The traditional property manager role and department model is outdated and needs to change in order to reflect the true nature of the work involved, a leading business consultant has claimed.
“The word [title] property manager doesn’t exist anymore,” Stacey Holt, company director at real estate industry-focused education and professional development firm Real Estate Excellence Academy, told Real Estate Business.
Ms Holt said it’s time the property manager role was revaluated, as landlords become more demanding and the role expands to include activities that weren’t required in years gone by. This included helping with tenant disputes, insurance claims, risk management, and other related tasks.
“The [title] ‘property manager’ is not really appropriate in today's industry as it is not only property that is managed and does not clearly explain the actual service carried out, nor suit the skill base of some people,” Ms Holt said.
She added that it’s time the industry stopped basing and measuring a property manager’s role on how many properties they managed. Instead, she said the industry should consider breaking up the property manager position into roles that reflect what people actually do.
New job roles may include tenancy relationship manager/coordinator/administrator; landlord services manager/coordinator/administrator; or property services manager/coordinator/administrator, Ms Holt said.
Ms Holt added that property managers are also struggling with increased workloads and demands.
“Given that property management is so administrative based today, thought should be given in recruiting administrators to support the ‘property manager’,” Ms Holt continued, adding that specialists were needed to deal with the diverse array of tasks that contemporary property managers faced.
Ms Holt said major changes are needed, and these changes must start from within the industry and individual agencies.
“Business models need to be challenged and the various tasks and skills of staff working in the department need to be scrutinised and evaluated to see which model will best suit your business today,” she said.
“One size does not fit all anymore.”