An excerpt from a recent IREM White Paper regarding 10 Trends in Multifamily Property Management states “finding the right property management associate is difficult because the industry requires a unique combination of management skills, marketing savviness, emotional intelligence and financial acumen in order to be successful.”  Management companies can ramp up recruiting efforts in order to seek out these unique candidates but there is a fundamental flaw in the efforts.  Waldo begets Waldo.  Meaning, the hiring manager must possess the qualities being sought in the candidates.  Otherwise, how will one recognize what they seek? 

Take notice on the listing of property management associate qualities, not one mention of multifamily or residential experience.  No lease up, disposition, acquisition, renovation, development experience required.  It was encouraging to read a majority of NMHC Property Management Companies (surveyed for the white paper) have recognized experience in the industry is low on the priority list of qualifications for best in class candidates.  Core values, which is what I label the combination of skills in the first paragraph, are most important and the hardest to teach.  If someone in the professional labor market lacks sufficient emotional intelligence for example, the learning curve will be immense and the damage which could be done in the interim, impactful.  The fundamentals of multifamily property management can be taught by those with experience.  The basics of the industry are not overly complicated and it is the basics that sustain performance throughout real estate cycles. 

Take it from a seasoned property management executive with no on-site experience.  I started in multifamily as a Regional Manager coming directly from the public accounting profession.  With the proper mentorship and training, I successfully navigated my career through the industry.  There are many individuals in the labor market with the core values to bring increased success to your company.  Ensure the individual tasked with hiring property management associates possess the qualities being sought before recruiting efforts are accelerated and money is spent.  This individual can be an internal associate, external recruiter, or consultant who demonstrates the qualities and experienced recruiting skills. 

In a previous article I published, Property Management Client Survival Kit, I wrote about the intense competition in third party management.  I mentioned the need for an emotionally intelligent and financially savvy management team as one of the items in the survival kit.  Associates are the biggest differentiator from the competition and can make the most impact on the success of your business.

Now, if we could only get those sought after candidates to wear red and white stripe shirts, our search would be made much easier.