Here are 5 keys to attracting and retaining qualified team members during high-turnover season in the rental property business.
By Kurtis Strauel
The multifamily housing community is growing at an incredible rate, creating new opportunities for career-seekers. Due to nationwide staffing challenges, it is vital for organizations to strategically attract and retain highly qualified individuals who share a passion for people. Not only is this a valuable practice year-round but it proves to be especially necessary during high-turnover seasons such as summer.
Mark-Taylor uses the following main approaches, driven by our people-first human resources team, to build, cultivate, and grow teams that thrive:
No. 1 – Build a strong workforce from the inside out
When you have a new position to fill, make sure you consider your internal talent. Tenured experience is incredibly useful as existing team members climb the ladder within the organization, mutually benefiting both the individual and the company. Motivation and positive sentiment are contagious; career development creates a sense of belonging for the individual, encourages others who are seeking similar opportunities, and contributes to a thriving culture.
No. 2 – Diversify attraction through special programming
When you seek new team members externally, attracting a diverse pool of talent requires forethought and creativity. Professionals in the multifamily industry come from all walks of life, backgrounds and experiences. Extending a hand to diverse candidates through special programming, such as internship programs and partnerships with local schools and organizations, can add exceptional personalities and skill sets to your teams.
No. 3 – Stay competitive
Attraction and retention are directly connected to what you can offer team members; honorable offerings communicate the value of their roles and responsibilities within your organization. Competitive pay, comprehensive benefits, exclusive perks, and promotional opportunities are necessary to ensure team members are getting out what they put in.
No. 4 – Spark pride and foster connection
What causes turnover? The answer is often simple: The individual does not feel tied to the organization. Therefore, when challenges arise, they may seek seemingly greener pastures. Providing team members, existing or future, with a connection to the organization’s mission and its community, as well as a true understanding of their impact, is imperative.
When team members feel that there is value and purpose in their work with residents, clients, partners, and leadership, work becomes a home away from home for them.
No. 5 – There is no such thing as too much communication
Team members want to join and stay at a company where their personal and professional needs will be regularly heard and supported. Establishing an open communication system throughout the entirety of the employment journey is important, from application and onboarding to consistent checkpoints in their career, and even to departure.
Two-way communication with team members ensures that they acquire the support they need and are aware of the resources available to them. The more you listen and prove you care, the more they care.
There are limitless ways to attract and retain highly qualified team members in the rental property business – not all approaches are one size fits all. The overarching theme in our recommendations is to stay people-focused. If you want to attract and retain talented people, you must prioritize their wellbeing, wants and needs.
About the Author:
Kurtis Strauel is the director of human resources at Mark-Taylor Residential. His passion is people – he has nearly three decades of financial and HR leadership experience spanning various industries. Since joining Mark-Taylor, he has been instrumental in providing strategic direction to elevate accessible support, as well as opportunities that have an impact, for valued corporate and onsite team members.