Future of the Property Management Industry

With all the chitter chatter out there about how many Property Managers have left the industry and the talk of more to leave, I am interested to know what everyone thinks about what the future for our industry holds.

I am thinking there are going to be more specialised business units concentrating on Property Management and doing it well - taking over the smaller rent rolls and perhaps some more independent Property Managers looking after a manageable handpicked client base

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In my opinion the future looks bright with a better regulated industry. Regulations in any industry do tend to cut out some smaller businesses who can’t afford compliance costs so you could be right about smaller rent rolls being taken over. Our business has quite a high staff to property ratio which keeps things manageable. We definitely hand pick our clients - no D grade properties !

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Good question. I think more work will go off-shore and leaving minimal staff to do the legislative side of what we do. More shop fronts with virtual offices.

I don’t blame PMs for leaving however before all this started it was so difficult to find reliable staff. This is a job where a person needs to have a specific set of skills and due to the shortage Principals are taking on anyone and everyone. PMs taking jobs because of the dollars.

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@louiseschofield it is a very interesting question and I have been pondering this since our conversation a couple of months ago. I think core to this are two moving parts;

  1. Why are property managers leaving. I don’t know the answer however I have my suspicions It might be because they don’t feel supported it empowered to do their job well and feel rewarded.
  2. How do we make our businesses more profitable so that we can invest more into supporting our property managers and rewarding the high performing ones.
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