In an industry where turnover rates are significantly higher than the national average, finding effective strategies to improve employee retention in multifamily is crucial. High turnover not only disrupts operations but also imposes considerable financial burdens on property management companies.
Thankfully, the recent technology boom in multifamily has made it easier to improve employee satisfaction while reaching important conversion targets and business milestones. Here’s how:
Using AI and automation to reduce burnout and turnover
Hiring and onboarding new employees is an expensive process. The average turnover cost in multifamily ranges from $5,000 to $8,000 per employee—plus the time it takes to get new employees up to speed (we’ll talk more about that later).
To add insult to injury, turnover rates in multifamily reached 33% in 2022, significantly higher than the national average of 22%.
Employees leave jobs for any number of reasons, many of which are beyond your control. However, there are resources and technology available to help reduce burnout and save yourself from a costly hit to your budget.
For example, AI leasing assistants like ResMate manage prospect follow-up and tour scheduling on any channel, allowing your team to focus on more critical tasks without feeling overwhelmed by repetitive, time-consuming duties.
“The ability to correspond with leads after hours has allowed us to make the decision to close offices on weekends, which has led to higher rates of employee satisfaction without sacrificing customer service,” said ResMate user Joanne Giacomantonio, Director of Marketing & Design at AMP Residential.
By automating prospect management, you can lighten the workload, reduce stress, and let your team focus on making meaningful connections with your residents. The result? Higher employee and resident retention.
Custom communication has proven to boost resident satisfaction, and can even help them make friends in the neighborhood—which is a major factor in a resident’s decision to stay. With ResMate’s built-in CRM, the Smart Leasing Platform, properties can send more targeted communication to residents and prospects, making sure each message is tailored to their needs and interests.
Continue reading: 10 ways to reduce property management burnout & employee turnover + The power of personalized apartment marketing in 2024
AI Knowledge Base: Maximizing shared knowledge, training, and development
On average, it takes about six months for a new hire to reach full productivity. During this time, you’re dedicating substantial resources to ensure they are up to speed. Not to mention, last year 40% of property managers said they still don’t believe they’ve been given suitable training on internal systems and processes.
One solution to fill any gaps in training is to offer a property knowledge base, or a centralized place for team members to search company resources to find the answers to their questions. Easy access to shared knowledge like this is invaluable, but we know that sometimes you simply need an answer fast.
Which is why we created Know It All, an interactive knowledge base and property management support bot that can act as your own property management coach, trained on your policies and documents.
With Know It All on-site teams can ask questions, and get real-time feedback and suggestions based on imported documents and workflows. Know It All can help your team analyze competitors, research lease clauses, outline workflows, troubleshoot maintenance, and so much more.
By equipping your team with tools like Know It All, you’re not just filling in the gaps in training—you’re empowering your employees with the confidence to tackle challenges head-on. When team members have quick access to the information they need, it reduces frustration and delays, allowing them to focus on what they do best. This not only accelerates their learning curve and reduces onboarding time, but also enhances their job satisfaction by helping your team feel more competent and supported.
As a result, you’ll see a direct impact on employee retention. When your staff feels knowledgeable, confident, and capable of handling their responsibilities, they’re more likely to stay with your organization, reducing turnover and the associated costs.
Investing in a robust knowledge base and improving training processes is not just about efficiency; it’s about creating a work environment where employees thrive, leading to long-term success for your property management teams.
Continue reading: Introducing Know It All: AI property management support bot & knowledge base
AI improves productivity, confidence, and efficiency
Let’s set the record straight. AI is not going to take your job.
In fact, integrating AI and automation into your workflows can help your team be more productive and complete tasks more efficiently, therefore improving conversions, KPIs, and cultivating a more engaged on-site team.
AI leasing assistants like ResMate were built to assist, not take over your job. And with the help of the Smart Leasing Platform CRM, Know It All, and the rest of the Respage product suite, you can empower your team to manage the leasing process and cultivate a positive resident experience.
Technology, when implemented thoughtfully, can transform the workplace and have a significant impact on employee retention. When employees are supported by systems that simplify their tasks and reduce unnecessary stress, they are more likely to stay engaged and committed to their roles. By investing in tools that empower your team and create a more fulfilling work environment, you’re not just improving productivity—you’re also building a workplace where employees want to stay and grow.
Happy team = steady revenue stream
Employee retention is more than just a human resources concern—it’s a strategic advantage that can significantly impact your financial planning. A cohesive, productive team creates a more predictable budget, fosters resident satisfaction, and ensures steady operations.
If you’re looking to enhance your budgeting strategy and improve employee retention, we’re here to help. The Respage platform and Know It All property knowledge base are designed to support your efforts, ensuring that your team is engaged and your budget is optimized.
Ready to see for yourself? Click here to talk with one of our multifamily experts and see our technology in action.
