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If you're reading this, you may be one of many business owners struggling to find staff and although you feel your going around in circles looking at every angle possible, contacting multiple recruitment agencies and when you finally think you’ve found someone, something changes their mind, and you're back to the drawing board. It’s like a race to find just one candidate is a huge struggle? But yet, there are very few agencies that have no trouble finding staff! So what is it that’s different? What are people looking for in their next role and how do you keep up with the changes?
Welcome to the new employment era and recruitment challenge for 2021 - saddle up, cause it’s a change that’s moving rapidly and it’s here to stay!.
Employing staff has never been an easy road for any business. The Real Estate sector in particular has vastly changed over the 12 months and it’s times like this where if your not keeping up, you will keep falling behind.
Whether you are working in the real estate, marketing, hospitality, or accounting industry, It is a constant challenge. So why is it we can’t find qualified or skilled candidates in today’s market?
This time last year the world practically stopped! The vast majority of us were forced to stop working from the office and be at home. The work paused and gave us more time to think on what changes we needed to make on both a Personal and Business perspective! but yet here we are 2021 working harder, playing catch up and living what feels like fast forward mode. It's described like a mouse running on a wheel that never stops.
In real estate today, we have seen an incredible bounce in the housing market. Properties are selling in less than 24 hours and real estate sales agents simply cannot keep up with stock demand. Property prices in suburbs and outer areas have skyrocketed with more buyers on the hunt for spacious homes further from the city, and paying more than the well above the asking price. It’s great for our economy, great for sellers, agents and businesses. It’s a win-win situation!
Rental market is much the same but in some areas across Melbourne, it is on the flip side with tenants vacating, and the vacancy rates are higher than ever seen before across the the cbd and inner suburbs and yet, outer suburbs and regional areas are seeing an increase in the rental market with little to no rental stock from properties leased in record time.
So why are employers struggling to find staff? Property managers are not quite the dying breed but there are factors to consider.
Let’s start with the residential COVID rental legislation and not to forget what was ready to commence prior to COVID - The latest residential tenancy legislation changes! Property managers are over their heads and now faced with understanding the new changes to rentals and educating the rental providers with what is set to take place March 29 2021.
With more than 130 legislation changes in the Residential Tenancies Act. These changes will have a huge impact on the rental market. Although in the long run, we will find properties are maintained much better than ever and comply with the new legislation, These next 12-18 months will have a detrimental impact on the Residential housing market, agents, Rental Providers & Renters.
With rental changes lined up in the coming weeks, property managers are looking for roles that provide a balance and flexibility between working from home and the office. This is known as a Hybrid Property Manager and allows property managers to have greater control of where they want to work and is proven to be successful at finding staff in a shorter period of time then businesses with limited flexibility.
The added pressure on the real estate industry has its pros and cons. Property managers salary expectations have risen On top of this, property managers who are still playing catch ups with with the work demand on routine inspections, leasing properties and ensuring they are compliant with the 130+ rental changes to the residential legislation, but we are all still recovering from a global pandemic which not only forced the world of employment to stop completely in certain industries but our rental market was more challenging than ever and it resulted in property managers burnt out and leaving property management all together and others requesting from employers additional support, flexibility and a pay increase.
The questions from employers hiring are asked every day, why are their no property managers around? Why is it so difficult to find staff?
How do we become the employer of choice?
Why has property management salary suddenly jumped 25~30%?
The answer is there is no one size fits all.
Each individual has dealt with challenges including business owners in 2020 from covid-19. With your current staff, this is a test on your own leadership skills, listening, understanding and taking action!
Look at the property management support you are providing to your team. Where do they need the support the most? Is it compliance, administrative all rounder.
Do you have a well-being program in your office? Emotional and physical support are critical but the employment market will continue to rise with the overflow of vacancies and employers hiring staff in real estate.
Have you considered hiring someone as a trainee? Now is a good time to look at entry level or even trainee staff. Do you have the resources to hire a recent graduate who has completed their certificate IV in Real estate and Property Services or even hire a junior to undergo a real estate traineeship. Redefine your recruitment strategy and consider the skills gap.
For further information or HR consulting advice or Recruitment, Contact Sarah Di Pietro at Innovative Talent Group - 9626 9519