Ms Management Oct 2017

Posted: 11th October 2017 by Melissa in Ms. Management

Carol Levey, writer and creator of Ms. Management also appears as a guest blogger on Rent Sense. Her insights appear in dozens of other industry publications across the country. Carol is a regular presenter at the annual AAMD Education Conference, has served as MC Host for Award Events, and consistently over 35 years of volunteerism taught & authored curriculum for AAMD Education. She has been acknowledged for her outstanding contribution as an Industry Supplier becoming the recipient of the Jack Shapiro Award Winner twice; in 1987 & 1990.

Carol Levey is perhaps more recognized at the national level as an educator in the real estate industry. She served as one of the original team that produced the National Apartment Association coursework leading to the respected NALP designation. Her company Levey Enterprises has provided temporary leasing specialists, site managers and marketing offsite personnel to major apartment community operators throughout Colorado and across the U.S. Her business was founded on decades of experience in property management and executive leadership as a third-party leasing and corporate housing provider.

Read on for this month’s Ms. Management Q and A!

Q – I’m a leasing agent for almost a year now. I’m a good closer but I’m getting stiffed and here’s why – we have a stupid rule. First to show gets the dough. What I want to know is am I going to run into this limitation to my leasing bonuses at other properties or companies. Is this an industry thing? I’d like to understand the pros and cons of this system.

A – In my experience with all kinds of onsite teams across the nation I have encountered several methods being employed. Though the method you are experiencing is a popular one there are certainly variations. For instance, some teams stipulate that the bonus goes to the one that physically tours the property or the one to get the application. Usually these methods require that the application to be processed is complete and accompanied by money. Some go further to define “complete”. Other teams choose to pool and split leasing bonuses. As you can imagine there are pros and cons to any devised method to recognize individuals while maintaining leasing as a team activity. Some companies have gone so far as to converting community leasing specialists to full commission; at least on new lease-ups, especially during construction or property repositioning. Other companies have decided to eliminate leasing bonuses entirely and/or have implemented other measurements to use for individual and/or team bonusing. There are also severe swings in market conditions that govern. For instance, in a market of many high-price alternatives our potential leasing customers are going to investigate more properties looking for the “best bang for their buck.” It stands to reason that such a customer will also re-visit each property of interest more times and might purposely inquire with different members of the team to learn something else.

If you believe that the policy that governs your leasing bonuses is not fair to you and/or you think you have a better idea then speak to your supervisor. Remain open minded to existing policies and willing to see if there are examples that are to your advantage. What I believe you will find is that whatever the policies are it requires strong leadership to hold everyone to the same set of standards over a sufficient period. Performance standards must be maintained through written policies that should be understood by the entire team. If policies are managed consistently over time the benefits will normally favor longer-term members of the team. This should mean that someone getting the short straw this time will likely benefit next time.

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