Many business owners believe that their business is only as successful as its least successful employee. If this holds any truth, it stands to reason that any business owner would seek to hire and retain the most successful employees. 

Keeping The Faith

In the ever-changing world of employment today, it seems as though those who collect their “gold watches” for longevity in the workplace are few and far between. How can you be competitive enough to hold on to your good people? What makes your business better than others? More to the point; what do you do to keep your employees from packing up their desks and moving on?  Sources say that a new employee can take up to six months to get to the point where the previous employee was; talk about a loss of time and money.

Making It Worth It 

From receptionists, to managers, to maintenance workers, your team takes care of the rentals that are your livelihood. If each one of them does a great job for you, let them know it. You can work toward keeping your star employees by:

  • Pay above standard rates. No one wants to think about handing out money, but if you pay better-then-average rates, you’ll keep your good employees. Paying them less than market shows them that they aren’t worth much to you, and they’ll keep an eye on the want-ads. And don’t think that you’ll just give them a raise if they find a better gig; chances are, a better gig includes a signing bonus and other perks that they should have gotten from you in the first place.
  • Listen to what they say. Your employees know the score, often better than you do, especially if you spend time out-of-town or with other ventures. Your management team often sees your residents on a daily basis and they often know what changes might be needed. If they offer you suggestions about what might work better, take it under consideration and if it makes sense, apply it! Give them credit for bringing ideas to the table and encourage future communications from all of your employees. 
  • Stop micro-managing. You might have heard this before, but get off of your employees’ backs! You hired these people for a reason; you believed that they could do the job and do it well. So stop hanging on every word and move that they make. Encourage them to take an initiative in their work and try a few things without your direct supervision. By all means, keep an eye on your business, but people sometimes do amazing things when left to their own devices. 
  • Encourage growth. Your employees want to learn and continue to grow, or else they will stagnate. And stagnation is the perfect motivation to look for a new job. Teach them everything that you know about running a rental. Ask them where they see themselves heading. Use promotions, when applicable, to make them feel like they are heading in a positive direction; you’d be surprised at how far a management or foreman title can go toward keeping employees happy. 

As a landlord, your management team is the face of your business. Implement some, or all, of these positive ideas for retention and you’ll never leave them with a lack of motivation. If you show loyalty to them, they’ll be loyal to you.  And if you need help with organizing and leading your team, Occupancy Solutions LLC is here for you. Let our knowledge work; call us today.