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Almost one-third of property managers now say they intend to leave the profession.
The third edition of the MRI’s Voice of the Property Manager Report reveals that an industry-wide shift is taking place in property management, and while conditions may not have lessened the stress the professionals face yet, there are some signs that mental health concerns are being taken more seriously.
MRI has been conducting this comprehensive survey every few years since 2018, with the 2024 release now able to provide meaningful insight into how sentiments have changed over the past six years.
Most concerningly, the number of property managers intent on leaving the profession has steadily increased since that time, with 29 per cent now reporting they intend to change careers, up from 23 per cent in 2021 and 13 per cent in 2018.
Over this time, there has also been a 32 per cent drop in the number of respondents who said they completely agree with the statement that they have good career opportunities.
Digging deeper into the data, it becomes clear what type of property professionals the industry is most at risk of losing, and why.
Time in the industry is a major factor, with 31 per cent of those who have worked six years or longer as property managers intending to exit, compared to just 18 per cent of those who have worked less than two years.
While job mismatch is frequently cited when searching for the reason for the ongoing property management exodus, MRI stated that its findings actually dispel this myth.
Instead, the firm said its findings indicate that “prolonged exposure to the stressors of property management is more likely to be the main factor”.
Those who shared they are considering an exit from the field also have another thing in common: longer hours and heavy workloads.
Across the professionals surveyed, 66 per cent described their workload as either on the busy side, or far too busy, while 47 per cent reported that they work more than 41 hours per week, and 21 per cent said they work more than 51 hours.
Those working the longest hours are also the most stressed, although they aren’t necessarily managing the biggest portfolios – 77 per cent of those who work 51 hours-plus manage 150 properties or less. Yet of this cohort, 84 per cent said that managing the workload is their biggest challenge, and 72 per cent reported that they have trouble switching off after work and managing their mental health.
Among the broader group, however, this rate is still elevated, with 54 per cent reporting that their greatest challenge is mental health and the inability to log-off after hours.
This number, though far too high, has plateaued in recent years, and respondents overwhelmingly reported that they are intent on bettering their mental health – 57 per cent said they are taking active steps to improve their wellbeing, while 37 per cent said they believe they have it under control.
Furthermore, 79 per cent of respondents say their work/life balance is at least okay, while 72 per cent reported that they feel genuine care for their wellbeing from company leaders.
But as Dr Sarah Bell, director of strategic partnerships at MRI Software, noted, care needs to be backed up with action. The firm reported that an overwhelming number of respondents commented that they felt their boss was a nice person but that they were not providing the required support.
According to Bell, the message to agencies is clear that workers need to be assisted through investment in wellbeing support and training to retain them in the industry.
“Property managers are dealing with tenant expectations, coordinating trades, handling cyber security concerns, and keeping up with ever-changing legislation. To ensure the industry’s sustainability, we must recognise the contribution property management makes with access to quality training and support resources,” Bell said.
She noted that according to MRI’s research, the financial contribution of property management now accounts for 48 per cent of real estate agency revenue, which is a substantial increase from 29 per cent in 2007.
“Property management is not only crucial to daily operations but is also driving long-term growth for real estate agencies. The increased revenue highlights just how essential property managers are to the future of the industry,” Bell said.
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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