Running, managing or even just working at a property management business can be stressful. With so many different tasks to keep track of, deadlines looming and the pressures of such a competitive industry weighing on your shoulders, it can feel like a never-ending battle. To assess the current landscape, the folks at Unicom recently conducted a survey of 100 property managers. Here’s a rundown of what participants said their biggest challenges are today.
Turns out the biggest challenge today’s property management leaders are struggling with is hiring and maintaining quality staff. This issue has been exacerbated in recent years, as the market has shifted. Now, there are more open jobs than people to fill them, making it difficult to attract qualified prospects. If you’re in this same boat, here are some tips that might help.
Growing Revenue (15%)
As mentioned above, the property management industry is a competitive one. As such, achieving growth and driving more profits isn’t always as straightforward as it might seem. 15% of the property managers polled indicated that growing revenue remains one of their toughest hurdles. We recently shared a few strategies that could help in this area.
Damage/Unexpected Maintenance Costs (14%)
The next biggest challenge facing today’s property managers is dealing with the expense of property damage and/or unexpected repairs that pop up. Being proactive about finding good tenants and investing in property management software can be effective in preventing at least a portion of these issues.
Time Management (9%)
The chaotic nature of the property management industry makes it especially difficult to work efficiently. It’s not uncommon for a busy property manager to be pulled in a dozen or more different directions on any given day. For those who don’t naturally possess good organization and time management skills, these tips should make things a little easier.
Controlling Costs (8%)
The fifth biggest challenge today’s property managers have to deal with is keeping everyday costs as low as possible. We recently wrote an entire blog post on this topic in which we shared several areas that can be focused on in order to create a leaner, more profitable operation. Check it out here.
Every business has its own unique set of challenges, and the property management industry is no exception. Sometimes, just seeing that you’re not the only one struggling can make pushing through that much easier.
If you share the same hurdles as the property managers polled above, you’re not alone. More importantly, there are things you can do to overcome those issues once and for all.