One in four property management employees say they’re thinking about leaving their company or the industry, according to a survey conducted by AppFolio, a cloud business management solutions provider for the real estate industry, and the Institute of Real Estate Management. The 2021 quit rate in property management—25%—slightly exceeds the 23% rate for the full real estate, rental and leasing sector, the U.S. Bureau of Labor Statistics found. Why the dissatisfaction? Here are three of the top reasons:
- Desire for higher compensation. The top reason employees are considering switching industries or companies is to find a better-paying position. Salary increases were the top driver of improved job satisfaction.
- Lack of career growth opportunities. Property management employees are discontented with their opportunities for career growth. Only 59% indicated they were satisfied with advancement opportunities.
- Too much busywork. When asked, “What changes has your employer made in the last 12 months that have improved your overall job satisfaction?” 25% of respondents answered, “Improved processes and workflows.” Fourteen hours per week are spent on tasks that could be automated or streamlined.
Bottom line: The ability to excite younger generations about a career in property management may depend on the ability to offer career growth and speed smart technology adoption.