slotting folks into various job descriptions and hoping everything runs smoothly. “This is a customer service business at its core, and we want our people who embody professionalism with a sense of energy and fun,” said Patti Higgins, Parktown Living’s Senior Vice President.
Ryan Perez, executive vice president, Capital Square Living, agreed. “Our core values include people first, family fundamentals, and collective responsibility,” she added.
The Dream Team
Most tenants deal with the front-office team, which might include leasing and property managers. However, a true multifamily-management “dream team” includes behind-the-scenes personnel.
Higgins explained that a typical operations structure might include a director who oversees an entire portfolio along with regional managers and back-office experts, including accountants, information technology professionals and marketing specialists. Perez added that an effective staff should also offer budget knowledge, vendor relationship management expertise, and the ability to implement short- and long-term leasing and marketing strategies, which are also a must.
Beyond those hard skills are the “unseen” abilities. “The heart of this business is problem-solving,” remarked David Lynd, Lynd Living President and CEO. “The phone doesn’t ring unless someone needs a repair or something else that needs to be fixed.”
Because of this, the experts were adamant that culture is essential to ensuring a well-functioning property management team. Lynd pointed out that tasks become repetitive between maintenance, rent collection and property maintenance. “If the company you work for doesn’t have a system of management, rewards, and benefits for a creative culture, everyone gets burned out,” he said.
People Challenges
Burnout is just one thing that multifamily owners might face with their teams. Another is talent retention. “It’s become increasingly difficult to retain top talent, particularly for on-site teams where turnover remains high,” Higgins explained. “Multifamily is a fast-paced, ever-evolving industry. Success depends on finding people who thrive in such an environment.”
Lynd added that finding such people can be difficult. “The job is not glamorous nor does it lead to fame,” he said. “As such, many younger people who take these jobs might not be looking at this as a career choice, but rather, a pit stop on the way to another career. Not everyone is cut out for this business.”
Higgins also said that employees coming into multifamily property management want balance, fulfillment and a culture that supports them. “Building a team today requires more than good benefits,” she said. “It requires creating an environment where people are empowered to contribute meaningfully and grow.”
Finally, Lynd pointed out that recruiting and retention success is only as good as the upper-level management directing the team. “It’s important to hire solid upper-level personnel,” he added. “The employees who come on board need to understand that the person they are working for is amazing.”
Additional Expert Advice
The experts explained that simply posting a job description and then hiring with the right skills isn’t enough. Perez commented that Capital Square Living relies on multiple platforms to fulfill various roles. Additionally, “we actively recruit by engaging potential candidates directly, not just those that are applying to our open job requisitions,” she said.
It’s also important that enough time is dedicated to the recruitment and hiring process. “The right hire might take longer, but they also stay longer and strengthen your team,” Higgins noted.
Once those people are on board, team engagement is essential. Said Higgins, “The goal should be to build a culture where people feel appreciated, connected and excited to come to work each day.” She explained that Parkside Living handles this with efforts ranging from spontaneous team events to peer nominations for recognition.
Finally, Lynd emphasized that multifamily management relies on people. Site-level employees who understand customer service and human interaction determine the success or failure of operations.
“Attracting and retaining these folks requires a system of a positive culture and environment and how they are treated,” Lynd added. “What matters are all the intangibles that can help employees so they like where they work.”
An earlier version of this story appeared on ApartmentBuildings.com.
#Talent #Wars #Finding #Keeping #Multifamily #Staff