What Are the Biggest Property Management Challenges in The Future?

What Are the Biggest Property Management Challenges in The Future?

The COVID-19 pandemic has affected virtually every aspect of society, and the property management field has been no exception. While property managers have had no choice but to adapt to ongoing changes, there are still new adjustments that will need to be made going forward. Managers who prepare for the industry’s future will be best positioned to navigate challenges that arise and keep their property operating at an optimal level. Here are some of the biggest challenges expected in the property management field:

More staffing shortages. Though many property managers have already experienced issues achieving adequate staffing levels over the past year, labor shortages will likely continue being problematic as unemployment benefits remain in effect. Employers will need to do even more to motivate individuals to come back to work. To combat ongoing staffing challenges, property managers must re-evaluate their hiring and retention practices, as well as the type of workplace culture they’re offering employees. Employers will need to offer more appealing compensation packages and benefits to fill openings and address unexpected vacancies in many cases. Managers who understand the importance of culture-building and positive employee engagement will be able to keep their workforce afloat during times of unpredictability.

Return-to-work policy decisions. As the pandemic continues to influence how and where employees work, property management companies will continue to decide how to bring employees back to the office. Though many employers have already chosen to gradually bring their people back, finding the right balance of remote work and onsite work will be critical for ensuring staff’s ongoing health and safety. Property managers must stay educated about current guidelines regarding COVID-19 and implement return-to-work policies that adhere to the best health and safety standards for their employees. Managers who are committed to remaining adaptable to adjusting their policies will be most adept at ensuring a smooth transition back to the office for everyone on their staff.

Generating a new talent pipeline. Along with counteracting staffing shortages lies the challenge of developing new talent to fill future openings. Attracting new talent will require property managers to implement more innovative recruitment strategies and hiring tactics to bring future candidates into the hiring pipeline. Some of the advanced recruiting tools currently being used by property management companies include chatbots, social media ads, and SMS (short messaging service) to expand candidate pools and improve hiring outcomes. Property management companies that invest in more efficient and effective recruitment tools will be best positioned to maintain an active talent pipeline throughout the remainder of the pandemic. 

These future challenges, among others, will undoubtedly continue to impact the property management industry at large. Managers who make the health and well-being of their employees their top priority will be best positioned to maintain their properties without significant long-term effects on their staff and bottom line.

Is your property management company struggling to find qualified candidates to fill open roles? Learn how a staffing partnership with The Liberty Group can help.