Is training important for a multifamily property company?
Back to Blog

Why is training important for a multifamily property company?

Posted on November 17, 2017 by Grace Hill

illustration of thinking

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 improves results in many areas of multifamily property management.

Customer Experience

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.

 

Employee Retention

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.

 

Reduced Risk

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.

 

Grace Hill’s marketing content team aims to create informative resources that help multifamily and commercial industry professionals elevate their performance. From blog posts and ebooks to infographics, checklists and webinars, the Grace Hill team has a singular focus: creating meaningful and engaging content that resonates with real estate professionals across the industry.  However, what makes Grace Hill so unique is the range of collective experience and collaborative spirit of its marketing content team. A group of talented writers with expertise in the real estate industry, overall management effectiveness, marketing strategy, and operational efficiency, the team provides new ideas to take performance to the next level. As a thought leader, Grace Hill's content team constantly pushes the envelope, experimenting with new resources and tools to keep industry professionals ahead of the curve.  Whether you're a seasoned pro or just starting out in the real estate industry, the content team at Grace Hill is creating resources to help you succeed. Learn more about Grace Hill on LinkedIn.

Learn More About The Author

Posted in
close

If you love this content, share the love! Spread the word now.

Scroll to Top