A new national research report released today by MRI Software reveals 60 percent of property managers in Australia rate dealing with aggressive and abusive landlords and tenants as the biggest challenge of their job. A disturbing 53 percent struggle with mental health, and almost 1 in 4 (23 percent) intend to leave the industry – twice the number recorded in 2018 when the first Voice of the Property Manager research was conducted well before COVID struck.
The MRI Voice of the Property Manager 2021 national research report was released on
Valentine’s Day to underscore the need to show more love to struggling property
managers. The pressure of lockdowns and uncertainty over the last 12-18 months meant property managers often bore the brunt of upset and angry tenants and landlords, and the impact will soon be felt in lost revenue if agency leaders don’t pay attention to the warning indicators in the research.
In the report, MRI estimates the cost to replace a single property manager is the equivalent of one year of property management fees from 19 properties and between five to 12 percent of a typical agency rent roll.
MRI Software Real Estate Industry Principal, Josh Symons, believes burnt out property
managers are likely attracted to more flexible and hybrid working arrangements being
offered by tech and finance companies in Australia right now, and implores the real estate industry to fight back against these new ‘Great (Real Estate) Resignation’ indicators.
“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. We must show them some love, listen to what they’re saying, and ensure their experience and passion are not lost to the profession,” says Symons.
The Voice of the Property Manager 2021 national research report is now available to download and read. It reflects a statistically significant 773 respondents from across the property management industry in Australia to identify benchmarks around key employment issues, satisfaction levels and priorities. The research was conducted by MRI Software and analysed in late 2021 by Kylie Davis, President of the Proptech Association Australia. The first 2018 research report is also available to download.