Property Managers and the challenges they face today

Property management in Australia is a $1B industry in the middle of a period of seismic change and disruption. Changing customer demands, the influence of new technology, and rapidly changing work practices accelerated by COVID-19 lockdowns created a perfect storm that’s continuing to challenge both property managers and principals alike.

At MRI Software, we wanted to understand these challenges better. Back in 2018, we conducted the first Australian Voice of the Property Manager Report to identify benchmarks for the industry. Moreover, we also wanted to quantify and sensibly check many long-understood assumptions about the behaviour and practices of property managers and the principals who lead them.

Last year, we conducted the Voice of the Property Manager survey which forms a national research report of statistical significance. 773 respondents from various property management industries across Australia were surveyed to identify benchmarks around key employment issues, satisfaction levels, and priorities.

Major deal breakers were found in 2018. These were overly busy workloads, lack of career planning, and poor access to tools and resources needed to succeed. At that time, 12% of property managers intended to leave the industry.

In 2021, the same issues remain but the response from property managers has intensified – today 23% intend to resign.

In addition to the factors that created industry detractors in 2018, now in 2021, we see the added alarming influence of aggression from tenants and landlords, higher service expectations, a lack of management support, and work intensification making it harder for property managers to switch off.

Of most concern is the fact that more than half of those surveyed – 53% – identified mental health and managing stress as one of the most difficult aspects of the job.

Research estimates the cost of replacing an employee is 33% of their annual salary. Two years ago, the resignation rate for Australian businesses generally was 8.5%. If 23% of property managers intend to leave the industry as our new data shows, the employee loss in property management is not just higher than previously, but it is significantly higher than the general population and it will impose punitive costs upon real estate businesses.

More findings like these can be found in the report

The property management industry is rapidly changing and the only way to continuously improve business is by understanding and embracing the challenges along the way.

Download the full Voice of the Property Manager report to gain valuable insights to run happier and more productive teams and to deliver better service today and in the future.

DOWNLOAD REPORT

You can also register to attend the Voice of Property Manager webinar on 23 March 2022 1:00 PM AEDT where industry experts will discuss key findings of the report and also share a few recommendations to help run happier and more productive property management businesses including how to retain great talent! .

REGISTER NOW