Retaining Multifamily Leasing Talent in a Booming Job Market

HOUSTON—Multifamily operators know that retaining leasing associates is no easy task. It’s particularly challenging when the labor market is thriving.

In this exclusive, Joe Melton, vice president of marketing and management support services at The Morgan Group, discusses how his company builds and retains strong leasing teams in such a competitive environment.

GlobeSt.com: What are the challenges facing multifamily operators when it comes to keeping onsite associates in the fold?

Melton: It is a fundamental fact of life in the apartment industry that retaining leasing associates is a major challenge, regardless of market conditions. According to the National Apartment Association, the typical apartment community has an associate turnover rate of 32%.

It’s not hard to understand why: Onsite associates often are just beginning their careers and eager to pursue new opportunities. The jobs are stressful–you’re dealing with demanding prospects and residents.

In today’s environment, you have the added factor of a white-hot job market, which means onsite associates that are even halfway considering a change have plenty of opportunities to explore that change and land somewhere else.

GlobeSt.com: What are the keys to retaining strong onsite associates?

Melton: I think there are several things operators can do. One very important point is that apartment companies should invest in the kinds of modern technologies that really support their teams and make their jobs easier and more efficient.

To start with, companies that embrace cutting-edge technologies and implement them to benefit their team members have a leg up in the battle to attract the right talent. Today’s associates fully expect to work at a company that uses the latest and greatest technologies to help them be the best team members they can be.

One example of this kind of technology is mobile leasing apps. At The Morgan Group, we use Power Pro, an iPad-based app that better positions our associates to convert prospects into new residents. It allows our onsite teams to comfortably talk with prospects, get their information and build rapport while taking them on tour or sitting in a comfortable lounge area or anywhere the prospect wants. This results in a much better experience for prospects than being formally interviewed by an associate while sitting at a desk.

Mobile leasing technology also provides associates with instant access to all the information they need to answer the questions a prospect may ask while on tour–and they don’t have to be connected to Wi-Fi to access this information. This means they don’t have to carry big binders while walking the property with a prospect or go back to the leasing office after the tour to find the answer to the prospect’s question.

GlobeSt.com: What are some other technologies that can help associates feel better about their jobs and therefore make them more likely to stay?

Melton: On-demand online learning management systems are great avenues for team members to develop their skills, learn more about their positions, and grow more confident and comfortable in their jobs. The nice thing about these solutions is that they offer fairly short videos that associates can incorporate into their day and still handle their responsibilities.

GlobeSt.com: Other than incorporating the right technologies, what other steps would you recommend multifamily companies take to retain strong onsite teams?

Melton: I think your corporate culture has to promote clear and open communication throughout the company. Team members always value transparency, and it’s critical that associates feel that they are in the loop. For instance, if there’s an issue with employee turnover at one of your communities, you need to discuss and explain that turnover to your team members.

You also have to give team members a voice. Make it clear that they can speak up with their feedback and concerns–and let them see that you take their feedback seriously. Making appropriate changes in response to employee feedback can be a big morale boost for leasing associates. They’re more likely to stay at a company where they know they have a voice.