Between burnout and a desire for better work conditions, workers are fleeing the multifamily industry in alarming numbers.
In recent weeks, the Financial Review reported stress levels and mental health issues have spurred up to 30% of property managers to resign in the past year, and research by J. Turner Research reveals the average tenure of today’s apartment community manager stands at just 19.2 months. The resulting labor shortage is forcing many multifamily leaders to reconsider their staff workload and expectations, and ways that technology can ease their load without sacrificing results.
Adapting to shifting workforce demands
“We’re going to have to fundamentally rethink how we’re staffing up properties and what the expectation is of our teams,” says Yakov Belousov, executive director of operations for Pegasus Residential, in an interview with Multifamily Dive. Under Belousov’s leadership, the Georgia-based property management firm is piloting a four-day workweek as it seeks to improve employee experiences and retention.
“Everyone is looking for work-life balance. They want more time with their family and loved ones. They don’t want to be married to the job.” Belousov explains. To make that happen, the organization will employ technology to enable a “self-serve economy” that’s increasingly prevalent in the industry — think automated tour bookings, virtual support and anytime/anywhere access, for starters.
Magnifying workers and relieving workloads with automations, machine learning
For PERQ clients, employee benefits inherent in AI-powered lead management are just as important as the ability for prospective renters to access answers and support 24/7. By automating routine tasks like lead capture and nurture, answering FAQs, tour bookings, CRM maintenance, data analysis and more, leasing teams are free to focus on work that’s more meaningful and energizing, such as building relationships with high-intent prospects and identifying new market opportunities.
“Organizations can use AI to automate mundane tasks, freeing up human workers to apply their uniquely human capabilities (such as interpretation, communication, judgment, and empathy) to less-routine tasks, as well as explore new problems and opportunities,” Deloitte researchers explain. “The focus is on augmenting people, not replacing them,”
With that in mind, PERQ’s multifamily lead management platform is designed to benefit all audiences it touches:
- Employees enjoy a lighter workload and more purposeful work, less stress, less chance for human error or poor decision making.
- Prospects enjoy instant gratification with always-on support and automated, personalized follow-up.
- The organization enjoys improved lead conversions and marketing ROI.
Belousov is a believer in applying technology to improve employee satisfaction and business results, simultaneously: “We have case studies that
show you are not losing any revenue, you are not missing out on leases, your occupancy is not dipping, and your rent growth is exactly where it was before,” even though workers are working fewer hours, he said.
PERQ clients have also reported similar outcomes, averaging an 80% reduction in cost-per-lead, 226% increase in conversions, and 700+ hours saved for onsite teams after automating lead management. Lisa Delgado, PERQ client and VP of Asset Management for Boyd Wilson, has experienced those benefits first-hand. “If you want to be impactful in your [multifamily marketing program], you have to automate. No doubt,” she advises: “Find the right partner for your business.”