Property management is becoming more important to driving value in a real estate portfolio, and the key to a strong property management team is talent. Property management software company Appfolio is providing technology services to help property management companies attract and retain top talent and to attract younger talent to the industry. We sat down with Nat Kunes, VP of product at Appfolio, for an exclusive interview to talk about attracting and retaining property management talent, how technology can help and why property management is more important today than ever before.

GlobeSt.com: What are some current talent trends you're seeing in the property management industry?

Nat Kunes: This is an industry that needs to keep a close watch on their talent pool right now. It might be surprising to hear, but data shows that the average age of a property manager today is over 50 years old. While that might not be problematic now, it will be in 10 to 15 years' time when that group is leaving the workforce to enter into retirement. That's why it's important to start recruiting younger talent now to make up for that future loss. Easier said than done.

There are a lot of thankless and even frustrating aspects to the role of the property manager, which makes it a less attractive career for younger generations. Tenants can be problematic and demanding. The sheer number of units and maintenance requests that property managers have to handle add a ton of tedious administrative responsibilities to their already high workload. There's also the constant threat of something going wrong in a unit at any time of day. It's a demanding career path, no doubt, but property management is vital for the health of both residential and commercial real estate.

GlobeSt.com: What can property management companies do to attract and retain younger talent?

Kunes: A big solution to that lies in technology advancements. When we think of property management and tech, we often think of ways in which technology can help to streamline processes and grow portfolios. However, a hidden benefit to that is that it makes property managers' jobs 10 times more efficient, and enjoyable at that.

Here's an obvious one: think of rent week. That's an insane time of the month for property managers where they're practically chained to their desks waiting for tenants to hand deliver rent checks or are running back and forth to the bank to make deposits. Online payment systems completely eradicate the pressure of rent week. Property managers can go about their regular duties, responding to work orders, maintenance requests and more without having to do much work on the collections side.

GlobeSt.com: Beyond collections are there other areas in which technology makes the job easier for property managers?

Kunes: Definitely. Younger generations are mobile and tech savvy, but they want to be able to use those advancements in technology in all aspects of their daily lives—including their careers. Tech features, like automated and text-based communications with tenants, cuts down on the daily stresses of a property manager. They know their texts are seen and they don't have to craft individual emails to tenants, like late rent reminders. Those types of communications are automated; however, it also gives them an opportunity to send personalized messages to tenants, which is good relationship builder and plants the seed for greater tenant/property management transparency.

Technology cuts out the tiresome administrative work that comes with both maintenance requests and unit inspections. For example, mobile maintenance enables property managers to update, in real time, the status of requests through apps or online portals, which their tenants are privy to. This eliminates frustrating phone calls and follow-ups from tenants, helps property managers streamline and prioritize their requests, as well as keep track of all communications and next steps for every request.

Additionally, mobile inspections enable property managers to verbally dictate a unit report to their phone, which then transcribes it, plus photos can be uploaded to the report right then and there. Without that kind of tech feature, property managers have to go back to their physical office, type up the report from their notes, manually upload photos from their camera to their desktop computer and so forth. Needless to say, it adds up to a ton of frustrating steps that keep people working late hours.

Lastly, property managers must dabble in marketing when units become vacant. Instead of spending tedious and mind-numbing hours posting new vacancies to websites, technology is so advanced now that it not only enables people to post a vacancy to multiple websites with just a single click, but also can automatically strip all listings from websites the minute the unit's been taken off market.

GlobeSt.com: Aside from technology and perks, what are other ways that property management companies can improve attract and retain new talent?

Kunes: Culture. That sometimes ranks as high as benefits in terms of importance for the millennial workforce. There are some simple and cost-efficient ways for companies to dramatically improve general environment and culture to make them more attractive. Implement on-the-job trainings and up-skilling opportunities. Millennials place significant weight on upward mobility so making sure they feel that companies are investing in helping them grow is critical. Even mentorship programs are quite valuable and can spark greater overall company morale.

Finally, there are always going to be some days that are busier than others, and it's important to help employees maintain a good work life balance by making the decision to implement things like tech, wellness programs and more to help employees better strike that balance.

Instant Insights /

Good Property Management Comes Down to Talent

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