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Multifamily Minute Reader Reflections: How Are You Coping With Staff Shortages?
We asked our 45,384 Multifamily Minute subscribers to understand the scope of today's labor shortage on apartment building investors.
Start Your Application and Unlock the Power of Choice$5.6M offered by a Bank$1.2M offered by a Bank$2M offered by an Agency$1.4M offered by a Credit UnionClick Here to Get Quotes!It's hard to look at any news on multifamily operations without seeing, front and center, the latest on how difficult it is to recruit or retain employees.
There are a number of reasons why. Working at an apartment building isn't exactly a stress-free job, after all: Almost 75% of surveyed property managers say their work is harmful to their physical and mental health.
It isn't just about the stress, though. Work-life balance, lack of career advancement prospects, and a need for more appreciation are all present to varying degrees no matter the size or location of the apartment complex.
And going beyond these issues, it's also harder and harder for us, as apartment buidling owners, to find qualified staff in the first place.
Survey Results
So: What's a multifamily investor to do in the face of labor shortages? I asked you to let me know how you were handling any staffing challenges last week. Here's what you said:
What are you doing to cover staff shortages? | Percent of respondents |
|---|---|
Leveraging tech solutions | 3% |
Bringing in contractors | 2% |
Working longer hours | 4% |
Cross training other employees | 30% |
Outsourcing services | 8% |
I haven't had staffing issues | 31% |
I handle everything myself already | 22% |
Interestingly, nearly one-third of respondents indicated they weren't experiencing any staffing issues.
I suspect that's because most of the major staffing issues are reported by the large property management companies out there. If you own one or two smaller properties, you may just employ some on-call maintenance staff instead of a full-time leasing team, people to staff the reception desk, and so on.
Still, even if you aren't experiencing any challenges finding or keeping staff right now, it can't hurt to be prepared.
By cross training your staff, embracing technology to handle the more mundane and routine tasks, and building networks with staffing agencies and vocational schools, you can ensure that any turnover you experience will have a reduced impact.
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Our Previous Survey
Last week, I talked about best practices for communicating rent increases to your residents. It may not be the most fun topic, but given the ongoing rise in costs, it's a necessary one. Learn more.