A network is introducing a new training program across its offices in hopes of stemming the tide of property managers leaving the profession.
The industry has seen as many as one in four property managers bow out of the field in recent years, causing great concern for industry leaders and network heads who have begun to examine ways of stabilising the sector and provide long-term satisfaction for its professionals.
Laing+Simmons are one such brand. The boutique firm has introduced a sweeping training and support system across their offices to address the mass exodus.
Harriet Saunders, head of growth and development at Laing+Simmons, said the brand would be introducing a new program aimed at experienced property managers in its network to retrain and upskill them with broader knowledge and expertise.
Ms Saunders explained they were aiming to “equip our investment portfolio managers with important knowledge on positive and negative gearing, depreciation schedules and other complex information, so they gain a more rounded understanding of investment, add additional value to their customers, and have the opportunity to explore a genuine option to advance their career in the field”.
This complements the brand’s 12-month property management fundamentals program, which retrains people from other industries or existing members of the network.
“The targeted training opens up new recruitment pools for our business owners that weren’t previously available. It means they can focus on finding the best people, with our help, knowing those people will have the necessary skills and knowledge to add value,” Ms Saunders said.
Laing+Simmons has also appointed a dedicated property management committee to operate somewhat like a helpline for their professionals, supported by regular roundtables and monthly training sessions.
And to recognise the dedicated work of their property management team, the network celebrates their achievements on a monthly basis with their circle of excellence awards.
“We have put in place all the pieces which give property managers in the Laing+Simmons network a compelling reason to stay and grow, and a more positive work environment to be a part of, to reverse the exodus of property managers from the industry,” Ms Saunders said.
Laing+Simmons chief executive Leanne Pilkington, who also serves as the deputy president of the Real Estate Institute of Australia, said that industry leaders were committed to addressing the national shortage of roughly 4,500 property managers.
“At an industry level, we are working to create a better environment for property managers by offering more targeted training and more desirable career path opportunities, while attracting more people to this specialised area,” she said.
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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.