There are so many factors to consider when establishing your property budget. And prioritizing them can be difficult. One factor that is often overlooked when it comes to budget priorities is how technology investments can improve the working environment for your team.

Last year employee turnover at property management companies was a staggering 33%—more than 10% higher than the national average, according to the National Apartment Association. That's a number we can't ignore.

High employee turnover leaves your property vulnerable. A revolving door of leasing agents, maintenance technicians, and property managers can harm your community reputation with both prospects and residents. Not to mention the potential for delayed customer service or a backlog of maintenance requests, and the added expense of hiring and training new employees.

Employee retention is difficult, especially when many factors are out of your control. But you can help make your property a better place to work. By providing your team with the tools to help lighten their workload and stress, you can help prevent burnout and employee turnover.

Here are 3 proptech investments to consider in your 2024 budget if you're looking to reduce burnout and employee turnover:

1. AI leasing assistant: If you don't have an AI leasing assistant in 2023, what are you doing? By far the biggest 'bang for your buck' this budget season is implementing an AI leasing assistant, which can save your onsite team up to 60 hours per month responding to prospect inquiries, automating follow-up, and managing the property tour schedule.
   
   By giving your team more time to focus on customer service, resident retention, and higher operational skills, your employees will gain more professional experience and hopefully feel more fulfilled in their daily routine.
   
   
2. AI-enhanced social & reputation dashboard: Whether it be managing the social calendar, or manually monitoring and responding to reviews, social and reputation management can be a serious time-suck. But artificial intelligence can help, like by drafting social media content or review responses. Additionally, by utilizing a reputation dashboard you can save your team valuable time monitoring different review sites, or even tracking the competition.
   
   
3. AI-enabled CRM: According to a 2022 AppFolio study, 62% of property management professionals cited operational efficiency as one of their top challenges. Others argue that "busy work" could easily be automated or streamlined to save up to 14 hours per week.
   
   If only they had the right technology.
   
   AI-enabled multifamily CRMs can now automate up to 95% of workflows, provide proactive analytics, and ensure a smooth transition from the automated system to your team. Additionally, CRMs with AI technology can offer relief to different operation models. For example, AI-enabled CRMs can help affordable teams manage the influx of inquiries for their community, manage waitlists, and a centralized tour calendar.
   
   

Automation technology can't solve all of your workplace problems. But it can certainly help your team breathe easier. How has automation helped your team improve efficiency?