Why it’s happening and how we can fix it

First National Neilson Partners was interested to read an article recently produced by Tom Wallace (CEO of Released). It stated that the COVID-19 pandemic had a profound impact on everyone in the real estate property industry, and property managers were no exception. It noted that the onslaught of challenges and constantly changing regulations left the property industry (and for some, outdated systems and technology) struggling to keep up. The disruption resulted in a massive shift in the workforce, with vacancies in the real estate sector alone increasing by over 80 percent during 2021.

Interestingly, in early 2021, the Real Estate Institute of Victoria estimated that a third of Victoria’s property managers had left the industry in the year prior. That is a staggering amount of professionals throwing in the towel, prompting the Real Estate Institute of Australia to call upon the federal government to take action to address the ongoing shortage of property managers, noting that some 3,000 roles were being offered on Seek alone.

If you're looking for a fantastic career opportunity in Real Estate we're looking for you. Submit your resume below or Contact Us to discuss available roles.

Sadly the situation does not seem to be improving and a recent report by MRI Software found that a quarter of property managers surveyed intended to leave their jobs and the industry as a whole. This figure is twice as high as that recorded in 2018.

Property managers are still dealing with the ongoing effects of the pandemic, and it is crucial for them to be supported in dealing with the challenges that come with such a variable market.

So, what were the reasons quoted that see property managers leaving the industry in droves?

Stress

Many property managers struggle with the mental strain of a large and complex workload, finding it difficult to switch off, particularly after hours.

Difficult owners and renters

With plenty of people stuck at home and out of work during the pandemic, property managers were too often subject to the heightened emotions of people trying to navigate trying times.

Inefficient systems

Many property managers struggle to manage their extensive portfolios due to a lack of support, inefficient systems, and outdated software.

Lack of human connection

Widespread lockdowns meant property managers were no longer interacting with people on a day-to-day basis, removing an enjoyable and integral element of their job.

Soaring wage expectations are a direct result of this shortage of experienced professionals and ultimately will drive increases in property management fees.

Whilst there is no quick fix for the shortage of property managers and the issues they are facing, it is vital that agency owners and clients ensure property managers feel supported and empowered in their roles.

Please feel free to contact your local Neilson Partners Property Management expert in Berwick, Narre Warren or Pakenham for further information or any of your leasing needs.