Pros
Compensation plans are very generous to community managers and maintenance supervisors. This is especially so, given the bonus structure to include stock rewards annually. Lease up programs are also very generous with the stabilization bonus trip. There are also bonuses in place based on company performance alone and are in addition to individual or property performance. The option to have a discount at any community and extend that to a family member in lieu of the employee is also very nice. Specific markets are more challenging, given limited inventory, geography constraints, and or pricing for housing. Training for associates is extensive and Camden does offer a spectrum of resources to set associates up for success. The mentor on-boarding program is a terrific introduction to the culture and sets an example of the tone the company looks to incorporate. Camden does a lot to create their brand and provides on site management with tools to “do the right thing” for their customers. The flexibility of managing operations and making financial decisions is a big win for the organization. It offers autonomy and buy-in. Support departments and community online resources are well stocked. Camden seems to have support person for every department and or role. This makes on site operations very streamlined. Engaging with these departments at the annual conference is also a huge help and creates long lasting bonds. This extends to the CEO’s and board members alike. All of whom are engaging, warm and create an experience unlike any I’ve seen at other companies. While the search feature for online support needs some tweaking, the information available is expansive. The online dashboard is also an invaluable tool and takes a huge burden off of operations and also offers universal transparency. The business services team is also very forward thinking and is constantly looking to provide helpful and ingenious platforms. While the progress is not always over night, it’s supportive to see that it’s in motion. The IT department is also extremely responsive and apt to provide a same day resolution. Upon start date, all login criteria is made available and team members have instant access to necessary platforms. The development team is a well oiled machine. You can tell how effective the collaboration process is and the projects show that in the thoughtfully curated details. While Camden doesn’t operate everywhere, the new and redeveloped sites are typically well-thought and meticulous.
Cons
Growth is limited unless you are willing to relocate to another market both outside of your regional city and or state. California specifically has only 12 properties currently in operation and very limited development in the pipeline. Compensation should be evaluated on a regional level and based on the cost of living. Offering a universal housing discount doesn’t create a competitive offer when you compare markets like Houston and Phoenix to Miami and Los Angeles. While the company is competitive within the REIT world, they operate in markets that are saturated with third party and private competitors. Within these specific sub-markets, fully comped units and percentage-based leasing incentives offer enticing packages and ultimately provide sustainability in very cost-prohibitive locations. Rather than working in a reactive manner, to counter offer associates who are leaving, or adjusting base rates after associates have left, a more in-depth market analysis should be created. Over the past year the company has seen onsite turnover for over 2/3’s of its community managers. Long-standing team members with 8-10 years of tenure have now dwindled down to 4 years or less. This turnover exposure was also mirrored in subsequent roles such as the maintenance supervisor and assistant manager roles as well. The Los Angeles market alone, saw turnover for all three of these roles at over 66%. Employee disengagement is a direct result from a lack of leadership. The regional office for Southern California is lacking in connection with its on site team members. The absence of support has systemically translated into devaluing great employees. Expecting high performing team members to burden the excess of vacant roles is not a sign of true leadership. Team members are not motivated by affirming words of encouragement alone. Tangible support efforts, strategic operation-based planning, and a “boots on the ground” approach would all yield more productive and team-based results. What’s more, hiring regional level supervisors who are new to their role, new to Southern California, and or have never worked in the Los Angeles market, are missed opportunities that not only put the supervisor at a disadvantage, but the on site team as well. For a manager in this position to then utilize a 4 hour monthly visit, in order to have adequate understanding of the market and or their site team, is beyond unreasonable. Local communication for career opportunities is disappointing. Employees often know ahead of time who will be given a role and this has been communicated by regional management. The unprofessional politics and discouraging communication to employees is very disheartening. With the open communication culture the company strives to create, upper management should be more tactful in their approaches. Follow through is also lacking. Employees should be provided with a career path and direction, rather than simply being told that they are not the right candidate. Training programs are still a work in progress. Limited in-person training is not effective and travel to corporate office for training is not the best use of time, especially given California’s challenging traffic. Some material is also out-dated, not market specific, and is not role specific. For example, plans should be created so that managers are not taking leasing 101. Maintenance is also being directed to take training for cost saving operations wherein the regional expense savings do not align with the rest of the US. Development plans have become exercises instead of training tools. Management lacks commitment to consistency and follow through. Strategies and communication protocols also change on a monthly basis, making expectations confusing. While this experience has become a reality in Southern California, it does not appear to have the same effects throughout the country or at the home office in Houston. All of which make the Southern California market the more disappointing.
