The Title “Property Manager" - what does it really mean today?

The Real Estate Industry has worked on the same business model for many years, however the question is, does the traditional model really work in today’s Real Estate Property Management Business. Many people say no, and are challenging the way Modern Property Management businesses are run today.

Many business owners express frustration in regards to the recruitment of property managers with many forced to hire inexperienced staff, which is not necessarily are bad thing, however of course it does come with its challenges. Property Managers also cry out in frustration due to increased workloads and demands. Given that Property Management is so administrative based today, thought should be given in recruiting administrators to support the “Property Manager”.

The Industry today is recommended to consider changing the title of Property Manager to

• Tenancy Relationship Manager/Coordinator/Administrator,

• Landlord Services Manager/Coordinator/Administrator, or

• Property Services Manager/Coordinator/Administrator or words (titles) such as these.

The above ‘title’ suggestions explains more of what property managers does today as the word property manager is not really appropriate in today's industry as it is not only property that is managed and does not clearly explain the actual service carried out nor suit the skill base of some people. Another key observation is the fact that not many people are truly Managers in the business but they are called Property Managers?

Major changes have to start occurring for business success and for some, business survival. With increased legislation, higher risk of litigation and demands from the public for extraordinary services, the Industry is forced to consider change. The changes have to start from within the Industry and within Individual agencies. Business models need to be challenged and the various tasks and skills of staff working in the department need to be scrutinised and evaluated to see which model will best suit your business today. One size does not fit all anymore.

For more information and advice, contact Real Estate Excellence to discuss private consultancy services to assist with the development of your property management business at Stacey.holt@realestatexcellence.com.au