Almost 1 in 4 PMs intend to leave the profession

The Voice of the Property Manager, a nationwide research by MRI Software, has revealed how much Australia's property managers are struggling, with 23% of respondents indicating that they plan to leave their employment and the business altogether.

For the second edition of the report, which identifies benchmarks around important employment issues, satisfaction levels, and goals for Australian property managers, more than 770 respondents were polled.

Taking care of their mental health – and being able to "shut off" after hours - is the largest concern facing the sector in 2022, according to 53% of respondents.

Dealing with hostile or abusive owners or tenants is right behind it on the list, with 52 percent of poll participants citing it as a concern.

Despite these worries, only 46% of agencies are concerned about employee retention, putting their own employees above landlord satisfaction, agency development, increased efficiency, and enhanced processes.

When property managers and principals' comments are compared, the disparity is even more pronounced.

While six out of ten property managers (60%) believe that dealing with hostile and abusive owners and tenants is one of the most difficult aspects of their work, only 38% of principals agree.

Similarly, 57 percent of property managers cited mental health and an inability to switch off after hours as a concern, whereas just 47% of principals felt the same way.

When it comes to employer support, the same disconnect exists. Just over a third (36%) of property managers said they are extremely satisfied with their boss's support, while 62% of principals agreed.

MRI Software industry principal Josh Symons issued a warning to business owners and principals in response to the findings, describing property managers as "the lifeblood of every real estate organisation."

Mr. Symons argued that "losing good people leaving real estate is not a trend any of us should be ready to accept," and that "we need to guarantee their experiences are not lost to the profession."

Currently, nearly twice as many property managers are planning to leave the industry in 2022 as they were when the research was initially collected, in 2018, when 12% of respondents expressed the same desire.

According to the report, if nothing changes soon, the "Great Resignation" in the real estate sector will mostly affect the bottom line of businesses.

After crunching the numbers, MRI believes that replacing a single property manager will cost the same as one year's worth of property management fees from 19 other properties. This amounts to between 5% to 12% of a normal agency's rent roll, and it doesn't include the productivity loss associated with rehiring and training a new employee.

"If there was one major lesson from the COVID-19 pandemic, it was the necessity of personal connection in our lives," according to MRI.

This lesson, according to the software provider, must be accepted by business owners in order to reverse property management's "Great Resignation."

"Make property management about people, relationships, and connection," MRI suggested, "and make sure our people feel heard, seen, appreciated, safe, and supported."

Source: Realestate Business