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Employee retention is vital to maintaining a stable, efficient, and profitable operation in today's competitive property management industry. However, property management professionals often face a complex, high-stress environment that can lead to high employee turnover. The right property management software (PMS) can be a game-changer, simplifying day-to-day tasks and boosting employee satisfaction and retention.

ExactEstate is a pioneering property management software company that understands the intricate challenges of the property management industry. From multifamily and single-family residences to senior housing, student housing, affordable housing, and HOAs, we'll help you understand how property management software improves employee retention.

What Is Property Management Software (PMS)?

Property management software (PMS) is a comprehensive digital solution designed to streamline and automate the various tasks involved in managing properties. It includes the following and more:

• Rent Collection: This feature simplifies the process of rent invoicing and collection.


• Maintenance Management: A robust PMS includes a maintenance management tool that allows tenants to lodge their maintenance requests electronically.


• Property Marketing: PMS often includes a property marketing tool that enables property managers to advertise vacancies across multiple platforms.


• Tenant Communication: A good PMS offers property managers a powerful communication tool to send and receive messages with tenants and vendors.





Employee Turnover in Property Management





The real estate market's worth is expected to escalate to an impressive USD 113.60 trillion by 2023. The residential real estate sector is anticipated to hold the lion's share of this market value, projected to amass a staggering market volume of USD 88.91 trillion in the same year. The industry is growing and needs employees to keep up with the demand.





Unfortunately, in 2022, an unprecedented 50.6 million employees in the US chose to leave their jobs, representing a staggering 70% of all job separations that year. These figures marked the highest number of job quits since the Job Openings and Labor Turnover Survey (JOLTS) inception in 2001. In 2021, the yearly turnover rate in the multifamily sector reached 33%, significantly exceeding the national average rate of 22%.





One may think these numbers aren’t alarming, but the cost of employee turnover can be staggering. Let's begin by understanding that the expense of employee turnover typically equates to around 1.5 to two times the salary of the departing staff member. Add the hidden costs, including the financial resources spent on job adverti