The dark clouds have lifted over Australia’s economy as GDP growth continues on an upward trend. Strong economic prospects can only serve to benefit fundamental sectors like real estate and its specific industries.
The Property Management industry is one such industry that has been positively affected by this economic progress. From 2014 up to the present, it has seen an average growth of 1.4% annually, with a market size of $5 billion. People are snapping up rental properties, which necessitates the need for qualified individuals to manage them.
Unfortunately and not news to most of us, the Property Management industry isn’t immune to talent shortage! Experts point at the usual factors (e.g. job market, unemployment rate) but also identify another unexpected culprit.
Talent is retiring…fast.
Data from the Institute of Real Estate Management (IREM) points to 50 years old as being average age for property managers, at least a decade older than other real estate professions, where the average age is 40-41.
Nancy Kirk, IREM’s chief strategy officer for education, outreach and advocacy, sees millennials making up the next swell of property managers but stresses that bringing down the median age can take time.
The younger set may also need a bit more convincing.
Property management for the early 20s to late 30s
Being a property manager offers perks many over 23 and under 38 would find appealing.. The job can also be challenging in that it requires Customer Service to be at its highest, keeping the competition at arms length. But how do you entice these young folks to become a property manager rather than any one of those other careers in real estate? And perhaps more importantly, how do you make sure that they stay?
● Get to know talent before you even need them. Rubbing elbows with the key industry players in your area or attending conferences aren’t just places to know trends and get ahold of statistics. Through networking and knowing what’s out there, you’ll be in a better position to craft a more effective hiring strategy and come across great talent that could be valuable additions to your company.
● Establish a mentorship program. Learning the ropes from someone experienced and reliable is crucial in getting bright and young property managers to develop an affinity for the job. Pair new recruits with seasoned veterans and see them learn from each other.
● Embrace technology. Your tech skills may be wanting but that doesn’t mean the property managers who work for you should be limited as well. The internet and everything within it is revolutionising the workforce. That said, you should make it a point to bring in modern technologies that can create better workflows.
● Look at their hearts, not their smarts. The specific skills needed for the job can be taught. That said, hiring a candidate with the right attitude and values that match your organization is much more important and will result in lower in lower turnover.
Bring in the experts
Enlist the services of an experienced recruitment firm to help find and bring together top talent in your area. Whether you’re looking for property managers in Melbourne check out Innovative Talent Recruitment!