We usually tout how virtual leasing and apartment video tours change the way multifamily teams approach modern leasing. But, there’s another way video will add value to your asset – the hiring process.
The needs of today’s workforce are changing because people now have higher expectations (i.e., culture, competitive pay, flexible working, etc). It’s up to properties to find new ways to attract and retain talent, ensuring they are hiring the best fit for their team.
Videos can enhance and streamline the hiring process and it allows you the opportunity to stay competitive for things like remote working. Here’s how.
The Need for Video
Before we get into how to use video in the hiring process, let’s talk about why it needs to happen. By now, most of us know that the workforce is changing. After spending more than a year at home during the pandemic, a recent Monster.com survey found 95% of all U.S. workers say they are now considering leaving their jobs. According to the U.S. Department of Labor, nearly 12 million already have!
It’s been coined the “Great Resignation.” As people are seeing their post-pandemic priorities shift, they are also noticing their current jobs may no longer align with those priorities. An industry with already higher turnover, multifamily real estate has seen more than its fair share of this trend.
According to the National Apartment Association (NAA), “where 30-50% annual employee turnover was once the norm, anecdotal evidence suggests some are seeing close to 70% of their workers heading for the exits, including many of their most experienced property managers and maintenance personnel.”
To be successful, multifamily properties need skilled and dependable people on their team. Luckily, when teams incorporate apartment video tours into their everyday operations, they also brought in a great hiring tool.
Recruitment and Hiring
Multifamily teams can easily use their apartment video tour software to enhance the recruitment and hiring process. These recruitment videos are designed to attract talent, answer questions, introduce people, show off the property and add more personalization to the hiring process. And, it’s actually quite simple. The video doesn’t need to be a long video nor does it need to be polished. It just needs to be real and authentic!
Video can increase your applicant pool. There’s a 36% increase in applications for a role if accompanied by a video! It also works the other way.
Candidates can use video as part of their application process. They can submit their resume and a 2-minute video answering two or three questions about themselves. Think about it. A candidate submitting a quick video can give the hiring manager much more insight into who they are, allowing them to explain parts of their resume or themselves generally, much more than words on paper could.
This also gives hiring managers some idea of the personality of the candidate. That helps immensely in deciding whether a candidate would be a good culture fit. It could even rule out the initial screening call, saving leasing teams’ time and streamlining the process.
Using video submissions allows both parties to come into the first interview, either in person or as a live video interview, knowing more about the other person.
And, this isn’t an assumption. We know firsthand. At Realync, we use it in our own hiring process. We have every applicant submit a video with their application. We’ve found it helps us get to know them and vice versa. Overall, it has helped us streamline our hiring process and there’s a better cultural fit overall. That can be foundational when it comes to our next benefit of video – retention.
Recruitment and hiring are only part of the hiring process. Retention should also be considered. When looking at the churn of existing staff, one thing to consider is how your apartment video tour software could also help with staff retention.
Allowing for virtual tours and a virtual leasing process gives employees a huge amount of flexibility in how they do their jobs. A leasing agent can put together a playlist of pre-recorded videos, personalized for their prospect, and quickly send it without having to miss their kid’s basketball game. Plus, new technology improves their skillset and benefits the business – both of which can improve job satisfaction.
You can also use video to recognize the work your team is putting in. According to a recent survey by bonusly.com, 63% of those who said they were regularly recognized for their work were also very unlikely to look for a new job. Leaders can record a quick video thanking and recognizing a member of the on-site team for their work and share it with the company. The best virtual tour software brands allow for quick mobile recording, editing, and sharing. That way, this recognition is meaningful without being too much of a resource drain to be sustainable.
If teams want to avoid being hit too hard by the Great Resignation, then it’s time to embrace new ways to attract and retain talent.
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