Like most industries Australia-wide, real estate has been hit with staff shortages following the pandemic. There are currently more than 423,000 job vacancies across all industries in Australia, according to the Australian Bureau of Statistics. No matter the sector, for businesses in healthcare, construction, hospitality, or real estate, this is the new reality for most as we emerge from COVID.
So, why don’t we have enough workers to fill jobs?
People went through enormous change – personally and professionally – during the pandemic and made the decision to change careers. We have seen first-hand in real estate the number of people who made a sea or tree change off the back of the pandemic, with even more making the decision to change their profession.
In real estate specifically, the Victorian government changed the requirements for people to secure their Certificate IV in Real Estate Practice – making it more complicated to break into the industry. Before October 2021, the qualification consisted of six modules, now it’s 18. A course that would normally take someone six weeks to complete, can now take up to six months. While it is important people are receiving the right qualifications and are well-equipped for the role, this adjustment makes recruiting new people to the industry challenging, as the barriers of entry and costs have increased. A proposed solution is to make some simple changes to legislation – allowing potential recruits to train and undergo supervised work while studying.
We are also seeing property managers leave the industry in significant numbers. Frustrated residential rental providers and renters looked to property managers during the pandemic to solve problems that were out of their control. Some of these problems included VCAT hearing delays, a shortage of tradespeople, and global supply chain issues impacting parts and materials required for repairs. Poor mental health and unforeseen stresses have caused approximately 25 to 30 per cent of property managers to leave the industry.
Our talented team of leasing agents and property managers specialise in maximising the return on our clients’ portfolios, which is shown through our industry leading vacancy rates and long-standing clients. We prioritise finding the right people we know will adopt the same values. And even though it may take longer to induct new starters, we value this process as it improves the experience for both the property managers and rental providers down the track.
If you are an organised, process-driven person who loves interacting with people, reach out today. We would love to support you on our property management journey.