A wage rise is not always the bandaid your agency needs to keep property managers for longer. Here are some tips to boost retention so you’re not constantly recruiting. 

Do a quick search on SEEK and you’ll find thousands of property manager jobs. With this in mind, how do you ensure you grow and keep the team members who are helping to improve your real estate agency? 

Wage rises aren’t necessarily the solution, especially when it comes to the unique challenges of this type of role. Paying higher rates could also work against you in the long term, leaving you struggling to meet your bills in the event of another downturn. 

Here are some of the ways smarter agencies are investing in retention and improving their PMs’ experiences as employees. 

Provide regular professional development opportunities

Rental property legislation is constantly changing and 2021 is a prime example. With dozens of new rules being introduced to govern property management, your team needs support to come up to speed. 

Commit some budget to training in this area so property managers are well-informed. You may wish to appoint a ‘custodian’ who takes responsibility for educating PMs and clients, and can be contacted with any questions. 

Create documents and checklists so information is always readily at hand and your team won’t feel overwhelmed by all the new changes. 

Be open to flexible work opportunities

COVID showed us how possible it is to work from home. For parents, the freedom from having to show up to work after travelling for up to an hour was a game changer. 

You don’t have to allow your PMs to work remotely five days a week. However, by being open to a blend of office time and at-home hours you are taking some of the pressure off your already busy team. 

There may be other ways you can offer flexibility; e.g. staggering work hours or offering part time roles. Being flexible shouldn’t mean the person will work any less hard, they just have a bit more breathing room in their schedule. 

Look to reduce, not increase workload

It is a common experience for employees to feel as though they are asked to achieve more, with fewer resources, as each year passes. It’s little wonder people end up burnt out and seeking a career change. 

Consider how furniture store IKEA is such a success story because its prices actually get lower every year. Of course, it’s a very different industry but IKEA is always looking for ways to be more efficient and save costs before passing the reduced expense of what they create on to customers. 

These days, there are so many software platforms and strategies for systemisation in the real estate sector. You can also investigate setting up an offshore team to take care of basic administrative tasks or even an AI chatbot to handle initial enquiries. The result is a team which is far less bogged down in the little things. 

A small investment in new technology can have a significant impact on productivity as well as your longer term profits.

Introduce a training program for new recruits

Many PM advertisements demand experience but you could have a junior program which encourages applicants who have never worked in real estate to apply. 

If someone is personable, organised and self-motivated, they possess the skills which can’t be taught but are essential for property managers. Develop junior staff members with a program to help them climb the ladder to a more senior position and you will benefit from their loyalty. 

Make work enjoyable

No amount of money can convince somebody to stay put in their job if they hate it. Even if someone who is unhappy does stay put, you’re unlikely to be reaping the benefits of a dedicated and motivated staff member. 

To grow and keep a loyal team of property managers, your real estate agency needs to stand out as the employer of choice. There is no instant fix but a few ways to develop a leading workplace over time:

• Consciously take the steps to develop a positive and dynamic workplace culture

• Give staff the opportunity to contribute to business decisions

• Issue employee satisfaction surveys and take action based on the results

• Offer personal as well as professional development opportunities

• Create incentives and rewards including days off and bonuses 

• Empower your team to innovate and find ways to delight their clients so they enjoy what they do

The pay off of all these actions is a caring, dedicated team who are excited to grow your rent roll and help your agency to stand out in your area. 

BDH Solutions are rent-roll agents with over 30 years experience in connecting the right vendor with the right purchaser. Download our information booklet on the newVictorian Minimum Living Standards Legislation