30 percent of residential property managers have left their jobs over the past year, according to real estate industry leaders, who warn there is no short-term fix to the problem.
Issues arising from COVID-19 lockdowns including higher levels of stress and mental health challenges have impacted renters, rental providers and a significant number of property managers.
Metro Property Management Director and President of the Real Estate Institute of Victoria, Leah Calnan shared her thoughts on the industry shift recently with Australian Financial Review.
Leah Calnan estimates that one in three of the state’s property managers have left the industry since COVID-19 lockdowns and the rental industry was hard hit in March 2020. Stress levels caused by financial uncertainty for both renters and rental providers have left property managers in the middle of some hostile situations. There’s a point where it becomes too much to constantly battle with.
“It’s been a very stressful period and people have left the industry for their mental health and well-being after having to continually deal with people being rude and unreasonable, both landlords and tenants,” Ms Calnan said.
“Homes and incomes were threatened. Property managers were standing in the middle, copping all that angst.”
Leah also recognises that the industry is losing a lot of experienced property managers. “It’s not a generation thing. We’re talking people in the industry for 20 years who just didn’t want to do this any more.”
Another factor in the number of property managers leaving the industry is the decline in interest for careers in property management. It’s more vital than ever to create positive pathways for young people looking to begin a career in property management to revive the industry.
“It’s probably not going to get any easier, there’s no short-term fix,” Ms Calnan said.
Metro Property Management are very proud of our team of dedicated property managers. It hasn’t been an easy year for anyone, but especially for the real estate industry as it has been dealt multiple changes to protocol and the way renters and rental providers
Whilst there is no short-term fix to this issue, Metro Property Management will continue building up new talent within the industry and supporting our property managers in all areas of their well being; mental, physical and vocational.