Telling the Story of Property Management with 9 Shocking Stats
“Just give me the facts”.
We love property management, while for some it is an afterthought, something they feel like they “need” to do or “should” be doing to support their sales department, for us…it is front and centre.
We have thought deeply about it, about how to improve every process, about which processes can be automated and which ones never should, about how best to incorporate offshore staff into a PM team, and about how many properties one PM can handle.
We love this stuff and geek out on it.
So it shouldn’t come as a surprise when we say we are disappointed about the current state of property management.
Why are we disappointed?
Well, let’s turn to the numbers.
In this blog, we’ll unveil ten shocking statistics that reveal the highs and lows of this profession.
Ten stats that tell the story of the current state of Property Management.
1. A Three-Year Turnover Rate
The first shocking statistic is that the average job lifespan for a Property Manager (PM) is just three years.
This brief tenure suggests that many Property Managers are not finding long-term career satisfaction in their roles.
What can be done to make Property Management a more desirable career?
What career pathways are open to Property Managers who feel like they’ve hit a ceiling?
2. Intentions to Resign: 23%
Nearly a quarter of Property Managers (23%) intend to resign from their positions within the next 12 months.
This statistic highlights a pervasive sense of discontent within the industry.
It relates to the first statistic above, if nearly a quarter of current PM’s intend to leave within a year, no wonder the average job lifespan is so short.
What’s causing or contributing to this exodus of people leaving can be understood by looking at the next stat.
3. Overwhelmed Property Managers: 1 in 3
One in three Property Managers feel “far too busy.”
The demanding nature of property management can lead to burnout and adversely affect job satisfaction.
The role is complex and too often the expectation is that PM’s are always available.
They are also often given portfolios to manage without the right level of support.
Why would you stay in a job that made you feel overworked? What price can be placed on mental health?
4. Mental Health Struggles: 53%
Speaking of mental health, a staggering 53% of property management respondents cite managing their mental health as their biggest issue.
This statistic underscores the urgent need for better mental health support within the field.
What can leaders do to better support their teams?
They can get behind great initiatives such as “R U OK? Day” and encourage a culture of open dialogue about mental health.
Increasingly, organisations such as the Resilience Project are shining a light on strategies to improve mental health.
We recently had a keynote address from Martin Heppell at the STAFFLINK Conference and the more that real estate focuses on the mental health of its people, the better.
5. Unsatisfactory Support: Only 36%
Just 36% of Property Managers report being extremely satisfied with the support they receive from their bosses.
This indicates potential issues with leadership and management styles within property management companies.
This stat is interesting because it could tell two different stories.
Although you could focus on the negative aspect, it’s great to hear that nearly 40% of PM’s are extremely satisfied with the support they receive.
What this stat reveals is there are a lot of great leaders out there.
What are they doing to give their team great support? And what lessons can be learnt from their experience?
This underscores the importance of staying up-to-date with industry best practices.
There is so much knowledge and experience in real estate, as an industry we could do better to collaborate and share this wisdom.
6. Lack of Support: 30%
On the flipside, an additional 30% of Property Managers surveyed say they are either dissatisfied or don’t feel supported by their management teams.
This reflects a concerning trend of disconnect between management and frontline professionals.
7. Satisfaction with Software: Just 25%
A mere 25% of Property Managers are completely satisfied with their current software.
This suggests that there is room for improvement in the technology and tools used in property management.
Good software should:
- make their job easier
- allow them to see exactly what they need to do on a daily basis
- allow for easy sharing of tasks
- help PM’s finish on time by making the processes more efficient
8. The Struggle for Work-Life Balance: working long hours
10% of Property Managers are working more than 51+ hours per week.
This is the equivalent of working more than a whole extra day every week.
On top of that, 33% are working between 41-50 hours every week.
Yes, we understand that PM’s need to respond to urgent situations that may require overtime, but the widespread nature of working long hours poses an important question.
Why can’t they achieve their weekly tasks within a normal working week?
Leaders who don’t focus on fixing this so that their team can go home on time are exposing themselves to the risk that their team might decide ‘enough is enough’ and quit.
And really, if your boss wasn’t concerned that you were being burnt out working super long hours, wouldn’t you quit?
9. Declining Career Commitment
Done right, Property Management is a great job that could turn into a great career.
And considering the amount of talent leaving the industry, there will always be a demand for people with the unique set of skills that a great PM has.
Worryingly, but perhaps unsurprisingly, there is a decline in the trend of people who see themselves in it for the long term.
The data reveals that only 49% of Property Managers see themselves remaining in the field, down from 58% in 2018.
This decline in career commitment raises questions about the long-term sustainability of the profession.
What’s the Story Behind the Stats?
The story of property management outlined by these statistics is one of an industry in flux.
Property Management is facing unprecedented challenges, from high turnover rates to mental health struggles.
However, within these challenges lie opportunities for improvement and transformation.
What Can Property Managers Do?
- Prioritise Work-Life Balance: Property Managers must prioritize their well-being and work towards a healthier work-life balance.
- Advocate for Mental Health: Raise awareness about mental health issues in the profession and encourage dialogue and support.
- Strengthen Communication: Improve communication between Property Managers and their bosses or management teams to address issues and concerns effectively.
- Invest in Professional Development: Continuous learning and development can enhance job satisfaction and career longevity.
- Collaborate for Change: Property managers and industry associations should collaborate to address industry-wide issues and advocate for better working conditions.