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AppFolio is an IREM President Level Industry Partner. This article is published on the IREM Blog as part of that partnership.

Property management is a business, and the goal of any business is to make a profit. However, too few property managers realize that one of the best ways to meet profit goals is by developing and managing the right team of professionals to run the business. Like any business, a well-run property management team can help take things to new heights. Here's a look at how to best manage and develop a property management team.

Have Variety and Diversity on Your Property Management Team

The average age of the property management professional is about 50 years old, which means many will enter retirement within the next 10 to 20 years. That said, it's important to build a team that is diverse when it comes to both age and background experience – not just for the present day operation of the team, but for the long-term future as well. It's also beneficial to have a team of people with differing viewpoints. This way when the status quo is challenged, you’ll see innovation, collaboration, and new ideas brought to the table. A collaborative, innovative reputation is a good thing to develop – it will inspire others to want to join your team when openings become available.

Develop a Company Code of Values

I challenge all property managers to develop a company code of values with their teams. A good internal value proposition helps define the way that a property management team works with each other, business partners/clients, and the community. A code of values can set one property management team apart from its competition, serve as an employee professional development tool, and help inspire others to want to join your team. However, just as important as developing a code of values is actually following through with them. Keeping a regular cadence of project meetings and check-ins can keep the code present and top-of-mind.

Hire, Foster and Keep Great Talent

There are many things to consider when managing and developing a great property management team:

• Community involvement: In property management, return on investment is everything, but giving back to the community, volunteering, and sponsoring local events can help improve teamwork and camaraderie. It can also serve as a great PR tool for your business and the properties your team manages.
• Start your own initiative: Aside from volunteering, your team can take up its own cause that's near and dear to their hearts.
• Give kudos: Proper talent management is key to a successful property management team. That said, you should reward and promote team members accordingly. This helps to boost morale and show team members that they're valued.
• Hire slow, fire fast: Unfortunately, not all new team members work out, but taking your time throughout the hiring process can help save on this frustration down the line. Yes, hiring mishaps may occur, but if you hire slow and do your due diligence, it's generally going to work out much better for your team.

For even more practical tips on attracting talent, check out 3 Steps to Finding and Retaining Great Talent.

About the Author

Nat Kunes is the Vice President of Product for AppFolio. He works on a daily basis with property management professionals to identify industry trends and product features that are included in AppFolio's property management software.