Why property managers need some love
It was no coincidence that the latest Voice of the Property Manager 2021 report was released on Valentine's Day earlier this week.
The company that commissioned the report, Property Tree owners MRI Software, said it was released on Monday to "underscore the need to show more love to struggling property managers".
The Voice of the Property Manager 2021 report canvassed the opinions of 773 respondents in property management nationally, covering employment issues, satisfaction levels and priorities. The responses make for some grim reading.
Voice of the Property Manager report findingsThe report found that 60 percent of PMs found dealing with aggressive and abusive landlords and tenants as their biggest challenge.
Fifty-three percent said they struggled with mental health and 23 percent intended to leave the industry altogether.
MRI Software said the report pointed to the pressures of lockdowns and uncertainty during the last 12 to 18 months as PMs dealt with upset and angry tenants and landlords.
Warning for agency leadersThe report estimated the cost of replacing a single PM equalled one year of property management fees from 19 properties and between five to 12 percent of a standard agency rent roll.
MRI Software Real Estate Industry Principal Josh Symons says burnt-out PMs will likely be attracted to more flexible working arrangements on offer from tech and finance companies.
He called on the real estate industry to fight back against findings in the report that pointed to a 'Great (Real Estate) Resignation'.
"Losing good people from real estate is not a trend any of us should be willing to accept. Property managers are critical to keeping trillions of dollars' worth of Australian property running and growing in value," Symons says.
"We must show them some love, listen to what they're saying, and ensure their experience and passion are not lost to the profession."
The REIQ's responseREIQ CEO Antonia Mercorella said the REIQ was aware of the issues facing property managers and was taking action.
"Property managers have faced some real challenges in the last couple of years, facing difficult situations from both tenants and owners," she says.
"We are in the process of developing education programs and events that will help property managers acquire better skills in conflict resolution, negotiation, de-escalating aggressive situations and learning coping mechanisms.
"We've also raised it as an issue with government departments that they need to take action and that they understand the pressure-cooker situations our property managers have faced."
The REIQ will stage a property management conference on the 31st of March at the W Hotel in Brisbane.
Read more about the Voice of the Property Manager 2021 report findings here.
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