Property management can be thankless but business owners know the value of a great property manager.
They’re the unsung heroes of the market yet in many renters’ eyes, they’re the enemy.
Amid new rental reforms, unsustainably tight vacancy rates and the high cost of living, Laing+Simmons CEO and REIA President Leanne Pilkington looks at the ways Principals can ensure their property managers remain engaged, supported, protected and, critically, respected.
Property management attracts a certain type of person.
Typically empathetic, patient and understanding, property managers are relationship builders focused on preventing issues and, when needed, solving problems.
It’s an unfortunate and unfair consequence of the rental crisis that these least-deserving of people are sometimes painted as the bad guys.
Principals know that their property managers are the undeserving embodiment of renters’ disdain.
Many renters feel that the cards are stacked against them and the property manager is the one in the firing line.
And though the premise for this disdain is false – renters are suffering due to the critical shortage of properties for rent – the human toll is real.
More than ever, we need to put our arm around the property managers in our industry.
The Real Care App is a prime example of the way our industry can, and does, respond.
A collaboration between real estate professionals and health experts, the Real Care App features a range of tools which provide relief from stress and other emotions; which help agents set, track and manage performance; which improve self-care to boost resilience; and, when needed, which provide access to confidential counselling.
While mental health and wellness support is vital, we need to properly equip our property managers with new practical skills too.
This means a focus on training.
It must encompass the obvious: compliance, new legislation amid the dynamic environment of reforms, best practise customer service and the like.
But training needs to go further to meet contemporary needs.
Property managers are at the human interface of society’s most pressing housing challenges.
On the investor side, they encounter mum and dads struggling with persistent high repayments, worried about their financial security and future as the cost of living increases.
On the tenant side, they can be exposed to rising incidences of crime, financial and even food insecurity, substance abuse and more.
At Laing+Simmons, we’ve complemented our property management training in recent times with a range of specialised programs.
These include training which equips property managers with tools to deal with domestic violence, as well as immersive workshops in which property managers are tasked with identifying and reviewing evidence as a practical way to hone critical skills in attention to detail, analytical thinking and effective communication, all essential in effective property management.
There are also opportunities to better train property managers on the proper protocols to observe when handling tenant accidents, injuries and fatalities, covering legal and ethical considerations, to ensure they are fully equipped to deal with the wide variety of challenges they may face.
As we better support our property managers through training, we can better acknowledge their efforts through dedicated, fit-for-purpose rewards programs.
Our best and brightest deserve more than ad hoc recognition.
A formal rewards program which establishes agreed goals with clear outcomes gives property managers a defined way of working.
More than motivation, a properly structured program embeds accountability measures so property managers never lose sight of the bigger picture they’re progressing towards, even as they deal with time-consuming day-to-day tasks which often involve interactions with emotional customers.
Establishing a framework in which property managers feel they are progressing means ensuring career path opportunities are clearly defined.
Like everyone, our property managers need to know their efforts are leading somewhere worthwhile, that every challenging day is a step towards a better one.
Upskilling is one strategy.
Laing+Simmons has developed a 12-month Investment Portfolio Manager course which culminates in a formal graduation to train, reward and retain our most senior property managers.
It broadens the services they are able to offer their customers in a new role which requires the application of additional skills.
Finally, Principals can ensure the work environment for their property managers is a place where they can feel safe, supported and free to be themselves.
We regularly organise workshops and social events for the property managers in our network to share experiences and workshop solutions to problems in a supportive environment.
Even if it’s just a forum for our people to get something off their chest, creating a network within the network can be a valuable and self-sustaining investment.
Informal initiatives should be supported by a formal Employee Assistance Program.
At Laing+Simmons, we’ve engaged Employee Assistance Services Australia to deliver a confidential, proactive and preventive program which deals with issues in their early stages to increase production and performance, and reduce costs associated with absenteeism, sickness, stress, lost-time injuries, communication and conflict issues in the workplace.
An open dialogue benefits everyone and it’s important for Principals to be clear about what is reasonable for their property managers to accept, in a customer engagement sense, but also what is not.
This can be covered in training too.
Property managers must understand when a customer crosses the line, and the strategies they can employ to safely remove themselves from a situation which could cause them emotional, or physical, harm.
No-one should be subject to abuse or ridicule as they go about their jobs.
