RENT Magazine Q4 '21

the other day that the greatest liability does not come from not having a procedure or a policy, it comes from having a policy and not following it. That’s where litigators get a lot of traction. That’s where you’re at the most risk. The second thing that I think that we all woke up to is the idea that remote management of properties is possible. If you have a process that allows you to track what’s happening at your properties, you can provide consistent guidance in a remote environment. Technology can help alleviate, not add, to the workload at the local site level. For example, we hear clients now talking to us about how having automated workflows or tracking inspections digitally are mission critical tools for them to lessen the workload of folks on site.

I read a recent survey reporting that rental industry employee turnover is now over 50%. A lot of institutional knowledge walks out the door when an employee leaves. But if you have recorded processes in place, whether it’s by using Leo or something else, you can mitigate this loss in institutional knowledge and ensure that you maintain consistent operations. Why do you think employee turnover in the rental industry is so high? I think this is one of the most difficult industries without question. The daily trials and tribulations of community managers, the stress they’re under, and the abuse they take from residents and sometimes from owners and investors when things don’t go well can be overwhelming. And the industry would collapse without them.

It can be an emotionally crushing business for some people. I’ve been on the front lines. Even if you are the best property manager who was ever created and you’re doing exactly everything you should be doing, somebody is yelling at you today. Being a property manager means you are the one to tell people, “I’m sorry, you have to pay your rent and we have to evict you.” That’s your job to be that person. And that’s a lot to ask of people at times, especially if it happens on a recurring basis like right now with millions of people who have lost their jobs. And it’s also difficult to support these employees properly when the margins are so notoriously thin on the management side. I think as rental owners we’ve somewhat created this problem for ourselves by trying to squeeze every ounce of NOI out

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