Challenges and Qualifications for Property Managers

June 21, 2019

Property Managers face daily challenges that include a constantly evolving social and technological environment. Indeed, being a successful property manager can be a heavy responsibility that requires patience, legal expertise and years of experience in real estate.

So, if you are currently a Property Manager or you are about to become one, this article could help you improve your managerial skills by identifying major problems to determine the points of blockage.


The most common challenges faced by property managers

The property management sector is evolving every day to meet new challenges that may arise, while still facing old challenges that continue to be part of this industry.

Here we have listed below the most frequent and worrying challenges faced by property managers today:


1. Dealing and communicating with aggressive and impulsive tenants and landlords

A good property manager must be available and responsive in order to provide exceptional service to each of their clients. Indeed, having a bad relation may be detrimental to your reputation as a businessperson if a dissatisfied tenant decides, for example, to publicly express their concerns via social media.


2. Engage and maintain qualified personnel

Real estate is a high demand market, however it is suffering from a real lack of qualified candidates. This can make it difficult for a property manager to find and maintain competent staff to handle important tasks such as lease checks, home repairs and marketing.


3. Maintain low costs

Energy saving initiatives must be a priority with a rigorous maintenance program ensuring that all heating and cooling systems remain in working condition. Mass buying of supplies and equipment is the best way to offset rising costs.


4. Find and keep tenants

Finding tenants but also maintaining them helps ensure a growing income for the property manager. Indeed, tenants of the real estate property provide the cash flow of the property. It is essential that tenants be checked and interviewed regularly so that any problems they are having with the property or tenant agreement can be identified. 


5. Manage time

Every minute spent on time management increases the time available to achieve the company's core objectives: increased revenue, reduced costs and increased customer satisfaction. By managing your time better you can focus more on business strategy.


6. Unforeseen damages and maintenance costs

In the face of unforeseen maintenance costs, it is essential to have a reserve account with substantial funds set aside for this type of situation. In addition, it is smart to create a planned preventive maintenance plan that dramatically reduces unplanned repair bills.


7. Payment issues

Regularly review rent accounts to ensure that any backlog is identified at an early stage. If arrears are identified, contact the tenant with the main purpose of paying the debt, keep an open mind and a reasonable disposition while avoiding any humiliation or embarrassment of the tenant.

The most common challenges faced by property managersUNICOM study report on 100 property managers


The essential qualities needed to face these challenges

In the real estate market, a good manager can make the difference between a flourishing property that regularly earns revenue and an inactive rental that is struggling to break even.

So to do this, you will find below a list of the professional qualities that a property manager must possess to be successful:

1. Ability to listen, convince and advise

2. Willingness to communicate and response

3. Patience and diplomacy

4. Leadership and willingness to teach

5. Ability to adapt to changes

6. Open mind and professional and technological curiosity

7. Desire for success and a sense of initiative

8. Organizational sense and attention to details

9. Transparency and accountability


Hopefully this article helped you develop a better understanding of the job of Property Manager and the different characteristics it requires.

Learn more:

New call-to-action

Subscribe to blog updates