One in four property management employees say they’re thinking about leaving their company or the industry, according to a survey conducted by AppFolio, a cloud business management solutions provider for the real estate industry, and the Institute of Real Estate Management. The 2021 quit rate in property management—25%—slightly exceeds the 23% rate for the full real estate, rental and leasing sector, the U.S. Bureau of Labor Statistics found. Why the dissatisfaction? Here are three of the top reasons:

  1. Desire for higher compensation. The top reason employees are considering switching industries or companies is to find a better-paying position. Salary increases were the top driver of improved job satisfaction.
  2. Lack of career growth opportunities. Property management employees are discontented with their opportunities for career growth. Only 59% indicated they were satisfied with advancement opportunities.
  3. Too much busywork. When asked, “What changes has your employer made in the last 12 months that have improved your overall job satisfaction?” 25% of respondents answered, “Improved processes and workflows.” Fourteen hours per week are spent on tasks that could be automated or streamlined.

Bottom line: The ability to excite younger generations about a career in property management may depend on the ability to offer career growth and speed smart technology adoption.

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