Real Estate Staff Shortage Entrenches ‘War for Talent’

The continued shortage of experienced property managers is posing a substantial threat to the real estate industry.

Jeanette Hockney, Director at real estate recruitment specialist, Buckmaster Hawkey, told Sold Magazine that falling retention rates and high demand for property managers means the war for
talent is now entrenched.

“We ran an analysis of the real estate jobs advertised in Australia’s three largest cities and the numbers shocked even us,” Ms Hockney said.

“In the second week of August there were 386 property management jobs advertised in Melbourne, 285 in Sydney and 110 in Brisbane.”

“What these numbers prove conclusively is that real estate firms need a plan to cope with rising salaries, and to make changes to their management style to accommodate Gen Y staff.”

Research Buckmaster Hawkey conducted this year shows that while Gen Y staff have many of the qualities agencies demand, they are unlikely to wait patiently for firms to provide them with the career outcomes they are looking for.

“Respect, thorough procedures and an identified career path are high on their list of factors that will convince them to stay in their job,” Ms Hockney said.

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