Property management re-imagined to stop the exodus

Laing+Simmons has introduced a new Investment Portfolio Manager qualification which retrains and upskills property managers with broader knowledge and expertise.

The Announcement:

With as many as one in four property managers having left the industry in recent times, reeling from the effects of the pandemic, Laing+Simmons has introduced a series of targeted training and career development initiatives aimed not only at stopping the exodus, but giving property managers more choices for their future.

Harriet Saunders, Head of Growth & Development at Laing+Simmons, says the need to support property management as a specialty, and property managers themselves, is urgent.

“Many property managers have left the industry in recent times and this talent drain is having an impact. We have taken the steps to address it,” Ms Saunders says.

For the more experienced property managers in its network, Laing+Simmons has introduced a new Investment Portfolio Manager qualification, which retrains and upskills property managers with broader knowledge and expertise, to add further value to customers and drive additional income for offices.

“We 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,” Ms Saunders says.

For those with less experience, the Laing+Simmons Property Management Fundamentals initiative is a 12-month training program which retrains people from other industries, or people within the network in other roles, so Laing+Simmons business owners can recruit from a broader pool of talent with the confidence of knowing they have head office support.

“This 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 says.

Additionally, as part of its Rewards & Recognition program, Laing+Simmons has established the Property Management Circle of Excellence, which celebrates the achievements of the network’s property managers on a monthly basis, measured against select KPIs such as rental arrears and customer reviews, to provide powerful motivation for those specialising in the field.

“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 says.

Laing+Simmons CEO Leanne Pilkington, who is the immediate past President of the Real Estate Institute of NSW (REINSW) and current Deputy President of the Real Estate Institute of Australia (REIA), says the company’s re-imagining of what a career in property management means is being supported at an industry level.

“While Covid resulted in significant pressure being placed on property managers and resulted in an exodus of property managers from the industry, the need for effective property management remains with a national shortage of around 4500 property managers,” Ms Pilkington says.

“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.”

Backed by the REIA and supported by the state-based institutes, a submission has been put to both State and Federal Governments seeking funding support for a mentoring program which, among other objectives, will seek to retrain hospitality and tourism workers as property management specialists.

“By opening up new employment opportunities for people whose work was perhaps impacted by the pandemic, and taking advantage of their advanced customer service skills, we can establish new and attractive career path options for people and better protect landlords in the process,” Ms Pilkington says.

More information on the proposal can be found here.

Source: WISE McBARON Communication

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