Mental health is an important topic of conversation, and many real estate industries are facing increasing rates of burnout and mental health problems from their team. In fact, * 53% of property managers say they have mental health problems and have a hard time disconnecting after work. Property managers also said that annoying tenants and landlords contributed to increasing their stress levels, making it one of the biggest problems in property management. Since these statistics point to an overstressed workforce, it's no surprise that* 23% of property managers say they intend to leave the industry altogether. Property managers not only have to understand the legislation, but they must also be able to keep up with compliance changes.
In fact, * 31% of property managers say their biggest challenge is keeping up with legislation. With an already high workload and a pile of demands and responsibilities, it can be quite difficult to keep up with changes in legislation. Customer demands have changed, especially with COVID and the impact of technology, so instant responses are a common expectation and norm in the real estate industries. Recent research reveals that property managers consider the rising expectations of landlords and tenants to be a perceived problem (* 15%) or a challenge (* 39%).
As landlords and tenants expect more from their property managers, there's never been a better time to improve the customer experience and find smarter ways to take charge of rents. As we've mentioned, a lack of professional development, high rates of burnout, and mental health issues are the main factors in The Great Resignation in Property Management, as * 23% of property managers intend to leave the industry completely. In conclusion, the complex communication network within property management involving different stakeholders presents itself as a significant and time-consuming challenge. They can help you overcome challenges, improve your skills, and develop a more effective management approach. The most difficult part of property management is time management, sustainable scaling, reducing costs, retaining quality tenants, and managing your mental health at all times.
Therefore, agencies must find ways to better support their teams while ensuring that all properties comply with rules and regulations. If you face some of the most critical property management challenges early on, you'll be grateful for it for years. It's a job that requires a lot of skills and experience, and even the most experienced property managers can face some challenges. Working with a coach and a mentor can be an effective way to overcome these challenges, develop your skills and improve your management approach. The Pareto principle states that “80% of the consequences come from 20% of the causes or for property managers”, 80% of your costs come from 20% of your processes and “80% of your costs come from 20% of the properties you manage”.
But what challenges are actually presented every day at work and what solutions are there to combat them? Many property managers are experiencing high levels of burnout and are unable to manage their workload, as a result of competing priorities, conflicting expectations from landlords and tenants, and a lack of support from traditional agencies. We'll look at some of the most common challenges faced by property managers and dive deeper into the latest research on the state of the property management industry. Establish your process for finding tenants for your properties and recognize where bottlenecks occur and where you spend most of your time. However, this can pose a major challenge for property managers and * 60% say that dealing with aggressive or abusive landlords and tenants is one of the most difficult parts of their job.
The most common property management challenges, such as finding and retaining good tenants, managing budgets, and dealing with difficult tenants, can be overwhelming for even the most experienced property managers.
