Property Management question

[Amy Ngo]

Hi,

Any recommendations for framework/organization structure for a property management team? Also, does anyone have a good bonus structure for property managers? Based on performance and also closing new clients?

Thanks!

[Nathan Gesner]

Quote from @Amy Ngo:

Thanks, @Chris Seveney

Amy, I just spoke with a group of Brokers about this since we're nearing year end. Most of them said they get the best response from employees when they provide additional paid time off around the holidays. Some give a full two weeks of paid time off around Christmas/New Years when thing are really slow. 

I don't have enough employees to qualify for a health insurance plan, but I do provide Aflac and a 401k. This year my employees can get up to 4% through matching contributions and a % profit share. Because it's not a bonus paid out in cash the employees are less likely to take it and leave the company. Employees have to with me for two years before they can participate and they can't cash out their full 401k until they've been with me for five years. 

You can also tie a bonus to specific performance. For example, I give a $100 bonus any time an employee gets a 5-star review where they are specifically named. This requires honest employees; you don't want them paying people $50 for a review and then splitting the profit! Some Brokers pay employees $XXX for every new property/owner they onboard for a one-year contract.

Other Brokers pay no bonuses because their employees don't care and it doesn't affect performance. They claim their employees only care about recognition and praise.

I think it's important to speak with your employees and ask what would motivate them.