What is the biggest challenge facing the property management industry today?
Some say it’s understanding the technology, while others find changing market conditions the most challenging. While those have impacted the property management sector in more ways than one, nothing is quite as significant as the challenge of leadership. Particularly, how leaders are managing change and motivating their teams.
So how can you create a property management team that’s inspired and motivated to give their best performance day in and day out?
In the 2018 Voice of Australian property Management Report, it was revealed that the best property management businesses are well led, have great career structures in place and encourage their teams to think big and dream big – that they are more than just property administrators. We can agree that well-performing businesses across different industries are the result of a strong team working behind it - and in property management it's not that different.
Yet only one in four property managers feel this way about their business; 28 per cent of property managers talk the industry down and 12 per cent are actively looking to leave the industry altogether - signifying an underlying issue of effective leadership in the property management sector.
Here are the elements you need to focus on as a leader, to help your property management team perform at its best:
1. Give your staff the tools they need to excel
A survey of property managers in the report showed 38 per cent said they did not have the tools and resources to do their work correctly. Providing your staff with the right tools that help them be more productive at work is essential for them to turn in high quality work and for your business operations to run smoothly.
If competitors offer better working conditions, staff are more likely to find leaving a more attractive option. No one wants to spend hours toiling away on menial tasks when there are now property management solutions and online tools that can help make work easier.
2. Invest in training and upskilling
Work environments that encourage learning and skills development find it easier to introduce new technology and make efficiency improvements.
When your staff undergoes regular training, not only are they more equipped to handle changes in processes, you also give them the confidence to be an active player in helping you run your business.
3. Have structured career paths
Businesses that offer structured career paths made people feel more secure in their role and have a positive attitude toward the industry and their salary level. A huge part of leadership is motivating your team to move forward in their career, and having a clear plan to help them get there.
4. Work on staff retention
The data shows the majority of those who work in property management have held their current job for less than two years, yet have more than six years’ experience. Businesses with high turnover also have high on-boarding and training costs and find it harder to deliver consistent service. Retaining good staff is about ensuring they have the tools to do their job properly and can see a future within the organisation. Moreover, it is about creating a positive company culture that encourages both professional and personal growth.
5. Pay staff well
Pay levels are only really an issue when other parts of the employee satisfaction equation outlined above are lacking. Without career structures, tools and training, staff focus on the one thing left to them, which is the money. This reveals that the more you try to save on not doing the structural work as a leader, the more you have to pay staff just to try and keep the wheels rolling on the wagon.
6. Set up sustainable processes that increase productivity
It’s impossible to set up sustainable processes if staff are constantly leaving, or increase productivity when remaining staff are burdened with additional workload. When staffing is consistent and reliable it becomes easier to tackle productivity issues, building efficient processes which can directly improve your bottom line.
At the end of the day, the success of your business lies on a well-performing team supported by a strong leadership. And in property management, leadership is your ability to focus on your most valuable asset – people – despite the distractions of pressure on fees and increased competition from new tech trends.
Looking for a property management software that will help improve your team's performance? Try Property Tree. Book a demo today.