Month: February 2023

PropTalk: Cocktails & Compliance Episode 8

Posted on by Megan Thomas

About the episode:

Rue Fox and Janel Ganim have lots to share on Cocktails & Compliance Episode 8! From a real update on TRACS 203-A to upcoming events and more, listen to Rue and Janel share the latest Affordable updates over the Cocktail of the Episode: Yuengling Hershey’s Chocolate Porter!

About ResMan: ResMan delivers the property management industry’s most innovative technology platform, making property investments and operations more profitable and easier to manage. ResMan’s platform unlocks a new path to growth for property management companies that deliver consistent NOI improvement and brilliant resident experiences easier than ever before. To learn more about our platform, visit https://learn.myresman.com/proptalk/.

Watch it here:

7 Ways to Get New Staff Up-to-Speed on Affordable Housing 

Posted on by Megan Thomas

Managing affordable housing properties is more complicated for staff as compliance is absolutely crucial to the state of the business. When you make the decision to invest in a new team member, you really want to make sure you’re doing everything to help them get off to a good start and make them feel supported – both to minimize risk of compliance violations and to increase operational efficiency at the property. So, what do your new hires need in order to get up-to-speed and be set up for success and efficiency? Here’s our 7 ways to make it as smooth as possible: 

Give Them a Comprehensive Orientation 

Other than just training them with your software, give your staff a chance to get the basics down. Educate them on affordable housing, including regulations, policies, and programs. Share your company’s values, goals and guidelines. Pair them up with a mentor so they can walk alongside a colleague who can provide guidance, while still encouraging them to get their first hands-on operational experience with the property. 

Make Sure They Have Proper Certification 

This one is essential. Whether you are a HUD, Tax Credit, or Rural Housing property, your staff need the right certifications in order to run those types of properties with assurance. There are national organizations, like NAHMA, that provide industry certifications, but you can find courses through your local associations, as well. Certifications go beyond training by ensuring that team members can pass tests to show they understand the material. Bonus idea: talk about providing reimbursement for exam fees for your staff! 

Have Intuitive Software 

Your staff may be certified but they aren’t perfect. Having intuitive but also easy-to-learn software is paramount to ensuring your properties stay compliant. Your software should eliminate and minimize the possibility of errors by your staff. Overall, your staff should be set up for as much potential for success and efficiency as possible. A solid and well-built software will fill the gaps and propel them to do so. 

Get Them Involved in Associations 

No matter what position your staff is in, it’s important for them to get involved in the industry. From local to regional to national, there is a lot of information and resources given through affordable housing associations that your staff can benefit from immensely. Have them start at the local region so they can understand more about their state or city’s affordable housing regulations. 

Help them Develop Researching Skills 

Your staff will run into questions about HUD or Tax Credit and desperately need to know how to research or find answers to their own questions. Whether they’re looking for the 4350 or FAQs HUD has shared, your team should eventually be able to go find those resources themselves. After getting involved in affordable housing associations, they can also utilize trainers and consultants in the industry for other kinds of guidance. All in all, researching is going to be an important skill for them to master. 

Encourage Ongoing Education  

Your staff are going to need continuing education as they advance in their role and as regulations evolve. Have your staff sign up for every kind of email list or newsletter affiliated with your kind of property, like HUD, the Treasury Department (Tax Credit), associations, etc. This will ensure they are staying up to date on regulatory changes and other industry news that could impact your properties. 

Provide Additional Training in Fair Housing and Mental Health  

If your new staff aren’t up to date in the latest Fair Housing training, this is a top priority. Every staff member should be trained accurately and well in Fair Housing to ensure there are no violations. Another advantageous training to give your staff can be in Mental Health awareness, De-escalation training, and Conflict Resolution as these are great skills to have when working with residents day in and day out. 

Your staff can only be as successful as the support you give them. Helping them get up and running for your property is an important process and precedent for their experience working under your property management company. And we’d love to support you with this! If you’re having issues with training your current staff on your software, we might have just the solution for you. Chat with us here. 

7 Ways to Reduce Turnover and Increase Employee Retention for Property Management

Posted on by Megan Thomas

We’re going to rip the band-aid we all know exists and state the obvious: employee turnover within property management is a major pain point for multifamily. Phew, we said it. Now, solutions for reducing the 33% turnover rate have been talked about and with the cost of hiring, training, and getting employees up-to-speed, we want to give you the most effective strategies so you can maximize NOI for the long run: 

  1. Provide Clear Communication and Expectations: Clear and consistent communication is key to building trust and fostering a positive work environment. Employees do their best when they fully understand their roles and responsibilities as well as the company’s goals and objectives. Regular performance evaluations and feedback can also help ensure that employees are meeting expectations. 
  1. Offer Competitive Compensation and Benefits: Competitive compensation and benefits packages are an investment and can help attract and retain top talent, if you budget for it accordingly. This includes offering fair wages, health insurance, retirement plans, paid time off, and other benefits that employees value. However, you can also offer perks that aren’t out-of-pocket costs such as added flex days or providing access to benefits that are employee self-funded (retirement plans, life/accident/pet insurance, concierge services, etc). 
  1. Comprehensive Training & Resources: Onboarding employees means giving them the training they’ll need in order to be successful. Industry, fair housing, and even company-specific training around their role should be easy to consume and understand. Some properties even have de-escalation and interpersonal skills training to equip them for the inevitable conflicts between residents or staff. Additionally, training staff to use your technology can be a tough task, especially if the staff are new to your software. Talk with your software provider about additional videos, resources and support that can be provided to make sure new staff can hit the ground running when they start their daily operational tasks. Shameless plug: Many organizations that switch to ResMan report that the ease of use of the software actually reduces turnover because it saves time and makes everyone’s jobs easier from site staff to back office teams and even regional managers. 
  1. Create a Positive Work Environment: A positive work environment can help employees feel valued and appreciated. Encourage open communication, teamwork, and collaboration. We know a positive work environment comes from the top down, so help managers build leadership skills by mentoring them along the way.
  1. Offer and Encourage Professional Development: Providing opportunities for employees to learn and grow can help them feel engaged and motivated. Offer training programs, mentorship opportunities, and allow them to attend local, state or even national industry conferences and events. To those who show an interest in growing, offer some sort of reimbursement for their certification course fees. Shameless plug #2: Some property management software providers (like ResMan) offer industry and leadership skills training courses as part of the platform, making it easy for you to both offer professional development and develop the next generation of leaders for your organization.  
  1. Show Appreciation: Showing appreciation for your employees’ hard work and dedication can help to foster a positive work environment and increase employee satisfaction. A simple “thank you” email or a hand-written note can go a long way in making employees feel appreciated and valued. Host events like holiday parties or a company picnic to show appreciation to staff for their hard work. 
  1. Foster work-life balance: Allow employees to have a good balance between work and personal life. If you can manage it with the role, flexible working hours, remote working options, and paid time off can help employees feel more satisfied and less stressed. Make sure your leaders and managers are doing their best to model good work-life balance so employees feel like it’s okay to take advantage of their benefits without getting burnt out. 

Implementing these strategies can help property management companies retain their employees and improve overall employee satisfaction, which saves you time and money. It is also important to remember that retaining employees is an ongoing process that requires constant attention and effort. However, that attention and effort will go a long way in its return. Regularly evaluating and adjusting these strategies can help ensure that they remain effective over time for your company’s overall hiring and staffing needs. 

Does your current software provider support your employee retention enough? Let’s talk.