10 Low-Cost Ways to Reward Property Managers

  • By Mar Lorenz Jamero
  • 25 May 2022
  • 3 min read

Jack and Amelia are property managers. Over the past year, they have been working very hard in renting properties to tenants and providing excellent services. They feel very fulfilled in their work because they believe that their well-being is instrumental to the success of the property management agency they work in. Part of the reason for that is their boss, William, ensures that they are well-paid, well treated, and most importantly well-engaged in any endeavour that they face. This has resulted in the agency garnering high profits and that trend is expected to do so within the next couple of years. What is the company doing right?

Employee Engagement

Kevin Kruse in his book Employee Management 2.0, states that employee engagement is the emotional commitment the employee has to the organization and its goals. It describes the level of enthusiasm and dedication a worker feels toward their job. Engaged employees care about their work and about the performance of the company and feel like their efforts make a difference.

For property managers, employee engagement is crucial because engaged employees lead to:

  • High service, quality, and productivity
  • Higher tenant satisfaction
  • Increased sales and rentals
  • Higher levels of profit

How to Reward Your Employees

According to Globoforce, 41% of companies that use peer-to-peer recognition have seen positive increases in customer satisfaction. Aside from that, Bersin & Associates has gathered that companies with recognition programs that are highly effective at improving employee engagement have 31% lower voluntary turnover. Property management agencies thus need to effectively and sustainably engage their employees in order to reap positive results. One of the primary drivers of employee engagement is through recognition and rewards.

Here are 10 low-cost ways to reward your property managers.

  • 1. Expressing gratitude costs nothing - Saying a simple thank you is the simplest way to recognize the efforts of your property managers. Sometimes, all they need after a long day of work is to know that their efforts are seen, appreciated, and making an impact on the business and its clients.
  • 2. Pizza and cake parties for met goals - Meeting and accomplishing goals is a cause for celebration. And of course, what celebration is complete without pizza and cake? When your property managers are able to grow their property management portfolio, they would be ecstatic. Couple the happiness with a few slices of pizza and cake, that should result in satisfied and motivated employees.
  • 3. Reward them with an additional support - Property managers feel valued when their ideas and concerns are heard and acted upon. Your top-performing property manager feeling exhausted? Consider providing him or her with additional manpower help or technical assistance. For example, you can surprise your team with free access to a property management software to help automate their workload. You can try SimpleRent.com.au, a digital lease and property payment automation software that is designed to help property managers save time and agencies money with just a few clicks thereby giving property managers more time to rest and relax.

  • 4. Feature them in the company newsletter - Communication is a very important key in any company. Property management agencies can leverage newsletters to recognise exemplary property managers. Moreover, through company newsletters, your employees can see stories that are relevant to them. This then may lead to other employees getting inspired to work harder thus fostering a positive work culture.
  • 5. Above the Call of Duty (ABCD) Cards - Thank you cards are physical manifestations of gratitudes that property managers can bring home with them. Asking everyone in the firm to sign these cards allows them to feel appreciated and thus more motivated to work harder.
  • 6. One-on-one lunch with the agency head - Gratitude feels the best when it is expressed from someone with a lot of authority. A one-on-one lunch between a property manager and the agency principal or director allows for the building of relationships. During this opportunity, the property manager can get advice on many different aspects of life while the boss can gather information about the employee’s secret to productivity which they can share with the rest of the company.

  • 7. Arrange for some of their chores to be done - The best performing employees are still regular people. They still need to do chores like washing their car and cleaning their homes. Bosses can arrange for some of these chores to be done as a reward for a job well done. This frees up a lot more time for property managers to rest, relax, and reset.
  • 8. Give them a long-lunch or an extra break - Property managers work hard day in and day out. Rewarding them through having a longer lunch break or granting them an extra break is good for their mental health. It prevents exhaustion, burnout, and mental health struggles. Doing this shows that property management agencies care about their employees and recognise their role in the success of the company.
  • 9. Post employees of the month on social media - In this digital age, social media is another way to show gratitude to high performing property managers. Posting employees of the month on social media has a two-fold purpose. The first is for the property managers to be able to get recognised not only by the company but also their network online. The second purpose is for the company to establish a positive workplace culture which can help in attracting future talent into the company.
  • 10. Reward them with gift cards - Gift cards are a classic way that property managers can get rewarded for their hard work. These are very convenient and can have a myriad of purposes. Everything from coffee, gas, and clothes are only some of the products that the gift cards can cover.

Rewarding property managers is important for sustaining growth of a property management business. They are the ones who ensure that tenants and landlords are delighted and keep the business growing. Effectively engaging them is a must if success is the goal of the agency.

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