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Incentives That Work for Multifamily Property Managers

Money motivates. But it’s not the only resource out there that will move your multifamily property managers to action. And, in fact, you may be surprised to find that there are many other tools accessible to you that will motivate your managers just as much, if not more, than money.

Don’t believe it?

According to a recent article from Inc. Magazine, there are more than 20 incentives your employees would love to receive from you. According to research, 44% of employees say the #1 benefit they want to receive is flexible working arrangements. That’s right. Forty-four percent.

While flex work arrangements aren’t all that compatible with the job of a property manager, there are plenty of other alternatives, to include:

  • Benefits: Health, dental, pension. It’s a costly expense. Yet, it motivates, according to 36% of respondents. So, if providing benefits in one way or another is something you can do for your employees, it’s worth considering. If you think it’s way too much, consider something more along the lines of Liberty Share. You can pay as little as $400 a month to provide your employee and his/her family with a medical cost sharing plan. They have little/no out of pocket, yet are reimbursed for 70% of their medical expenses.
  • Career advancement. Property management, in some instances, is limited to a single property. Yet, you can grow a manager’s role by allowing them to earn great responsibility over time. And, if you have multiple properties, the incentive is the chance to have oversight for more than 1 property or to gain a shot at a more corporate role at ‘headquarters.’
  • Compensation: You knew money would come up quickly, didn’t you? But get creative with it. Don’t just give a raise. Tie monetary incentives to performance expectations. Give a 10% bonus when your property manager fills all vacancies or receives rave reviews.
  • Training and education. It’s hard to believe that people will work harder for the chance to go to school. Thirty-one percent of respondents, however, say they will have greater engagement and loyalty to a company that invests in them in this way. The National Association of Residential Property Managers has a great online resource of property management classes that can be leveraged for this purpose.
  • Corporate culture. What does it mean to provide a corporate culture to which your property manager will want to stay loyal?
    1. Know what you stand for
    2. Be an owner who walks the walk
    3. Encourage your managers and breed positivity
    4. Be open, honest and don’t talk bad about others
    5. Reward excellence
    6. Have fun!

Let us help! Contact the professionals at Class A Management today to learn more about our services and how we can help you reach your property’s full potential. Call 817-284-1411 or send an email to info@classamanagement.com.