A new survey shows that hiring, staffing and recruitment are one of the biggest challenges facing multifamily real estate. Most respondents rated attracting new team members, training new staff and reducing turnover as their biggest obstacles within Human Resources. This shows how critical hiring and employee retention are for multifamily real estate operators.
“The inability to backfill positions and the influx of inexperienced new hires that require training mean that teams have to do more with less,” stated the report. Multifamily property management teams have always had a high turnover. The National Apartment Association estimates that pre-COVID, property management had a 33% turnover rate. The pandemic has only heightened these recruiting and hiring challenges.
One response showed the depths of the problem. “Employees are exhausted from COVID-19. They are demanding higher pay. Hiring is extremely challenging. Recruiting maintenance is very difficult. Salary demands are high. Morale due to short staffing and high expectations from residents is challenging. The phones are ringing off the hook, and we cannot keep up.”
“We are seeing higher turnover and more difficulty backfilling positions,” stated another respondent. The multifamily industry is booming however. Despite the challenges related to recruiting talent, apartment rent growth is very high and sale prices are soaring. One way to avoid hiring challenges is to work with a recruiter like Real Estate Executive Search. We understand the challenges of hiring and retaining great employees for multifamily and commercial real estate owners.
Our expert recruiters can help you identify great candidates for your open positions at every level. Contact us to learn more about our process and our guarantees.