Biggest Challenges of a Property Manager
Every Property Manager wants to be a successful and effective one. But of course, becoming a Property Manager is not a walk in a park. In fact, it’s the exact opposite because of all the challenges a Property Manager could encounter no matter how long you’ve been in the industry. Even then, a great manager ensures continuous streamflow of money despite the hurdles.
I know you want to know how to be a successful Property Manager that’s why it is equally important to know as well what challenges await you in the Property Management industry.
Below are a few of the biggest challenges a Property Manager faces along with the ideas to solve them without breaking a sweat–not. You’ll sweat, but you know there is a solution! And you’ll know how to deal with them should you encounter these challenges enlisted in any order.
Challenge #1: Damage of Property and Unexpected Maintenance
A survey shows that property damage and unexpected maintenance in property management is one of the most aggravating factors a Property Manager could face, according to 14 percent of the respondents. However, an effective Property Manager knows that property damage and such are to be expected.
It’s not a matter of if, but instead, it’s a matter of when it will happen.
For a Property Manager to be successful in the industry, it is a must for Property Managers to be prepared adequately ahead of time. This is because it is critical to be able to handle the situation smoothly to lessen the cost and for ensuring success.
Challenge #2: Lowering Operating Cost
Another challenge a Property Manager faces is improving profitability by lowering operating costs.
Improving profitability is a two-way process either: 1. You lower your operating costs, or 2. You increase your revenue.
More often than not, lowering operating costs is a variable a Property Manager has more control of. However, it can be a real challenge for most Property Managers if they are battling with fixed and unexpected costs.
That being said, it requires a little creativity when it comes to making hard decisions. Fortunately, hiring a Virtual Assistant gives you the opportunity to scale your business by freeing you up with overhead tasks, giving you more time to think creatively for decisions that require well-thought solutions.
There are a lot of tasks you can allocate to a virtual assistant, and most of the time, VAs are just a third of the cost of in-house assistants–which, as we go back to our main problem, essentially lowers the operating costs.
Challenge #3: Unrealistic Time Expectations from Rental Property Owners and Tenants
When damage to property or an issue arises, expect that Property Managers will be harassed with seemingly endless phone calls and emails either by the rental property owners or the tenants themselves.
One broken window and they expect you to fix the problem in 5-minutes like you’re the “fictional” character Superman–notice the emphasis on ‘fictional’.
The best solution is to set a specific ‘rules-of-engagement’ in order for you to not be able to burn yourself out in resolving such situations. Streamline your communication by creating templates as well. It’s hard to effectively monitor your property management business, but it doesn’t mean it’s not doable.
Challenge #4 Time Management
With all Property Management tasks that could easily bog one down, it’s almost as if nearly impossible for Property Managers to manage their time.
A Property Manager is expected to spend an ample amount of time and effort to resolve all the problems concerning the property being managed that come their way.
That would always mean there won’t be enough time in a day to address all concerns, leaving your weekdays bleeding into the weekends.
But did you know that 60 percent of a Property Manager’s tasks are administrative? That said, non-dollar productive tasks eat up a Property Manager’s time more than the money-making tasks.
Good thing is, there are tons of software applications meandering across the internet to help you to keep the stress at bay. Enlisted below are a few of the organising software applications that can smarten your time management:
- Google Keep – one of the best note-taking apps where you can jot down all you wish to remember is Google Keep. Consolidate your lists, fragment notes, and scribbles in Google Keep and organise not just all work-related tasks, but all things that you wish to keep. Google Keep also allows you to share your notes with other users.
- Cortana – If there are actual and virtual assistants, digital assistants exist, too. You may have Siri or Google Assistant in use on your mobile device, but it is smarter to have Cortana explored as well. Not only can it let you take notes, set task reminders, and write lists with Cortana, but it can also ping you at particular times of the day when you reach particular locations. Be in touch with the breaking news and weather forecasts with Cortana.
- Trello – Talk about team collaboration, Trello boasts its strong reputation as a tool for managing shared projects. It offers mobile and web application services. You can create a variety of cards on Trello because it is flexible enough to adapt to your team collaboration needs.
- Smarter Time – This app lets you track the time you are spending on a certain task in order for you to spend your time smarter. It is engineered to track your activities and fill in any blanks in your day as it bases on your previous habits. Currently available only on Android users, but the company is developing a beta version for iOS as well.
Another solution that pops to mind apart from the aforementioned organising software apps is getting a virtual assistant yourself to get all the non-dollar productive tasks managed. You can always try to book a Free Demo of virtual assistants for you to know what to expect and more. This then helps you focus on the other pressing matters requiring well-thought-out decisions and solutions as you let your virtual assistant handle all administrative tasks.
These are just some of the challenges that a Property Manager encounters. Tough they are as they seem, there’s nothing a Property Manager can’t do, especially if equipped with these neat tricks and solutions.