Beat budget season burnout
ButterflyMX
Video intercoms, access control systems, and security cameras loved by 15,000 multifamily, gated, commercial properties.
We're in the thick of the multifamily budget season. And for some, a light is starting to appear at the end of the tunnel.
But once you get to the other end, how will you feel? Will you be ready to bounce back completely??
If you're feeling burnt out, don't worry. Read on to learn how to battle burnout after budget season.
Five tips for preventing property manager burnout in multifamily
Hiring and retaining property management staff is currently a teeth-pulling endeavor. The multifamily employee turnover rate was already high even long before the pandemic, but retaining top talent seems harder than ever. And one aspect of this problem that often gets overlooked is property manager burnout.
Out with work-life balance and in with work-life blend
“Covid-19 and remote work opened our eyes to many things, one of which is that emphasis should be on deliverables, productivity, and KPIs, rather than hours spent at work. If one can reach KPI's and deliverables in 30 hours a week instead of 40, why punish the employee? Let the focus be on output not on hours spent at work. We live in a world where we are all connected via email, slack, social media and in multiple time zones.”
How to fix the high multifamily employee turnover rate
The multifamily industry has proven resilient, but one problem that still plagues the industry is employee turnover. Compared to other industries, property management sees much higher turnover rates. The annual employee turnover rate in multifamily is a whopping 33%, which far exceeds the national average of about 22%. But why is the multifamily employee turnover rate so high? And how can we overcome it?
Get free insights and trends happening in multifamily, property management, and real estate by subscribing to the ButterflyMX blog! Subscribe now