When running a property management business, one of the greatest challenges is identifying the right people to hire. The kind of employees you hire can make or break your housing market business. Hiring the wrong people could mean losing tenants and having a high employee turnover. However, hiring the best employees will take your professional property management company to the next level.
Here are 8 hiring tips for property management businesses:
1. Write a Great Job Description
Creating a job description is the first step in the hiring process. Make sure the job description accurately and concisely reflects the position at stake. This will help attract top talent and get rid of unqualified candidates. A job description should fulfill the following criteria:
- Measurable – Besides clearly outlining the job responsibilities, it should also have measurable goals for success (for example, ‘The assistant property manager should respond to maintenance requests within 12 hours’)
- Clear requirements – Don’t just copy and paste job descriptions from other places. Be sure to specify exactly what requirements and skills you are looking for in your property management business
- Promote the company – Most candidates will ask themselves ‘Why would I want to work here?’ before sending in their application. Therefore, the job description should highlight why your property management company is a great place to work at. Mention your achievements, workplace culture, and expected benefits
2. Post on Job Boards
Posting on job boards will create awareness about the position and attract applicants. However, this does not mean that you should post everywhere. Be strategic and focus on the most reputable boards. Some of the free job boards to consider include Indeed, LinkedIn, and Nextdoor. If there is a university or community college in your area, you could post on the institution’s job board. To get candidates even faster, post your jobs on sponsored job boards, some of which even screen and rank candidates as they apply. You can also look for boards where other property management businesses have posted before.
3. Ask the Right Questions
Once you have shortlisted candidates, it is time to run the interviews. To get the best results when hiring employees, property management businesses need to ask the right questions so as to get responses from candidates. Your questions should evaluate the following aspects:
- Job skills – To learn more about their property management skills and experience, ask questions such as: ‘Do you have any experience managing condos, single-family homes or multi-family homes?’ ‘How do you deal with difficult tenants?’ ‘How would your former boss describe you?’ ‘What have you learned from working with other property management businesses?’
- Job fit – This evaluates how a candidate’s expectations, skills, and experience measure up with the position at stake. To ascertain if they are a good match, ask questions such as ‘Why do you want to work in our rental property management business?’ ‘What were your reasons for leaving the former job?’ ‘What are your future goals?’
- Culture fit – Find out if the candidate will be a good fit for the culture and team at your property management business. You need an individual that shares the values and vision of the company. Some of the questions to ask are ‘What traits do you treasure most in a property manager or colleague?’ ‘In a team setting, what role are you likely to play?’ ‘What is your personal philosophy of success?’
4. Look for Tech-Savvy Candidates
Technology has become a very important element of property management businesses. Most companies use property management software to run their housing market operations. Therefore, you need to find someone that is comfortable using different property management tools. The candidate should also have a good understanding of social media platforms. You can assess the skills of candidates by having a practical test as part of your interview.
5. Check Their Certification and License
It is very important to check if the candidate has the required certifications and licenses to work in the industry. Get in touch with your local Real Estate Commission to find out if the candidate’s license is valid. You should also check if the candidate is certified by recognized bodies such as the National Association of Property Managers and the Institute of Real Estate Management. These bodies only offer certification after students complete a rigorous training program.
6. Consult References
Your job description should require candidates to submit names of at least two references, preferably former employers in investment property management companies. Be sure to get in touch with these references to learn more about the candidate. Were they productive in their former job? Did they get along well with their colleagues? Did they have any discipline problems? Asking such questions will provide information that will help property management businesses make a better decision.
7. Look at Their Social Media Profiles
The social media profile of a candidate can reveal a lot about them. You will get a good idea of their interests, associations, and personality. For example, if someone is rude and abrasive on social media, they will probably act the same way on the job. Gather all this information and use it in your decision-making process.
8. Build Culture and Relationships
Many professional property management businesses experience a lot of turnover. Losing employees is very costly since it takes money and time to recruit, hire, and train new people. This is why it is important to have a plan for retaining top talent immediately after hiring new employees. Here are some of the ways you can enhance loyalty and promote a thriving workplace:
- Offer training opportunities – When people are empowered through continuous training, they feel valued. Training could be in the form of job shadowing opportunities, conferences or sponsored courses
- Provide competitive salaries and benefits – Employees usually remain loyal when the company is paying them well and providing good benefits. You could also offer rewards for exceptional performers
- Nurture strong personal relationships – Create a work environment that allows you to interact with your employees and know more about them. Find out what drives them and learn about their future goals. Having strong relationships will significantly boost your retention rates and your property management career
Wondering how to grow your property management business? A very important part of starting a property management business and making profits is hiring new employees that will add value to your company. Follow the above tips and you’ll be sure to find top talent!
To learn more about how Mashvisor can help you find profitable investment properties for your clients, schedule a demo.