Why is training important for a multifamily property company?
What if there were a single asset you could invest in that paid dividends in no fewer than three budgetary areas? You’d make the investment, right? Well, training is that asset. The returns on a good training program are multifold – retain customers, retain employees, reduce risk.
Training has a direct impact on your ability to attract and retain customers. It helps you ensure that your customers are getting the experience you want them to have. Training helps your employees improve customer service skills and become more competent at their jobs. As a result, your customers become loyal to your property and spread the word of the good service your organization provides.
Employees who stay with you know more about your organization and provide better service. They also cost you less in repeat hiring and onboarding. Training is key to employee satisfaction and retention. Our studies show a 40% average increase in retention rates through training. Trained employees feel more appreciated, more invested in their careers, and more interested in their own performance.
The median cost for FHA claims submitted to the DOJ from 2014 – 2016 was approximately $20K. This doesn’t include lost rental revenue, property damages, and attorney fees. Property companies face a lot of financial and reputational risk from potential FHA violations, and training is the best defense. Good compliance training walks employees through potentially problematic situations and gives them practice at responding properly. Many companies have learned great lessons through costly lawsuits. Training gives you the opportunity to learn—without the cost.
In the multifamily property industry, training has significant financial value. But it’s also the single most important way you can define, prioritize and express what your organization stands for when it comes to your customers.