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A property management head has offered some solutions to the challenges facing the sector at present.
Yasemin Kemal is the head of property management at Rental HQ and has acknowledged “the difficulty of attracting and retaining skilled workers” as one of the main challenges facing the property management industry in 2023.
“Property managers need to possess a broad range of skills, including excellent communication, organisation, and negotiation skills, as well as a deep understanding of the industry,” she stated.
“As such, it is not surprising that many property managers experience burnout and turnover rates are high.”
According to Ms Kemal, it’s an issue that businesses must be proactive on.
She argues that businesses must provide a supportive work environment that encourages growth and development: “This includes offering staff opportunities for training and advancement; recognising and rewarding hard work; and fostering a positive workplace culture that values communication, collaboration, and work/life balance.”
“By doing so, businesses can increase staff retention rates and attract new talent,” she quipped.
But a supportive employer isn’t the only thing needed by property managers in 2023, who are grappling with “a range of local, state, and federal regulations, including fair housing laws, building codes, zoning regulations, and environmental laws, among others.”
Noting that non-compliance can result in legal liabilities, fines, and reputational damage, the property management head has advised businesses to “invest in training and education for their staff, and implement robust compliance programs that ensure that they are meeting their legal obligations.”
“By doing so, property managers can protect their clients’ assets, reduce legal risks, and enhance their reputation,” she shared.
That’s all the more important given the sector is also “facing an increasing demand from property owners and tenants for more comprehensive and personalised services.”
Expanding on that idea, Ms Kemal stated that property owners are looking for more sophisticated and data-driven management services “that can help them optimise their properties’ performance and maximise their returns on investment.”
“Tenants, on the other hand, expect more responsive and high-quality services, such as prompt maintenance and repairs, transparent communication, and secure online portals,” she continued.
She advised that in order to meet these demands, property managers “must invest in the latest technology and tools that can help them streamline their operations, automate routine tasks, and provide better and more personalised services to their clients.”
“These technologies include property management software, data analytics tools, mobile apps, and online portals, among others.”
“By leveraging these technologies, property managers can enhance their clients’ experiences and stay ahead of the competition,” she stressed.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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