Sometimes when we interview with new HOAs, we hear that they have had 4 property managers in one year. So I decided to do some guerrilla marketing and applied for a job at one of the biggest property management companies in Denver. I found that even with an MBA I would make $36,000 a year with no vacation and minimal health care. I knew I could do better.
To keep great employees, the first step is to pay them more than the market average – then they won’t leave for a few more bucks. Make sure that the job isn’t too easy or they will get bored, and not to hard or they will get stressed.
Property Management is a stressful job. That’s why we give a month of vacation per year. Some of my property managers really take advantage of that. Aaron has been to Costa Rica, and asked his girl to marry him in Sao Palo Brazil.
On the other hand, I had to order John to take a week off at the 4th of July. And then he came back to work a day early! I don’t want them getting burned out so that’s why I offer vacation.
Kip, my office manager, is also going to school part time, so he’s only working 30 hours a week. At the same time, he’s human and was sick one day and also needed to take a day off so his mother could have her pinky toe amputated because of diabetes. Fair enough, but we didn’t have a policy for part time employees. I figured out what one month off per year is, 14 hours per month, and then divided that by two thirds, since he only works 30 hours a week, and that come to 10 hours a month.
I think we have a great work environment, property managers can work from home and log onto our computers. I don’t track their hours, but pay them a percentage of each contract, which makes sure they do a good job because if we lose a HOA they lose that part of their income. And in the office, I’ve had people stay late off the clock to get the job done because they are dedicated to it.
Not to toot my own horn, but if you work with us, you won’t have 4 property managers in a year….