Property managers become more focused, motivated and productive when they are given regular evaluations, according to two real estate managers.
Karina Reed, manager of property management at Hockingstuart Glen Iris, told RPM she conducts biannual performance appraisals with written reports as a way of minimising staff turnover.
“If you’re monitoring staff on a regular basis and there are areas of concerns then you can tend to them straightaway and managers can keep track of individual staff needs,” she said.
“There is quite a lot of staff turnover in property management, but that’s got to start at the top – management need the skills to retain staff and I believe performance appraisals can help.”
According to Ms Reed, performance appraisals are also a good opportunity to discuss staff members’ goals and put them on the path to achieving them.
“I’m very big on goals, particularly for those people that are in reception or admin roles who want to become property managers,” she said.
“I’ll do everything in my power to get them there and get them trained.”
Ouwens Casserly Real Estate director Alex Ouwens told RPM that the Adelaide agency finds that its staff evaluations help to increase productivity.
Mr Casserly said having a mix of formal and informal evaluations helps in monitoring figures and KPIs such as new properties, lost properties, rental arrears rates, vacancy rates, let properties and referrals to sales.
“Creating a culture of regular feedback has been outstanding for our team,” he said.
“We have found the monthly evaluations to be the most beneficial as it gives team members a buy in to the figures they are producing.”
Mr Casserly said often no news is good news, but that even that is important because it creates a culture of positive feedback.
[Related: Keep the people, keep the profit]