AppFolio Survey Highlights Shifts in Property Management Employee Productivity and Satisfaction

Rhea-AI Summary

AppFolio's 2023 Property Manager Hiring and Retention Report shows a significant decrease in employee turnover and an increase in satisfaction

Positive

• Employee retention rate dropped from 25% to 9% compared to last year's report
• 74% of respondents are satisfied or very satisfied in their current role
• 88% of respondents agree that technology makes their job easier

Negative

• 27% of respondents are not satisfied with the current technology available for their jobs

2023 AppFolio Property Manager Hiring and Retention Report reveals positive shifts in property management employee satisfaction thanks to emerging technologies

SANTA BARBARA, Calif., Aug. 30, 2023 (GLOBE NEWSWIRE) -- AppFolio, Inc. (NASDAQ:APPF), a leading provider of cloud business management solutions for the real estate industry, today released its 2023 AppFolio Property Manager Hiring and Retention Report, which examines employee satisfaction and the opportunities for technology to improve engagement and productivity for property managers and their teams.

The report, which surveyed more than 2,300 U.S. property management company employees, revealed a drastic transformation in employee retention alongside an uptick in employee satisfaction. In stark contrast to the 25% of respondents contemplating a departure from their company and/or the industry in the 2022 report, this figure plummeted to just 9% in 2023. This not only surpasses the global workforce average but also establishes property management as an industry with superior employee retention and satisfaction. The data also revealed that three-quarters (74%) of all respondents were satisfied or very satisfied in their current role.

Despite these trends indicating slower turnover in the industry, it remains crucial for leadership to continue to prioritize retention and improvements in employee satisfaction. One of the most effective ways to achieve employee satisfaction is through the continued integration of technology. An overwhelming 88% of respondents agree that technology makes their job easier (higher amongst leadership, 93%)﹣taking precedence over benefits and perks (80%). Still, nearly one-third of respondents (27%) reported not being satisfied with the current technology available for them to do their jobs. Both leadership (69%) and staff (55%) collectively wish they had more time to focus on higher-value tasks, believing that nearly one-third of a typical workweek (up to 15 hours per week) could be optimized or streamlined through technology.

As the evolution of AI continues throughout industries, property management is no exception as nearly half of respondents (45%) believe AI and natural language models will benefit their company in the future. This is especially true for employees at the largest companies (5,000+ units), with most respondents (51%) agreeing on the beneficial impact of AI and natural language models.

“By harnessing the power of technology, property managers are able to not only elevate tenant experiences and streamline busy work but create an environment that leads to better job satisfaction, innovation and growth,” said Stacy Holden, senior director and industry principal at AppFolio. “In the era of AI, it’s more important than ever that leaders take a critical look at their tech stack, ensuring the technology being invested in truly optimizes workflows and allows for teams to focus on high-value work that ultimately benefits residents and communities.”

Download the 2023 AppFolio Property Manager Hiring and Retention Report to review more key findings and insights.

Survey Methodology
AppFolio surveyed more than 2,300 U.S. employees of property management companies with 50 or more residential units in their portfolio from Apr. 4, 2023 to Apr. 24, 2023.

About AppFolio, Inc.
AppFolio, Inc. is a cloud-based technology platform built for the real estate industry. Our solutions enable our customers to digitally transform their businesses, address critical business operations and deliver a better customer experience. For more information about AppFolio, visit appfolio.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ca8d46b4-8c9d-4465-af22-a55f3011c85f