Top Challenges for Property Managers

Top Challenges for Property Managers

A property manager is a “jack-of-all-trades” in the real estate world.

The life of a property manager can be hectic and complex. Property managers take on many roles and must relate well in many areas of the real estate field. If you are a property manager, you may relate to the list of challenges below that property managers face. Or, if you are an owner of a property or a tenant yourself, you can understand a little better the tasks your property manager handles day by day.

Communication with Tenants

While property managers deal with tasks such as budgeting, marketing, and maintenance, they also are heavy-duty people persons at the same time. It is crucial to set up realistic expectations and trustworthy relationships with your tenants. Your tenants should allow you to have some downtime each day and not necessarily expect immediate access nor 24/7 availability. One way to improve tenant-owner-property manager relationships is to have a quarterly meeting, with food.

Payment Issues

One of the most tiresome aspects of property management is the too-frequent occurrences of late or no payments. Some means of preventing these are to reward those who pay on time with a discounted rent for a year, to fine those who must make late payments, or to lower the rent. Keeping records is crucial to keeping track of what is due.

Time Management

From those in the field, property management is more than a full-time job. With the many roles a manager must play, from accounting to leasing to landscaping to customer service, there may be times when there are simply not enough hours in the day to accomplish everything in the most timely manner. Time management is one of the many skills a property manager must hone.

Emergency Maintenance

Something else that property managers have to sneak into their busy schedules and to-do lists is the unexpected. Unexpected property damage and emergency maintenance situations can be costly and, if the manager is unprepared, can be difficult to tackle. Managers should reserve a damage and emergency fund for things like flooding, fire, mold, and simpler but nonetheless unpleasant damages like holes in the wall and faulty appliances.

Trust the Professionals at Clagett Enterprises for Your Realty Needs

If you’re looking for the perfect realtor for your property or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, and Pinterest.

This entry was posted on Wednesday, August 28th, 2019 at 4:01 pm. Responses are currently closed, but you can trackback from your own site.