Why Retaining Employees is Just as Important as Keeping Residents

A recurring conversation at the 2019 Marcus & Millichap Dallas Multifamily Forum was not just the impact of a construction labor shortage on the industry but the importance of employees and how they drive success for companies. And that ensuring they stay onboard contributes just as much to the health of the portfolio as holding onto residents. The message was clear early in the one-day conference when Roger Staubach, who retired last year as Executive Chairman from Jones Lang LaSalle, told local investors and operators that the reason for his success in life wasn’t that he was a gifted athlete or knew his way around a real estate deal but that good people surrounded him. The man who made the Hail Mary pass a household name in 1975 by connecting with Drew Pearson for a game-winning touchdown against Minnesota in the playoffs repeated the message he’s often offered at conferences, receptions and other events over the years — that if you believe you have the right people in the right places working together, miracles can happen, and being surrounded by tea bags is a good thing because they always perform the best when the water is hottest. (Incidentally, he’s still got that gunslinger arm as he nears his 78th birthday: he zipped a few footballs with precision around the Westin Galleria conference room). A message that has more meaning in these times Staubach’s message resonates more than ever. With unemployment at historic lows, multifamily housing faces new employee recruiting and retention challenges. Working in multifamily shouldn’t be a stepping stone to another career, speakers said. “As an industry, we’ve got to continue to market ourselves on a career path,” said Loyal Proffitt, President of Allied Orion Group’s Property Management Division. “Whether you’re on the supply partner side or property management side, this is a tremendous business to be in and there are tr...