Multifamily Property Management: What to Expect

Having trouble staying on top of your multi-unit residential property? Whether you own an apartment complex, a senior living community, or a student housing center, there’s always plenty to keep track of.  Although similar to other types of property management, multifamily property management has its own unique factors. Unfortunately, not every property owner is cut out for the job or prepared for what it might entail.

A professional property management company has the knowledge and experience to keep your properties in good condition and full of happy tenants. If you’re feeling overwhelmed or confused by all the logistics of self-managing real estate, let our experts take over to help you out! Here’s what you can expect from hiring a multifamily property management group.

Multifamily #propertymanagement is a demanding job! Here’s how #TarantinoProperties can help you. Click To Tweet

Customized Business Plans

Each property is different, and each property owner has their own goals and long-term plans for their business. Our experts recognize this and will work with extensive input from you to build a custom-designed business plan for your properties. We’ll analyze your current trajectory, help you outline future plans, research your target market, and determine the steps necessary to reach your goals. Our plans will be perfectly suited to your long-term and day to day needs!

Internal & External Marketing

Marketing is an absolutely crucial part in attracting new tenants to your property. As you start to gain residents, it’s important to have a marketing strategy to increase retention and engagement. Through well-designed client portals, onsite outreach, and more, we provide quality customer service and communication to your existing tenants.

Pro Tip: Our expert property managers know how to keep residents happy and boost tenant retention through strategic internal marketing efforts.

Detailed Finance Tracking

As a property owner, you juggle a lot of financial commitments and expenses every day. Let our multifamily accountants help! We’ll handle all the minutiae of finances through cutting-edge technology and send you detailed monthly reports to keep you informed. With our professional accounting service, you’ll stay in control of your property finances at all times.

Let the Professionals Take Over

Why exhaust your time and energy self-managing your multifamily properties? Use your resources to focus on the urgent tasks of your property while a professional management group takes care of your property. 

Connect with us today to start the process!

How to Boost Your Property Management Group’s Employee Retention Rate

Any worthwhile business owner knows that retaining employees for the long haul will benefit both parties. Unfortunately, the property management field carries a rather high employee turnover rate of 36.1%, a good deal higher than the national average of approximately 25%. While the exact reasons for the high turnover rate vary, many departing employees cite no apparent potential for growth or career advancement in their job.

Although property management jobs can offer plenty of chances for advancement, these opportunities are not often presented very clearly for prospective employees to take advantage of. For a property management office, the best employee retention techniques revolve around clear communication about career growth and encouraging employees to pursue their long-term interests in the same place. Let’s look at a few crucial steps to take to encourage higher employee retention for property management groups.

#PropertyManagement companies have an employee turnover rate higher than the national average. How can you reduce that number? Click To Tweet

Develop a Healthy Company Culture

Younger people entering the workforce value human connections and positive workplace culture for their careers. Many also search for jobs that allow or encourage remote work from a less traditional office location. Additionally, regardless of age, people value such important aspects of work as a good salary and easily negotiable time off. Prospective employees are likely to be drawn to a company that can offer all of the above, while current employees are likely to stay and continue enjoying these benefits.

Help Employees Plan Their Long-Term Career

Even if you think you’ve communicated with your employees about career growth or at least made the information available, chances are that your employees don’t know about the possibilities. At the very least, they don’t know enough to learn how to pursue them realistically. Don’t just passively make career advancement information available. Talk to your employees about their long-term plans, especially in their early days of working for you. Where do they want to be in the future? How can your company help?

Pro Tip: A 2013 survey on LinkedIn concluded that even though most HR officials assumed the rest of the employees were informed about career mobility, only 25% of employees actually knew enough to do anything. Break the cycle with detailed career planning assistance for your employees.

Provide Incentives and Help to Advance Career Growth

Even though many employees want to advance their careers, not everyone has the resources or funds to do so. One way you can help with this is by offering a few incentives to your employees that will encourage them to continue developing their careers while working for you. Tuition reimbursement for relevant classes is a major incentive, for example. You can also offer in-depth training on your company’s software, rules, or other important factors that will make your employees even better at their jobs and make them eligible for potential advancement in the future.

Cultivating an Appealing Environment

Your employee turnover rate doesn’t necessarily indicate a bad environment, but it can turn prospective job seekers away from pursuing a career with you. On the other hand, effective employee retention techniques could be just what your property management group needs to encourage people to stick around for the long haul. How can your company improve its appeal to others?

Connect with us to learn more about employee retention in the property management field.