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The national real estate institute has responded to requests for guidance navigating the current challenges in property management with a sweeping plan of attack.
According to the Real Estate Institute of Australia (REIA), it was during the organisation’s roundtable focusing on property management in 2023 that it became clear a framework was needed to guide action on addressing property management challenges, no matter the state or local regulations.
The result is the organisation’s Property Management Action Plan (PMAP), which has been endorsed by all the REIA member institutions and will be implemented by a steering committee made up of industry leaders who are soon to be appointed.
In introducing the plan, REIA president Leanne Pilkington emphasised that the REIA recognised its responsibility to be proactive in improving the health of the rental sector.
“Our action plan is not merely a set of objectives but a commitment to transformative change, addressing the sector’s challenges head-on and meeting the needs of renters, investors, the labour market and our businesses,” Pilkington said.
Noting that more and more Australians are ending up as long-term renters, Pilkington said the attention on renting over the past year has “highlighted the indispensable role of property management in not only overseeing $3 trillion in rental assets but in ensuring the vitality and accessibility of housing for Australians nationwide”.
The PMAP is divided into four pillars with several actions and deliverables outlined for each. The areas of focus are: people, investment, health and wellbeing, and innovation.
In focusing on people, for example, the institute has set itself the task of investigating and promoting 494 visa sponsorships as a means for the property management industry to address shortages and attract skilled migrant workers to regional placements.
Investment includes the goal of establishing a national network of approved and vetted allied advisers such as tax professionals to aid clients in assessing the market and risks about their own needs, while hopefully reducing the barriers and misconceptions around property investment.
Within this pillar, the REIA also intends to work directly with the Treasurer and Housing Minister to deliver positive messaging about the role of property investment in Australia.
The health and wellbeing facet will see the body create two further action plans to equip both agency principals as well as property managers with the tools to manage some of the sector’s pain points.
And to spur innovation, the body will be developing a workforce capability plan for innovation adoption, including guidance on changes such as implementing a four-day work week and outsourcing certain business processes.
In unveiling the plan, the REIA promised that it has committed to its “full implementation, driving positive change for the industry and communities it serves”.
“We aim to propel the industry forward through a multifaceted approach: policy development, advocacy through events and forums, and research initiatives,” Pilkington explained.
She expressed her hope that the industry would use the plan to “chart a course towards a more resilient and inclusive property management sector that serves the needs of today and anticipates the demands of tomorrow”.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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