Oh my where do I start with the challenges of being a property manager. Just kidding. Sort of.
Here are some of the challenges we face daily:
- Handling tenant complaints: One of the main property manager challenges has to be working with tenants. We are often the first point of contact for anything. Literally. They need to be able to handle a wide range of complaints and issues, from maintenance requests to disputes with other tenants. Especially mental health issues in the last couple years have been very hard to navigate.
- Managing maintenance and repairs: Property managers are responsible for making sure that rental properties are well-maintained and that any repairs are made promptly. This can be a challenging task, especially if the property has constant plumbing issues or if there are multiple units. It also takes the cooperation of the resident and the owner. Without both, the road blocks are many.
- Keeping up with legal requirements: Property management involves complying with a wide range of local, state, and federal laws and regulations. Such as fair housing laws, health and safety regulations, and zoning laws. Staying current with these laws and regulations can be difficult and time-consuming.
- Handling finances: Property managers are responsible for managing the financial aspects of the property. Such as collecting rent, paying bills, and preparing budgets. This can be a difficult task, especially if the property is large or if there are multiple units.
- Finding and screening tenants: Finding qualified tenants and screening them properly is an important task for a property manager. Which can take a lot of time and effort. You’d be surprised how many applications ghost us.
- Stressful situations: Being a property manager requires handling difficult, sometimes stressful situations like evictions. Also, dealing with delinquent rents and difficult tenants. These can be emotionally demanding and require a great deal of patience and strong communication skills to handle.
It’s important to note that being a property manager requires a wide range of skills and knowledge and a high level of responsibility, so not everyone might be suited for this role. However, with the right skills and approach, being a property manager can be a rewarding and fulfilling career.