AppFolio Survey Highlights Shifts in Property Management Employee Productivity and Satisfaction

By GlobeNewswire On Aug 31, 2023

2023 AppFolio Property Manager Hiring and Retention Report reveals positive shifts in property management employee satisfaction thanks to emerging technologies

AppFolio, a leading provider of cloud business management solutions for the real estate industry released its 2023 AppFolio Property Manager Hiring and Retention Report, which examines employee satisfaction and the opportunities for technology to improve engagement and productivity for property managers and their teams.

The report, which surveyed more than 2,300 U.S. property management company employees, revealed a drastic transformation in employee retention alongside an uptick in employee satisfaction. In stark contrast to the 25% of respondents contemplating a departure from their company and/or the industry in the 2022 report, this figure plummeted to just 9% in 2023. This not only surpasses the global workforce average but also establishes property management as an industry with superior employee retention and satisfaction. The data also revealed that three-quarters (74%) of all respondents were satisfied or very satisfied in their current role.

Despite these trends indicating slower turnover in the industry, it remains crucial for leadership to continue to prioritize retention and improvements in employee satisfaction. One of the most effective ways to achieve employee satisfaction is through the continued integration of technology. An overwhelming 88% of respondents agree that technology makes their job easier (higher amongst leadership, 93%)﹣taking precedence over benefits and perks (80%). Still, nearly one-third of respondents (27%) reported not being satisfied with the current technology available for them to do their jobs. Both leadership (69%) and staff (55%) collectively wish they had more time to focus on higher-value tasks, believing that nearly one-third of a typical workweek (up to 15 hours per week) could be optimized or streamlined through technology.

As the evolution of AI continues throughout industries, property management is no exception as nearly half of respondents (45%) believe AI and natural language models will benefit their company in the future. This is especially true for employees at the largest companies (5,000+ units), with most respondents (51%) agreeing on the beneficial impact of AI and natural language models.

“By harnessing the power of technology, property managers are able to not only elevate tenant experiences and streamline busy work but create an environment that leads to better job satisfaction, innovation and growth,” said Stacy Holden, senior director and industry principal at AppFolio. “In the era of AI, it’s more important than ever that leaders take a critical look at their tech stack, ensuring the technology being invested in truly optimizes workflows and allows for teams to focus on high-value work that ultimately benefits residents and communities.”

Recommended HR Technology Interviews: HR Tech Interview With Katie Obi, Chief People Officer At Beamery

[To share your insights with us, please write to sghosh@martechseries.com]