Property Management Today
Building a premier property management team is founded on diversity, company values, effective onboarding, and employee engagement. To excel in each of these areas helps to adopt a fresh perspective that mirrors what today’s candidates are looking for. The property management field is changing in exciting and innovative ways, from the affordable housing sector to commercial property firms. The Newport Group’s property management recruiters team is happy to share thoughts on what is happening in the market today.
Workforce Demographics
Due to attrition, top executive search firms expect to see a significant portion of full-time property management professionals leaving the workforce. According to the Institute of Real Estate Management (IREM), “the average age of the property management professional is about 50 years old, which means many will enter retirement within the next 10 to 20 years.” As young millennials (born 1981 to 2000) and Generation Z members (born 2001 to 2020) enter the workforce, we need to meet the challenges of a multigenerational team while we celebrate the value of diversity. This includes addressing work-life balance and new technologies.
Work-life Balance
One of the challenges in property management is satisfying the need for work-life balance. Property management is not conducive to a total separation of personal and professional responsibilities. A planned family day can be disrupted by significant appliance breakdowns, weather-related damages, or other unexpected emergencies. Yet, work-life balance is a priority for most millennials and Gen Zers. Implementing technological advancements helps because effective technical solutions enable quick communications and a more efficient workflow. According to Purdue University, Gen Zers “self-identify as digital device addicts.” The preferred communication style of workers today are instant messaging, texting, and social media.
Technology Solutions
New technologies are reframing the real estate and property management industries. Out of necessity, virtual property showings, closings, and inspections gained momentum in 2020, and there’s no turning back. The ability to digitally market properties, share images and videos instantly, and offer tenants and property owners multiple modes of communication has revolutionized the industry. Mobile property management software enables leadership to stay competitive, deliver exceptional service and attract executive talent. Cloud-based programs have the capacity for tasks that have traditionally been mundane: expense reconciliation, rental increase tracking, online rental payments, and customized reporting. Automating day-to-day administrative tasks paves the way for an increase in closing deals and focusing on long-term objectives. At The Newport Group, we see a greater pool of candidates drawn to organizations that adopt artificial intelligence (AI) as part of their business model.
Looking Ahead
We see increasing opportunities in commercial real estate despite the pandemic. According to the National Real Estate Investor, the Bureau of Labor Statistics reported that “jobs in property and building management are poised to grow by 8% by 2024.” As a top executive search firm, The Newport Group is well-versed in property management and industry trends. Our asset & property management search team is ready to share insights, answer questions and work with you to formulate a strategy for executive-level property management recruitment.
We Network With A Purpose
The Newport Group is a leading executive recruiting firm with expertise in numerous industry verticals. We deploy proprietary data sets and meticulous processes to identify, recruit, place, and help retain blue-chip talent at leading companies nationwide. Turn the challenges ahead into competitive advantages alongside our help. Roles we’ve placed include Senior VP, VP of Operations, Sr. Construction Manager, and Operations Manager Telecom, to name a few. Our team of recruiters is active in all sectors of real estate development, including production homebuilding, multifamily, commercial, retail, land, and asset, and property management.