In a new report from AppFolio, which surveyed over 2,300 property management employees, job satisfaction is up and turnover is down.
Nearly three-quarters of respondents, 74%, reported that they are satisfied or very satisfied in their roles, according to the 2023 AppFolio Property Manager Hiring and Retention Report. In addition, only 9% said they are considering leaving their company or the industry, which is down from the 25% of respondents contemplating a move in 2022.
The report finds that the improvement in satisfaction and retention can partially be attributed to the integration of technology, with 88% of respondents saying it makes their jobs easier. However, 27% of respondents said they are not satisfied with the current technology available for them to do their jobs. In addition, nearly two-thirds of respondents, 63%, said they prefer to work for a company that adopts the latest technology.
About 69% of leadership respondents and 55% of staff respondents want additional time to focus on higher-value tasks during a workweek. In addition, staff respondents said 36% of their time is spent on “busy work,” which is down from 40% of the time in 2022.
According to AppFolio, a reported average of 15 hours per workweek could be optimized through technology, with the number jumping to 18 hours for employees of companies with at least 10,000 units under management.
“The significant drop in employee turnover, coupled with increased employee satisfaction, highlights the property management industry’s commitment to progress, with the integration of technology being a driving force behind this positive shift,” says Stacy Holden, AppFolio’s senior director, industry principal.
As artificial intelligence (AI) solutions gain in popularity, nearly half of the survey respondents, 45%, said they believe AI and natural language models will benefit their companies in the future. This number increases to 51% for respondents at companies with over 5,000 units under management.
“Although a majority of employees acknowledge technology’s role in easing their responsibilities, the data reminds us that there’s still room for improvement and further tech advancement—particularly AI, with nearly half of respondents believing that AI and natural language models will benefit their company in the future,” adds Holden. “We see significant opportunities to embrace technology not just for innovation’s sake, but as a way to elevate employee experience and optimize operational efficiency.”
