5 Biggest Challenges that Property Managers Face in 2012-13
This is a 3 part series of a study Home Painters Toronto participated in on behalf of property managers and their challenges they face in 2012-13. Part I was about the dangerous trends that property managers face. Part II deals with their top 5 challenges they face in the 2012-13 upcoming years.
Property Manager Challenges
i. Challenge 1 – Costs of products and services have been going up up and up.
(1)Owners trying to keep costs down and find more ways to cut their expenses
(2)Renters not wanting to spend any money on upkeep of their property. This makes it harder for the property managers to find cost effective ways to manage and keep the properties looking nice for current tenants and potential renters.
ii. Challenge 2 – Marketing yourself is significantly more different now than it was 20 years ago with the emergence of the internet
(1)Local newspaper ads are no longer enough. You now need a website, a strong online presence, and affiliations with different property manager websites.
iii. Challenge 3 – Complaining is easier than ever before and Online reputation is crucial for your success.
(1)People can now complain with the internet and online forums, no accountability with these complaints also which makes it easier for tenants to complain
iv. Challenge 4 – Lawsuits and Liability issues have been skyrocketing
Complaints, insurance issues, mold issues, wsib etc
v. Challenge 5 – Time Management – Lack of Time
**There is less time in the day to take care of business; property managers surveyed in 2009 stated that “lack of time in the work day is there #1 pet peeve”
(1)Lack of time is the #1 cause of anxiety
(2)Technology has made us more efficient as a society, but its also made us more stressful also (cellphones, answering emails, etc)
Join us in part 3 of this series where we study the solutions and action steps we can take to overcome these property manager challenges.