The environment of property management is highly competitive, mostly due to the exponential growth that the industry has been experiencing over the past decade, as well as the opportunity to develop real estate investment skills leading to a tremendous rise in professionalism and efficiency. However, the target environment also conceals a variety of challenges, some of which are tightly connected to the inconsistencies in human resource management (HRM).
Namely, the problem of talent management has been quite prominent in the property management realm due to the increase in the role of innovative technology in company performance and the resulting issues with helping staff members to develop the skills for managing said technology (Convey, 2021). However, by introducing an education framework for staff members through the development of a training course and, thus, acquiring a new role of an educator, a property manager can introduce a tremendous boost to the corporate performance rates.
Presently, several themes can be identified in the literature on the subject matter. The issue of skill development in staff members in the property management context is one of the main themes associated with the ever-changing role of a property manager that has been addressed by multiple researchers. For instance, the paper by Othman and Khalil (2018) studies the opportunity of increasing the levels of engagement and creativity in design companies, which indicates that the issue of motivation remains a concern in the areas that are connected to property management. The authors emphasize the importance of keeping track of changes in community needs in order to represent them accordingly in architecture and the related areas.
Othman and Khalil (2018) address the same theme from a slightly different angle, focusing on the issue of talent management and the integration of innovative technology in order to encourage better property management practices. Therefore, translating the specified challenges into the context of property management, one should admit the presence of difficulties in handling the property that a significant range of people view as unattractive and, in some ways, unmanageable, hence the development of tension in the specified setting and the pressure to build a more effective skillset.
Consequently, talent management is another theme addressed in the studies on the subject matter. According to Othman and Khalil (2018), creating an appropriate talent management technique as the solution to the concerns that have been surfacing in the property management area has been confirmed by another study addressing the problem of staff members being unable to apply innovative IT and ICT tools to improve their workplace performance. The specified theme has also been explored in the paper by Holgersson and Aaboen (2019), who insists on the necessity to be closely familiar with every function that the newly integrated innovative technology has.
Furthermore, the authors expand the theme by adding the capacity to translate the specified knowledge into a practical skill in case of need serves as significant factor for most learners in the property management sphere to become quickly disinterested in the subject matter (Holgersson & Aaboen, 2019). Therefore, additional effort must be added to ensure that students are willing to attend classes.
The described idea brings the study to the next theme that several authors address. Specifically, Holgersson and Aaboen (2019) insist on the need to adopt the Lean Talent Management (LTM) technique as the solution to the currently observed low investment rates in staff members and ensure that they learn new skills with the much-needed passion. Other studies also address the concept of LTM (Othman & Khalil, 2018).
However, Othman and Khalil (2018)_reveal that the LTM approach will require the implementation of a multifaceted framework fast eh means of building the level of customer satisfaction, reducing the extent of the wait time, minimizing the probability of an error in financial management, and minimizing waste. As a result, the theme evolves into the search for ways of modifying the workplace environment to incorporate innovative solutions. In turn, the lack of ability to connect the observed trends and issues in the article under analysis proves that the integration of the LTM-based technique will require further modifications.
Delving into the specifics of the training program to be integrated into the property management setting, one should refer to the current rigid standards for managing key processes within the industry. To demonstrate the significance of using innovative tools to keep the participants educate and examine the options that a technological upgrade will be essential for the film (Ding, 2019). The author considers the theme of the role of technology.
Similarly, according to Convey (2021), technology is bound to play an increasingly large role in shaping the market demand, creating niche options, and seeping opportunities to purchase designing tools and products in the stores that offer lower prices and discounts. Thus, the approach used by buyers will become significantly less convoluted, and the viewers will be able to rendition a perfect balance observed in the target community.
Finally, the theme of keeping job satisfaction rates high among staff members as one of the key priorities for a project manager has been raised in several studies. The research by Ling et al. (2018) mentions the necessity to conform to the theory of employee engagement and satisfaction as the main contributors to performance efficacy. The paper points to the opportunities that a project manager can pursue in resisting change toward the integration of technology and, primarily, digital innovations into the organization by catering to the needs of staff members to keep their engagement rates high.
Indeed, Dobrian (2017) explains that the efforts are taken to create a team of staff members that are highly motivated, strongly engaged in the performance of their organization, and eager to continue their professional development represent a crucial asset for a property manager. Therefore, the focus on talent management as the crucial factor in reinforcing organizational performance is vital.
Consequently, one may claim that the role of a property manager has grown from addressing the issues connected directly to financials, leases, and management, in general, to the reinforcement of employee performance through motivation in order to create a competitive advantage that will allow the organization to shine in the target real estate market (Dobrian, 2017). Specifically, the necessity to transfer to the digital realm and the need to teach staff members how to navigate the specified setting currently constitute a substantial portion of a property manager’s responsibilities (Lauria & Azzalin, 2020). Overall, the shift from traditional management issues to the realm of HRM and financial forecasting by means of deploying innovative digital tools can be observed.
By integrating education tools that will help in building a training framework for team members, a property manager will be able to handle the current threat of failing to meet the standards set by the rapid technological development. With the help of techniques implying guided learning, the development of an intuitive understanding of technology in property management, and the application of individual learning paths with the help of an appropriately designed LMS, a property manager can boost performance rates in the company tremendously.
However, to ensure that the set learning goals are achieved and that staff members have developed critical skills for further self-directed learning, a property manager must ensure high motivation rates. In turn, the latter can be attained by using foundational motivational frameworks such as Herzberg’s Two-Factor Model and Maslow’s Hierarchy of Needs by making the workplace environment devoid of adverse factors and appealing to employees’ needs. As a result, the efficacy of property management processes will rise.
References
Convey, K. C. (2018). Art of adaptation: A property management perspective of adaptive reuse. Journal of Property Management, 86(1), 16-19.
Ding, Y. (2019). Is Creative Commons a Panacea for Managing Digital Humanities Intellectual Property Rights? Information Technology and Libraries, 38(3), 34-48.
Dobrian, J. (2017). Talent management: Creating & maintaining a brand. Journal of Property Management, 82(4), 12-17.
Holgersson, M., & Aaboen, L. (2019). A literature review of intellectual property management in technology transfer offices: From appropriation to utilization. Technology in Society, 59, 101132.
Lauria, M., & Azzalin, M. (2020). Open innovation for property management in emergency and post-emergency pandemic regime. AGATHĂ“N| International Journal of Architecture, Art and Design, 8, 210-219.
Ling, F. Y. Y., Ning, Y., Chang, Y. H., & Zhang, Z. (2018). Human resource management practices to improve project managers’ job satisfaction. Engineering, Construction and Architectural Management, 1, 1-8. Web.
Othman, A. A. E., & Khalil, M. H. M. (2018). Lean talent management: a novel approach for increasing creativity in architectural design firms. Engineering, Construction and Architectural Management, 16, 1-22.