industry integrity

In the multifamily space, an ever-present trend raises ethical concerns—job-hopping, sometimes the official start date. Or, worse, on or after the start date. Read: Ghosting. Though the stakes in property management may not match those of high finance, the underlying principles of commitment and character resonate deeply across both fields.

Like Jamie Dimon’s observations in finance, property management firms experience frustration with new hires who accept job offers only to back out at the last moment for another opportunity. In an industry where trust and long-term relationships matter, this behavior hurts the stability of onsite and corporate teams and, ultimately, the satisfaction of clients, fellow team members, and residents.

“I know a lot of you work at JPMorgan, you take a job at a private equity shop before you even start with us,” Dimon told a crowd of undergraduate business school students. “I’m going to say something a little different, okay, because I didn’t talk about character. The most important thing about people’s character, I think that’s unethical. I don’t like it.” – Jamie Dimon, CEO, of JPMorgan Chase

The Nature of Job Hopping in Property Management

The multifamily industry invests heavily in cultivating trust with residents, property owners, and colleagues. A property manager’s ability to maintain consistent operations often counts on having a reliable and dedicated team. However, job-hopping seems common among young professionals eager to climb the ranks quickly. The trend presents challenges for companies attempting to fill onsite and corporate roles, as last-minute dropouts can result in understaffed teams.

Much like in the finance world, job-hopping within multifamily is viewed by some as strategic career advancement. However, in some circles, it raises ethical questions. Accepting an offer and then jumping to a higher-paying role, or one with better benefits, before fulfilling the original commitment, reflects poorly on an individual’s character. It creates friction within an industry where reputation and integrity matter.

Why Character Matters in Property Management

Property management is a business of relationships. Property managers rely heavily on a foundation of trust and accountability. Professionals who treat job offers as bargaining chips or temporary stepping stones convey that their focus may be more on personal gain than a solid reputation and character.

This behavior makes it more difficult for property managers to assess candidates’ true intentions and commitment levels. The risk of unreliability is significant for an industry dependent on maintaining strong teams to provide consistent service. Property management companies are beginning to look beyond resumes and interview performances, focusing more on assessing potential hires’ character and long-term dedication. Find out more about this by researching motivational-based interviews. Also, consider investing in and reading the book Top Grading.

Fostering a Culture of Integrity

Given these challenges, multifamily firms must proactively foster a culture that values integrity. This may include revisiting hiring practices, overemphasizing references, and developing internal programs that promote growth and loyalty. Employers could also create mentorship opportunities that help new hires see their roles as more than stepping stones but as meaningful investments in their career paths.

Property management companies can use the interview process to set clear expectations about commitment and follow-through. By upfront telling candidates about the impacts of job hopping, employers can filter out candidates who may not be willing to commit to the company’s vision and values. The process also opens the door for honest conversations about career aspirations, enabling both parties to align expectations from the outset.

A Reminder for Property Management Professionals

For property management professionals, this serves as a reminder that building a successful career involves more than simply chasing the next job offer. Demonstrating integrity, respecting commitments, and fostering positive relationships are essential to long-term success in the industry. Dimon hinted in his critique that the character should be at the forefront of career decisions. Property management professionals can secure more stable careers by prioritizing ethical behavior over attempts at fast-tracking.