The Property Management Industry in Australia is facing a crisis and it’s not just the result of a tight job market.
In addition to a lack of new talent entering the industry, a large number of experienced Property Management professionals are reaching retirement age, leaving a significant gap in knowledge and experience.
The average age of a Property Manager in Australia is around 50 years old, and this means that a considerable portion of the talent pool will be retiring in the next decade or so. While recruiting young talent is becoming increasingly more difficult, Principals can take steps now to retain their existing workforce while attracting new talent, by offering attractive benefits and embracing outsourcing.
The Work-Life Unbalance
One of the most significant challenges in the Property Management industry is the lack of attractive work-life balance options and increased work flexibility. These are key benefits that many employees in other industries now expect as standard. Yet somehow, Property Management has been slow to catch up. However, by offering these types of benefits, companies can attract and retain top talent, particularly younger professionals who value and expect work-life balance and flexibility.
It’s essential we all acknowledge that Property Management is a busy and time-consuming job, and Property Managers are often stretched thin, managing anywhere from 200 to 400 properties each. The nature of the work also means that Property Managers can be tough negotiators, often stuck in the middle between landlords and tenants. This can lead to a lot of frustration, stress and blame being unfairly directed towards the Property Manager, which makes the job even more challenging. To attract and retain top talent, real estate companies do need to be mindful of this and ensure that their Property Managers are well-supported in their role.
One support solution that is becoming more popular is outsourcing. By offshoring low-level tasks, Property Management teams can free up 50% or more of their time to focus on in-person activities with landlords and tenants.
Outsourced Property Management teams can undertake a broad range of tasks, including leasing admin, lease renewals, routine inspection bookings, repairs and maintenance, and smoke alarm admin. By embracing outsourcing, Property Managers are getting more done in their day, saving costs, and building stronger relationships with landlords and tenants.
Evolve to survive
If Property Management is to survive and thrive, outsourcing will need to be widely embraced by real estate Principals and their Property Management teams. The industry needs to evolve and take a more proactive approach to addressing its talent shortage by investing in these innovative solutions to attract and retain top talent. Embracing outsourcing is a crucial step in this process to allow Property Managers to free up their time, save on costs, and focus on the core activities that they absolutely excel at.
The future is bright
It’s not all doom and gloom. Yes, the talent shortage is prevalent. However, there does seem to be a general acceptance and willingness by industry leaders to get creative to attract new talent while retaining the experienced professionals upon which the industry relies so heavily.
Offering exciting perks and embracing outsourcing are two strategies that can help real estate companies to stand out in a competitive market.
By doing so, Property Managers can get on with building stronger relationships with landlords and tenants and keep the industry thriving. It’s a new era, and it’s time for the industry to innovate and surf the waves of change. Outsourcing is a fantastic opportunity to free up time and get more done in the day. So let’s take action and turn this challenge into an opportunity to succeed!