A successful property manager career doesn’t come easily. Those who have been in the trenches can tell you that it can be a very stressful- yet rewarding- career path.
Here are a few of those things that make the job stressful, followed by the nicer things to look forward to.
Working with Difficult Tenants and Clients
This is perhaps the most stressful aspect of the job. You’ll get clients and tenants who expect the world from you, regardless of how many other commitments you may have. In their eyes, your role is to take care of them- period.
These challenges can appear in a lot of different ways. Maybe the landlord wants you to get at least 5 quotes for a set of repairs needed, whereas most clients are happy with just 1-2 quotes. Perhaps the tenant says that you keep losing their rent checks, despite the fact you’ve never had that happen with other clients. It could be a landlord is micromanaging everything you do instead of taking the back seat so you can do your job.
The important thing in these situations is to be patient. Otherwise you may have a shorter property management career than you expected!
Some homes almost never have problems…. but others seem to be falling apart every single week. It doesn’t matter whether the home is five years old or fifty- if the building materials or appliances are low quality- or if you just have Murphy’s Law working against you- be prepared for a lot of hard conversations with your landlord.
The best thing to do in these cases are to handle just 1-2 things at a time- assuming you don’t have an emergency situation on your hands. It’s much easier on the landlord’s wallet and stress levels to spend a little on maintenance every month than fork out a huge chunk of change at once.
Great Property Manager Careers = Great Marketing
Your most important task is to find top-quality tenants for your clients’ properties. Everything starts with the tenant. Problem tenants will damage the property, pay bills late, hassle you all the time, and lead to a lot of sleepless nights. But when you can get great tenants that take good care of the property, pay on time and are generally happy, you will be a much happier individual.
Unfortunately, most property managers take a very passive stance on marketing their properties. They may do a few basic things, but in general they will put it off, hoping other things (such as good reviews on Google) will be enough to bring in customers.
The reality- especially an economy like this where so many people rent- is that marketing is crucial. Read books, watch educational videos, get a mentor- whatever it takes to help you master the art of marketing.
Tough Times in a Property Manager Career Make You Stronger
Don’t be too discouraged when these things happen. Just like anything in life, you will learn and grow much more when things go wrong then when everything is great. Overcoming challenges will teach you to be more flexible and think outside the box. And if it happens when your boss or mentor isn’t around to help, your lessons learned will sink in better because you’ll have to figure it all out by yourself.
Success Stories Make it Worthwhile
Also remember that you won’t always have difficult tenants or clients. In fact, you’ll probably find them to be a small percentage of your clients, even though they will be a major contributor to your stress!
Luckily, you’ll also have some great successes along the way- a quality tenant that takes good care of the home and stays on for years and years. Clients that maintain and upgrade the property. Homes that rarely have things break.