13 Jul Top Benefits to Provide Real Estate Professionals
For real estate and property management companies, nurturing and supporting employees is a business-critical strategy.
Australian real estate recruitment is competitive at the best times while retaining employees in the long term can be challenging. Almost a quarter (23%) of Australian Property Managers have stated they intend to leave the industry entirely, according to research by MRI Software.
Property manager jobs come with weighty responsibilities — running the daily rental operations, sourcing and liaising with tenants, and overseeing maintenance. Add in budget admin, such as collecting rent, and it is clear that professionals who do this well are highly valuable to their employers.
But there is more to retaining staff than just salary. Knowing which benefits to offer real estate professionals will enable your business to hold onto great people and attract more skilled candidates.
In this blog, we’ve highlighted the real estate career benefits sought by top industry professionals.
Health and Wellbeing Support
Mental health and wellbeing is a significant issue for employees in the real estate industry, as MRI’s research suggests, with 53% of Property Managers reporting struggles with mental health and switching off their minds after work.
Any support employers can give to promote health and well-being in their teams is especially valuable for helping PMs handle the unique challenges and stresses of the role.
Health-related benefits to offer real estate professionals include formal wellness programs, health insurance plans and gym memberships. Employee Assistance Programs (EAPs) are also useful for giving employees access to support services such as counselling.
Flexible Work Hours
In the busy world of real estate, KPIs must be met alongside the needs of clients and tenants, which can make for busy days and weeks. This makes flexible work arrangements among the most appealing real estate career benefits.
By offering options such as working from home, hybrid working, flexible hours, or compressed workweeks, employers can enable employees to better balance the demands of their job with their personal lives.
Flexible work arrangements can increase job satisfaction and improve overall well-being. This benefit attracts top talent and boosts employee morale and engagement, ultimately leading to higher retention rates and a more positive work culture.
Training and Mentoring for Success
Career development and training are among the most effective benefits to offer real estate professionals. Junior Property Managers will always fare better with initial training and support, while senior Property Managers will want to keep investing in their professional growth.
With just 34% of Property Managers saying they have received the training they need to succeed at work, MRI’s survey has shown that devoting more resources to training can help bridge this gap and increase job satisfaction.
Offering training programs, workshops, or financial support for industry certifications and qualifications demonstrate that your organisation is serious about employee excellence. With new technologies often being added to company toolkits, supporting employees in staying updated on their tech skills is a sensible approach.
Consider how engaging industry mentors and coaches can benefit your teams. Having access to mentors and coaches can improve and build on essential skills and support Property Managers’ career advancement within your company.
Offering additional holiday and parental leave as real estate career benefits can significantly impact employee satisfaction and work-life balance.
Extra holiday leave beyond the standard allowance allows employees to enjoy more quality time with their families, pursue personal interests, and recharge. Similarly, offering extended parental leave beyond the legally mandated period supports employees during an important life transition, which can foster a greater sense of loyalty and commitment.
Bonuses and Incentives
Last but not least is the benefit of bonuses or incentives on top of base salary. Bonuses are among the core real estate career benefits for Property Managers, as PMs are integral to both client retention and attracting new business. Their client management skills can make all the difference in keeping owners and landlords happy enough to stay on for multiple leases and bring in other clients via word of mouth.
Provide performance-based incentives tied to key metrics such as leasing targets, maximising occupancy rates and generating new business. Additionally, consider offering PMs a discretionary bonus on an annual basis.
In an industry that requires specialised skills and adaptability, the most effective benefits to offer real estate professionals are those that help them manage on-the-job challenges and reward strong performance. A holistic approach to benefits will help you retain top talent, promote work-life balance, and foster an enjoyable work environment. As an Australian real estate recruitment agency, Real Estate Career Developers works closely with employers to ensure they hire skilled and engaged real estate talent. We collaborate with you closely to provide guidance and support across various recruitment areas, including talent attraction and post-hire support. Get in touch with us today to learn how we can contribute to your success.