Every leader worth their salt knows that behind every successful business are their people working to achieve a common goal. Teamwork makes the dream work, they say, and it's true - your vision is only as good as the team that helps you fulfill it.
But what makes the team work? Surely having big dreams for your business is good, but how can you help your team be in their best shape to realise these goals?
In our Voice of Australian Property Management Report, we identified some key issues that property managers face today that if resolved, will help improve the performance of your property management team.
1. Understand workloads
The data gathered from the report reveals that whilst most (60%) property managers work a standard 40- hour week, it’s how they fill that week that determines their satisfaction with their job and the industry. It’s not the regulation or customer demands that impact workloads, but rather the tools and resources the team has to execute to a standard that makes them feel like they are doing a good job. Adapting an easy to use and efficient property management system then, is essential to maximising your team's productivity. A constant sense of being ‘too busy’ leads to feeling overwhelmed and staff defection and is not necessarily a gauge of effectiveness at work.
2. Take a longer-term view
With an uncertain property market, and higher customer expectations it makes sense that the industry is focused on revenue and efficiency. But the data shows this could be a false economy. Getting your head out of the weeds and looking at how staff retention, training and technology will improve revenue and efficiency is likely to be more effective, especially in very small teams. This will allow teams to focus on the challenges and opportunities of the future.
3. Work on career planning, retention and upskilling
The data shows that on average property management businesses in Australia are small, tightly run and have challenging workloads in terms of volumes of rental listings and the work that must be done to service them. It also shows many offices have attitudes that time can’t be taken off for training, that career planning isn’t necessary (you’ll promote them when an opening becomes available) and as long as they turn up to the awards night, they’re happy. Aren’t they? But the workforce churn with 41% staying in role less than 2 years, plus the number of those leaving the industry altogether indicates this is a false economy. Property management teams are most likely to obtain their revenue and business goals when they are not constantly distracted by the need to replace staff.
4. A great culture isn’t enough
A key insight from the survey is that most property management employees enjoy their jobs, feel their roles are secure and are generally satisfied with how much they are paid for the work they do. So why do so many talk it down? The insights into this question lie in the sense of busyness, career planning and support that property management professionals feel. Detractor levels are high where these three elements are lacking, even when respondents said they enjoyed their jobs and the people they worked with.
5. Demonstrate alignment
The report reveals a significant disconnect between the priorities and concerns of principals and property managers, and shows that when such a disconnect occurs, staff turnover is likely to be high. Make sure the priorities of your agency and how you want to approach future challenges and opportunities are agreed across your broader team and are not a top-down directive.
Fostering a supportive and rewarding environment encourages your team to deliver incredible results every time, making it clear that understanding what makes your property management team tick is an essential step towards achieving your business goals.
Gain more insights on today's state of Australian Property Management, download our report here.