What is the Biggest Challenge in Property Management Today?

Question

Let's start this discussion with a question.  Mastermind and brainstorming solves all issues.  What are the biggest challenges you may be experiencing as a property manger or owner operator in the real estate space.  Let' discuss and see if a group of us can help solve theses issues and make life and business a little less stressful.

Bob Collett · Answer

@Nathan G. The biggest challenges in a place like Cleveland where good tenants are not standing in line to rent; is that investors buy in marginal neighborhoods where the housing stock is in constant need of maintenance and finding tenants who pay the rent (typically with a credit score over 600) is a challenge.  Additionally, water and sewer bills are high relative to rents in a typical 2 BR unit in a multi-family property.

Bob CollettRemax Trinity Property Management in Cleveland

John Warren · Answer

@Mike Morawski it is hard to find quality handy people to do the basic tasks that come up in property ownership. Many of the items we run into are so simple that they can be solved with a drill and 10-15 minutes of time. I have several good guys, but the hunt is always on for someone to do the easy tasks for a fair price. For reference, I am managing 27 doors of my own investments at this point in the Chicago area.

Anna Sagatelova · Answer

Amen @Bob Collett!

Soh Tanaka · Answer

1. General negative impression that public/investors have towards property management companies.

2. Like others mentioned, finding and keeping quality handyman type person who is fair with price, reliable and does decent job.

Drew Sygit · Answer

@Mike Morawski of course:)

Drew Sygit · Answer

@Mike Morawski - great idea!

ADMINISTRATIVE STAFFFinding affordable workers that truly care, act with urgency and are organized.

MAINTENANCEFinding affordable, reliable, trustworthy workers

Developing a list of standardized pricing - haven't found one online we can buy:(

Getting owner clients to understand that a PM can't use a clown/hack off Craigslist that is unlicensed, uninsured has questionable experience, needs constant babysitting and usually has an addiction problem of some sort, so it's NEVER going to be as cheap as they think it should be!

Nathan Gesner · Answer

My biggest issue is finding quality employees. I'm in a small market where I'm the only professional property manager and it's difficult to find quality people that are licensed and interested in property management. I can find plenty of unlicensed people, but I need them to be licensed to do most work.

John Warren · Answer

@Ashley Mitchell Chicago is a great market for sure! It is competitive, but as a primary market we have a lot of opportunities here compared to smaller, tertiary markets.

@Mike Morawski I agree that it pays to have three of every trade on speed dials! I sometimes use new guys even though I have a tried and true option just so I can keep my list fresh.

Ashley Mitchell · Answer

@John Warren wow Chicago seems like a good investing city, I see alot of people invest there. I have not purchased my first property yet, but i do take notes of the post from you seasoned members, Thank You.

What is the Biggest Challenge in Property Management Today?

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