1. Turnover Rates
  2. Late Rent Payments
  3. Evictions Time
  4. Eviction Costs
  5. Maintenance Staff Costs
  6. Turnover Time
  7. Operational Staff Costs
  8. Net Vacancy Time
  9. Marketing Costs
  10. Communications Costs

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Employment of property, real estate, and community association managers is projected to grow a healthy 8 percent from 2014 to 2024. Yet, depending on the source, the average age of a property manager or building operator ranges from 50 to 56 years of age. The industry isn’t exactly a spring chicken.

And while this older Boomer and Gen-X group will most likely work past the typical 65-year retirement age, it means that property management companies need to rapidly expand their hiring pool. However, as Jim Preece, president of The Building Owners and Managers Institute (BOMI) of Canada, points out, “No young person wakes up and says, ‘I’m going to be a property manager…’ ”

 

Attract Talent By Changing Corporate Culture

One of the issues is a lack of career path, and an overall lack of awareness about the industry. HR teams and property management organizations will be competing to attract these new millennial workers, who are known to be highly educated, continuous learners, collaborators and socially conscious. Often, their job isn’t just about the pay. Factors like an enticing work environment, the ability to telecommute and a collaborative work culture all rank up there as key considerations.

Property management corporate culture will see a profound shift, one that moves toward enabling technologies that foster communication, 24/7 access and the ability to work on-the-go. Millennials don’t want to be bogged down by repetitive or redundant work (like cutting and pasting information between systems) but to be actively engaged in more value-driven, mindful and strategic work.

As I’ve noted before, the ability to offer this new breed of property manager flexibility, the digital tools they are already comfortable using as well as eco-friendly (i.e. non-paper based) working environment will be key to winning the impending talent war.

 

Security in the New BYOD Landscape

Bring your own device (BYOD) is the new workplace reality. Property management employees use their personal devices at work or in the field, allowing for more efficiency and flexibility. The end result is a more “reachable” employee and reduced costs as the organization no longer has to supply a desktop computer, phones or tablets.

However, many property industry organizations worry about the risk of allowing millennial workers to use their own laptops and phones. The answer lies taking the necessary precautions to keep proprietary information and sensitive company data safe.  Property companies must ensure browser-based access that enforces PCI compliance, Secure Socket Layer (SSL) technology and end-to-end encryption, so sensitive resident credit information and personal data is always secure. As well, reports should be permission-based, ensuring that only the right people have access to the information they need.

 

Property Vista & You

Property Vista can deliver an always-on, highly secure suite of web-based services that will not only improve your bottom line, but ensure the flexibility that younger workers are looking for. To learn more about how you can increase your appeal to millennial employees while protecting your data and digital infrastructure, sign up for your free account today.


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