Secrets to attracting and keeping the best PMs

Principals and team leaders must foster a supportive environment in which PMs feel valued and choose to build careers within their agency or franchise.

Attracting and retaining talented property managers is one of the most difficult challenges faced by team leaders and the principals.

Staff turnover due to workload and being the “meat in the sandwich” between tenants and landlords is all too common for real estate agencies across Australia. 

Research shows the number of PMs intending to leave has nearly doubled from 13% in 2018 to 23% in 2021 and 29% in 2024. This escalating issue hits the bottom line of every agency. Research suggests that when a member of a PM team leaves, it costs the agency up to $20,000 to find a replacement, incurring indirect costs such as training, loss of corporate memory and the interruption to business continuity.

Substantial staff turnover isn’t a mis-match between the employee and the role. It’s a reflection of the workload and stress PMs face each day. 

Agency principals can – and do – turn this situation around. The first step requires a conscious decision to be proactive in managing the PM team, rather than react only when a problem is flagged.

By understanding why PMs leave the industry, and implementing targeted strategies, agencies can foster a supportive environment in which PMs feel valued, thrive and choose to build careers within the agency or franchise.

Let’s flip the script

The data is clear about why PMs leave, and by flipping that script we uncover what agency principals and team leaders can do to retain them. It's about addressing the fundamental need for support and recognition, and combining manageable workloads with professional growth.

1. Prioritise mental health and wellbeing

   The most pressing concern for more than half of property managers (54% in 2024, up from 53% in 2021) is managing mental health and the inability to "switch off" after work. The feeling that the job is "never finished" leads to chronic stress. Here’s what you can do:

   • Foster a culture of openness: Create a safe space where mental health is discussed without stigma. Encourage regular check-ins and make it clear that wellbeing is a priority.

   • Encourage boundaries: Promote and model healthy work-life boundaries. This includes discouraging after-hours contact unless absolutely critical and respecting their time off. The Federal Government recently passed the “right to disconnect” legislation.

   • Provide access to resources: Partner with organisations like The Rise Initiative, which offers mental health resources through the Real Care app. Plus, an agency might adopt Employee Assistance Programme (EAP) services and encourage attendance of workshops on stress management and resilience. 
     

2. Equip PMs to handle conflict and abuse

   Aggressive or abusive clients feature in the work experience of more than half of all PMs, according to research. How might an agency respond?

   • Invest in de-escalation training: Provide comprehensive training in conflict management, de-escalation techniques and communication skills.

   • Implement support protocols: Establish clear guidelines for when and how PMs can escalate abusive interactions. Ensure they know they have the agency’s backing, and abusive client behaviour is not tolerated.

   • Lead by example: Demonstrate how to maintain a calm and professional demeanour in challenging situations. The support of principals and team leaders in these moments is invaluable.
     

3. Optimise workloads, acknowledge overtime

   Some 66% of property managers in 2024 described their workload as "busy" with 17% specifically saying "far too busy". The feeling there are "not enough hours in the day" often leads to "unpaid overtime”. Managing portfolios of 100-200 properties significantly exacerbates burnout. Here’s a response:

   • Review portfolio sizes: Actively assess and adjust portfolio sizes to ensure they are manageable. While a larger portfolio might seem efficient on paper, it's a direct route to burnout and staff turnover.

   • Leverage technology: Identify bottlenecks and invest in technology that automates administrative tasks, freeing up your team for more critical, client-facing work. Team leaders should focus on whether colleagues are using existing technology to full advantage.

   • Compensate overtime: If overtime is necessary, ensure it is recognised and appropriately compensated. This small gesture can significantly boost morale and feelings of appreciation. While not always a leading factor, only 43% of PMs were satisfied with their salary in 2024, a notable decrease from 60% in 2018.

   • Workload discussions: Implement regular, meaningful workload discussions. Don't shrug off concerns but collaborate with your team to find solutions.
     

4. Boost management support and recognition

   PMs frequently report feeling "undersupported by management". Research suggests agency leaders may "care" but "do not understand and don’t know how to help". Here’s are potential responses to this: 

   • Be present and empathetic: Actively listen to your team's challenges. Don't just hear them; understand the emotional and practical toll their work takes. Ask open-ended questions and show genuine empathy.

   • Provide regular, constructive feedback: Move beyond annual reviews. Offer timely, specific feedback paired with genuine praise and recognition for hard work and achievements. Celebrate successes, big and small.

   • Offer mentorship and coaching: Pair experienced team members with newer ones, fostering an environment of shared knowledge and support.
     

5. Invest in career pathways

   The perception of career progression has sharply declined, with only 24% in 2024 completely agreeing their role offered good opportunities (down from 56% in 2018). Many feel they lack adequate training, particularly for interpersonal skills, conflict management and resilience. Possible strategies in response:

   • Map clear career paths: Work with each PM to outline potential career trajectories within your agency, franchise or the broader industry. Show them there's a future beyond their current role.

   • Invest in training: Go beyond legal compliance. Fund training in areas such as advanced communication, negotiation, de-escalation, emotional intelligence and personal resilience. These are the skills that empower them and prevent burnout.

   • Professional development: Encourage participation in industry conferences, workshops and further education. Show them you're invested in their long-term growth.
     

6. Champion Work-Life Balance 

   Some 27% of PMs in 2021 reported not having a healthy work-life balance. The reluctance to permit remote work is a key point of dissatisfaction (34% in 2021), especially when principals enjoy such flexibility. Possible responses:

   • Be flexible: Re-evaluate your stance on remote or hybrid work. Offering flexibility demonstrates trust and significantly improves job satisfaction, attracting and retaining top talent.

   • Lead by example: If you demonstrate healthy boundaries and a commitment to your own work-life balance, your team will feel more comfortable doing the same.

   • Encourage leave: Ensure your team takes their annual leave. Have sufficient back-up coverage so staff can recharge rather than worry about the mess they’ll walk into when they get back.