No matter what the job—be it flipping burgers at a chain restaurant or running a multinational investment firm—employees should be given periodic reviews of their performance to assess how they’re doing and identify both their strengths and areas where they could use improvement.
Given that the property management field is a client-service industry, assessing how individual managing agents serve their residents and associations is critical to a management company’s success. Firms and individual employees can benefit from this evaluation.
It’s All About Service
“Residential property management is a service business,” says Michael Berenson, president of AKAM Associates, Inc., which manages co-ops and condos throughout metropolitan New York. “If our service isn’t up to par, our clients will be dissatisfied and our reputation will be negative. Conversely, service companies like ours that regularly evaluate their own performance tend to incorporate best practices and company-wide upgrades as a matter of course. This inevitably results in better service delivery, more satisfied clients who are inclined to refer us, and an enviable reputation in the industry.”
Once upon a time, manager evaluations were done once a year. Employees would clock in their time, wait for their annual job evaluation—along with the possibility of a raise or promotion—and then repeat, same time next year.
Times have changed, however. While some management firms still do once-a-year evaluations, many have decided that may not be the best, most effective way to gauge their employees’ performances. Today, companies have supplemented annual reviews with other, more frequent methods of appraisal and evaluation.