Many property management companies know there’s a high turnover rate with a community association manager. Here’s what they can do without cutting profits.
A report from the U.S. Bureau of Labor Statistics suggests a stark outlook for the role of a Community Association Manager. BLS predicts that approximately 29,100 job openings will be available on average annually, with many of these openings stemming from a need to replace existing workers who leave their jobs.
Why are turnover rates for community management so challenging? Here are some of the root causes and the ways management companies can adderss them.
Several Risk Factors
Community managers are busy. They handle a plethora of day-to-day tasks and are constantly managing pressure, deadlines, and communications that need to go out.
Additionally, they are the face of the management company to an association, and often receive critical and outright rude comments from the small number of residents who are sqeaky wheels. (And even the most pleasant residents will have a complaint from time to time.)
And they handle all of this often at a relatively modest wage.
Payscale.com reports an average base salary for a Community Association Manager (CAM) is $54,337 annually. This can vary widely based on region of the country, the types of communities in their portfolio, and a community manager’s credentials. However, when you consider the number of CAMs accepting calls and emails in the evenings or needing to work weekends, you can see why there is some strain.
Meanwhile, health insurance premiums are increasing alongside massive inflation. It is difficult for Community Managers not to consider an alternative career path.
Addressing CAM Turnover
First, it helps to make the right hire. While it sounds easier said than done, a good way to vet out potential job applicants is with assessments. There are certain character traits and skill sets that make a good Community Association Manager, and those are the applicants that you want to put at the top of your list.
Next, remember that a Community Manager is a career, and should be treated like one. There are ways to make employees happy. One way is through employee recognition programs.
It could be as simple as an award for their achievements, a poster that recognizes their accomplishments, or a gift to say thank you for all you do.
Further, consider work-life balance. Burnout is a real and immedaiate concern. Their personal life is important, and you want your Community Manager to know that you respect that.
Ready to support happier CAMs?
At FRONTSTEPS, we love to make life easier for your Community Association Managers. We know how challenging the day-to-day grind is, which is why our portal, accounting, and operations solutions are design to help simplify their tasks.
Ready to explore how better technology can help you improve job satisfaction and retention for your all-star CAMs? Schedule your personalized demo today!