3 Tips for Cultivating High-Potential Property Management Employees
High-performing property management employees stand out. They consistently exceed expectations, take pride in their accomplishments, and are often the go-to person because of their track record. We look out into our ocean of employees and can quickly spot those “high profile” high-performers who stand out in the crowd.
But what about high-potential employees? You know the type. They are hired, trained (maybe), and given attention when it is convenient, but they are often low maintenance so they fall under the radar. But don’t be mistaken – low maintenance does not equal low potential, as these professionals are often simply doing their jobs and going unnoticed.
When we mistake a high-performing employee for a high-potential one, we are making a costly error in property management and risking the loss of real talent.
Primary Property Management Risk Factor: Overlooking High-Potential Employees
While high-potential employees are a different kind of employee from high-performers, they can be difficult to identify. Why? For one reason, high-performers often drown out the less obvious attributes and behaviors that characterize high-potential employees. Think about your high-performing leasing professionals:
- They often receive more training and other opportunities to grow and develop their knowledge, skills, and experience
- They are eligible for more lateral moves and considered first when a promotion is available
- They are asked to head up special projects and invited to attend important meetings
- Their supervisors spend more time mentoring and coaching them
Sometimes we create our own high-performing “monsters” that tend to plow over the rest of their team. They keep rising while a leasing professional with high-potential will merely keep plodding at their daily tasks without recognition or advancement opportunities.
Property managers don’t always know precisely what to look for to assess employee potential. Yet, we are all guilty at some point of doing this because it’s an easy mistake to make.
Primary Property Management Objective: Cultivate High-Potential Employees
So what would happen if we as supervisors invested more time with employees who aren’t high-performers? Can those hidden gems on our team realize their potential and accomplish amazing feats? Of course!
A few of these amazing industry success stories I’ve been witness to over the years are:
- A leasing consultant who eventually becomes the vice president of marketing and training
- A groundskeeper who climbs the ladder to vice president
- A leasing consultant who is promoted to national marketing director after 10 years
Here are three tips for identifying and nurturing high-potential property management employees:
1. Look Beyond “Superstar” Performance
When performance is the only criteria employees are evaluated on, high-performers will move up, while high-potential employees will move out. This doesn’t mean that we should not value and reward performance. However, if we want to build a more robust talent pipeline, performance should not be the only point of entry. High-potential employees are typically defined as employees who have the ability, motivation, and commitment to move to the next level. However, not all property management companies take the time to identify these employees in a purposeful and organized manner, yet these are the individuals who will be taking their organization into the future.
Begin by asking yourself some very fundamental questions:
- Do they work hard and accomplish a lot as a result?
- Do they exhibit fundamental integrity in all of their actions and in their outlook?
- Do they take responsibility for themselves and their actions and decisions?
- Do they foster teamwork?
- Do they willingly help other employees who fall behind?
- Do they take on additional responsibilities and opportunities to add value to their position?
- Do they seek out ways to do their jobs more effectively and efficiently?
This can be a difficult step to take because we are naturally drawn to great performance, and it takes time – something many of us lack – to identify these traits. However, asking good questions and moving beyond obvious ‘superstar’ performance can reap incredible rewards for you and the employee down the road.
2. Offer Opportunities in Your Property Management Organization
High-potential employees can become bored and complacent if left in their original work environment. Once you identify high-potential leasing professionals, present them with an opportunity to change their environment – offer them a bigger or different challenge. Sometimes this means stretching their responsibility or even relocating them to another location. The workplace environment influences to a great extent error rate, level of innovation and collaboration with other employees, absenteeism and, ultimately, how long an employee stays in the job.
Changing their environment can inspire your high-potential employees and it could save you from an unfortunate headline like, “High-potential employee quits their company because of their boss and moves on to become someone else’s superstar.”
Do you know that research shows that most employees quit their company because of their relationship with their immediate supervisor? It’s sad but true.
Here are two ways to avoid boredom, complacency and high-potential employee attrition:
- Offer high-potential employees a new challenge.
- If you suspect you have a high-potential employee in your company and their immediate supervisor disagrees—do your own homework. Don’t solely rely on what others have to say.
[Additional Reading: How To Start a Property Management Company via Propertyware]
3. Present Professional Challenges
It is scientifically proven that the brain changes in response to challenges. Setting the right challenges for your high-potential leasing professional will help them develop a growth mindset and enhance their ability to learn. Develop challenges together with the employee – give them a stimulating assignment to mull over and complete, allowing them total ownership of the challenge.
- Assign them something that they have never done before that will magnify their insights and abilities. Tell them you are expecting great things from them and they will rise to meet your expectations.
- Let mistakes be transparent and become shared opportunities to learn together. If you don’t let employees make a mistake, they won’t learn and they won’t grow.
- Career advancement opportunities have long been correlated with improved performance. In our industry, management or corporate positions are not readily available. It can be very discouraging for an employee when they realize that their dream job is already filled by someone who intends to stay until retirement. That’s why career enhancement is important. Help your employees lift their current job to new heights – stretch their job description and then wrap it with a new title.
By allowing high-potential employees to determine how they can improve the job they already have, they can build their own challenges and design work for the future.
Developing Properties Begins with Employee Development
Managers play a big role in building a pipeline of thriving talent at a property management company, and it’s increasingly important that do this successfully. While employee development is no cakewalk, failure to assess potential versus performance is a very real leadership problem. The good news is that it’s solvable. It simply takes dedication to identifying your high-potential and high-performing employees, assessing their competencies, attributes, and training needs, and then putting them on the right path to success. It’s time well spent.
Image sources: iStock