The property management industry has changed a lot over the past few years, and it’s only going to change more in the coming decade. We’ve seen a shift in how property managers work and what they’re looking for. We’ve seen the emergence of new technologies that are changing the way we do business. And we’ve seen so many property management system challenges that are putting pressure on property managers to change and adapt. So, what is the most challenging part of property management?
Let’s take a look at some of the biggest property management challenges in 2023 faced by property managers and how those challenges will affect their work in the coming years.
Property Manager’s Biggest Challenges
A pandemic brings unprecedented challenges in 2021 for property managers. Most importantly, it is vital to understand the risks that come within this industry during the present and how these current circumstances can actually affect the future of the business as well.
This 3 part series of a study Home Painters Toronto participated in on behalf of property managers and the challenges they face in 2024.
- Part I was about the dangerous trends that property managers face.
- Part II deals with the top 5 challenges they face in 2024 and the upcoming years.
5 Biggest Challenges that Property Managers Face in 2024
Challenge 1 – Costs of Products and Services Have Been Going Up and Up
- Owners trying to keep costs down and find more ways to cut their expenses
- Renters not wanting to spend any money on the upkeep of their property. As a result, This makes it harder for property managers to find cost-effective ways to manage and keep the properties looking nice for current tenants and potential renters.
- In fact, the pandemic affecting the housing market and overall economy has led to potential first-time renters not renting and staying at their family’s homes.
Challenge 2 – Marketing Yourself is Significantly More Different Now Than It Was 20 Years Ago With The Emergence of The Internet
- Local newspaper ads are no longer enough.
- As a result, you now need a website, a strong online presence, and affiliations with different property manager websites.
- Social media marketing should be utilized. So, attending seminars and making connections with new individuals in the industry is a must in order to be successful.
Challenge 3 – Complaining is Easier Than Ever Before and Online Reputation is Crucial For Your Success
- People can write negative reviews on the internet and online forums despite your good work. No accountability with these complaints also which makes it easier for tenants to complain.
- Most importantly, you need to build a solid foundation of client care and follow the guidelines of property management in order to build a positive online reputation and trust.
- Remember, you could be the best property manager in your area and still get negative reviews. However, everyone is different and you cannot expect perfection.
Challenge 4 – Lawsuits and Liability Issues Have Been Skyrocketing
In this empowered time of 2024, individuals are more outspoken than ever. As a result, this can be both a good and bad thing, unfortunately for property managers. It’s almost inevitable because of the number of legal issues they have to face. As mentioned before, nothing is perfect in this industry, and you may sometimes get really shady renters. Some of these issues include:
- Insurance issues.
- Mould issues.
- Property damage.
Challenge 5 – Time Management – Lack of Time
Because of some reasons, there is less time in the day to take care of business. Property managers surveyed in 2023 and stated that “lack of time in the workday is their #1 pet peeve.” Also, the uncertainty of the pandemic has carved its way into the property manager’s psyche. As a result, a resounding amount of individuals claim that the pandemic has made their work a lot more difficult with fewer renters.
- First, Lack of time is the #1 cause of anxiety.
- Second, Technology has made us more efficient as a society, but it also made us more stressed also because of answering phone calls, replying to emails, etc.
- Lastly, Quarantine has made individuals much more on edge because they need to spend more time on essential activities besides work.
Moreover, 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.
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