How to Motivate Employees at Your Property Management Company
Updated June 3, 2020
Happy and motivated employees are an essential ingredient of a successful property management business. When your employees are happy and motivated, it makes for a great work environment. Productivity increases, employee turnover, is reduced, and the overall morale of the business is boosted.
Here are five ways to motivate employees at your property management company.
1. Encourage your Employees to Observe Work Ethics
Developing a good work ethic is very important to career success. Ethical behavior promotes a harmonious relationship among peers. Some benefits of work ethics to your property management business include:
• Attracting more investors to your company
• Attracting the most talented employees
• Helping reduce labor turnover and therefore increase productivity
2. Provide an opportunity for advancement
Career advancement opportunities are vital to improving worker morale. It’s also a key employee attraction and retention strategy. Employees perform best when their environment is conducive to growth.
Sadly, only a mere 37% of companies in the U.S and Canada stated that their employees understand how they can shape their careers in their given role, according to a survey conducted by Towers Watson – a leading global professional services company.
Other key findings include:
• A mere 25% of survey respondents said that managers effectively provide career advancement to their employees.
• While 67% of the companies surveyed reported using technology for employee training and development purposes, only 44% used it effectively.
• Only 33% of companies that partook in the survey reported defining vertical career paths for their employees.
3. Create an Open, Friendly Work Environment
Creating a positive and comfortable work environment is critical to success. Here are a couple of tips contributed by Mousa Ahmed, owner of Own It Detroit, to help you develop great relationships at your property management company.
• Be liberal with positive feedback and show gratitude when it’s due. There many ways to provide a reward, including celebratory meals, gift cards, prizes, money, praise, and recognition.
• Work together for the common good. You will help build trust and form a bond when you share common goals and activities for the good of others. Take on a charity campaign and encourage your co-workers to participate in fundraising events, a charity race, or a Habitat for Humanity project.
• Get to know each other outside of the office. Go to lunch with your co-workers. Plan an off-site event like a bowling night or a day at the ballpark.
• Take time to learn about their families and their goals. Show your empathy and concern for their well-being as people, as well as co-workers. Exchange ideas and personal opinions.
• Foster an environment where everyone feels they have a voice. Rather than “No, that would never work.” make your approach “Yes, that’s a possibility.” Effective communication begins with active listening.
• Look at each person as a vital member of the team. Everyone you work with deserves respect in the workplace, even when you differ on opinions.
4. Develop an Outstanding Corporate Culture
The culture of your property management company should be steadfastly rooted in your business structure. Here are eight elements that constitute a winning corporate culture:
• Teamwork. Stop thinking of people in terms of “employees” or “departments.”
• Create a positive work environment.
• Freedom to relax. Give your employees a relaxing vibe. For example, go to a wine tasting after work hours, take your team indoor rock climbing, or declare half-day Fridays during summer.
• Communicate. It may seem trite, but it’s easier said than done.
• Hire people who complement you. Diverse perspectives grounded in a shared vision are worth their weight in gold. For instance, if you are a risk-taker, hire someone more conservative. If you are a fantastic innovator but fall short on running the numbers, bring in a savvy financial officer.
• Align your culture with your core values. Are you a true collaborator? Are you relaxed but also expect the best of people? Do you foster a work hard, play hard mentality? Are you ingeniously innovative or unwittingly creative?
5. Communicate more effectively
Don’t expect a great deal of engagement from your employees if the only interaction you have with them is via email. Communicating with your team in person, on the other hand, is more impactful and generates a better outcome.
For better communication, you could:
• Hold town hall meetings. In these meetings, foster a candid two-way dialog. Avoid lecturing.
• Build comfort in talking about what is not working.
• Send weekly correspondence to all employees in the company.
• Create an effective communication process. According to this survey, only 9% of employees said they know what is going most of the time.
Motivation plays a crucial role in employee job performance. When your employees are motivated, they can provide your property management company with a competitive advantage. Use these five tips, and you will be on the right track toward optimum productivity, engagement, and happiness.
About the Author: Stephen Fox is the co-founder of Upkeep Media, an online marketing agency that specializes in working with the real estate industry. When he isn't learning about the latest marketing techniques, he spends his time hanging out with his family and playing basketball. If you would like to connect with him, follow him on LinkedIn.
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