Industry insights on skills needs
According to the Property Services IRC’s 2019 Skills Forecast, the top generic skills for the Property Services industry as a whole, and therefore for the Property Operations and Real Estate sector are, in addition to knowledge specific to the industry area:
- Managerial / Leadership
- Language, Literacy and Numeracy (LLN) (Foundation skills)
- Customer service / Marketing
- Financial
- Technology.
According to job vacancy data, the top generic skills in demand in the Property Operations and Real Estate sector are:
- Communication skills
- Detail oriented
- Organisational skills
- Building effective relationships
- Time management.
Additionally, the job vacancy data identifies the following occupations as most in-demand for this sector: Property Manager, Sales Representatives, Real Estate Agent, Receptionist (General), Facilities Manager.
In the Property Services IRC’s 2019 Skills Forecast several drivers for change to impact the Property Operations and Real Estate sector were identified, including the adoption of new technologies such as the use of drones to photograph properties for listing and to inspect hard to reach places such as roofs and gutters, the tightening of lending practises in the wake of the royal commission into banking, and the possible introduction of mandatory testing for methamphetamine contamination in rental properties for some jurisdictions.
The Property Services IRC’s 2020 Skills Forecast identifies several trends impacting the sector which require the development of new skills. These trends include the use of Integrated Digital Delivery (IDD), which is expected to increase demand for awareness and engagement skills, as well as strategic, technical and managerial skills. Another trend is an increasing need for Strata Management roles to have greater legal knowledge, in order to meet regulatory requirements.
The Property Services IRC’s 2018 Skills Forecast notes a significant threat to this sector from automation, with a higher likelihood that much of the work done by Real Estate Agents may be automated within the next 20 years. Customers are demanding online channels to view property information and conduct sales. This sector has traditionally had low engagement with technology, a situation that is shifting due to the importance of social media, building information modelling applications. Those in this sector will need skills in new technology to best manage client engagement and data collection, and to improve operational efficiency.
The Property Services IRC’s 2017 Skills Forecast also highlights the importance of digital technology in this sector. Real estate businesses must now maintain a strong online presence, and technologies such as virtual viewings, online property auctions and mobile apps are increasingly in use. The labour involved in property operations has been reduced through the use of property management software, making it necessary for new entrants to the sector to be able to use these labour-saving technologies. Property managers must also understand sustainability and environmental issues, and deal with laws and regulations in areas such as asbestos presence. An emerging area for this sector is strata management, where managers must comply with a complex regulatory framework and utilise new 3D digital technologies.
According to the Rental, Hiring & Real Estate Sector Profile from the South Australian Training and Skills Commission, sales and customer services skills are of primary importance to this sector moving forward. This profile also highlights digital literacy as being important for new entrants to the sector, meaning it is important for any training in this sector to ensure graduates have a level of digital literacy. There is a risk of automation in this sector as it is so heavily transaction based.
According to the Labour Market and Information Portal, in August 2021 the Rental, Hiring and Real Estate Services employed approximately 211,300 people, accounting for 1.6 per cent of the total workforce. The median age for workers in this industry was 42 years and median weekly earnings were around $1,061 per week.
