Unicom surveyed 100 property managers to reveal their most pressing challenges.
Property Management (PM) is a demanding occupation.
PM requires numerous skills to handle a wide range of tasks.
Every property has its peculiarities and requires a professional who understands more than just the people that live there.
As the survey reveals, difficulties depend on the company’s size, property types, and level of staff experience.
What Are the 5 Biggest Challenges Facing Property Management?
The survey gave 13 different challenges to choose from. Based on votes, below are the top 5 of the list.
Hiring and Maintaining Quality Staff – 27%
The quality of staff can make or break any organization.
This industry requires team members to have a wide range of skills to succeed.
Positively interacting with occupants and other team members is essential.
As a result, 27 percent of the respondents answered that hiring and maintaining quality staff was the single biggest challenge in the field.
What was also revealing, 49 percent of respondents said hiring and maintaining staff is “challenging” or “very challenging.”
There are multiple factors to consider for this, including lack of quality candidates in the market and high demand.
A good solution: look inward and determine if everything possible is being done to attract the best talent.
Growing Revenue – 15%
The survey shows 15 percent of respondents indicated growing Revenue was at the top of their list.
38% of those surveyed indicated that growing Revenue was “challenging” or “very challenging.”
After all, a business that cannot grow its revenues is a business that is doomed to fade as costs rise over time.
In contrast, businesses that grow their revenues will not just be able to make more significant profits but also can use those additional sums to fuel further growth.
For firms who want to make sure that their properties remain competitive, growing Revenue should indeed be one of their biggest priorities.
Go here to learn how you could get your next property management client in one week.
Property Damage and Unexpected Maintenance Issues – 14%
Unexpected occurrences are, at most times, aggravating.
For PM professionals, unexpected maintenance and similar events are expected.
It’s not a matter of if, but rather when something will happen.
Results of the survey show 14 percent of the respondents said property damage and unexpected maintenance were above all the other challenges.
In addition, a quarter of respondents said it was “challenging” or “very challenging.”
Meaning that successful PM requires being able to prepare for them adequately ahead of time.
Furthermore, being able to handle such events in a smooth manner is critical for ensuring success.
Good results will make good impressions on the occupants of the property in question, which in turn, means increased satisfaction as well as all of the benefits thereof.
Time Management – 9%
PM staff must spend a great deal of time and effort on resolving all the problems that come their way.
Each minute focused on such activities is a minute that is taken away from meeting core business objectives; increasing revenue, lowering costs, and increasing customer satisfaction.
Consequently, 9 percent said time management is one of the most pressing concerns.
Not enough time in the day.
For successful PM firms, being highly efficient ensures that all the necessary tasks can be accomplished in time to satisfy occupant and administration needs.
With 30 percent of respondents stating that time management is either “challenging” or “very challenging,” staff being forced to prioritize tasks at the expense of others, is something that can come with spiraling consequences as they lose control.
Lowering Operating Costs – 8%
There are two main ways to improve profitability.
Increase revenue, or lower costs.
Who doesn’t want to lower costs?
Lowering expenses can be difficult as businesses are constantly battling with fixed and unexpected costs.
The survey found 45 percent of respondents felt lower operating costs were “challenging” or “very challenging.”
Hard decisions and a little creativity will be key ingredients to lowering costs.
Get the Full Report
Our survey was a fantastic experience.
The biggest confirmation is how critical hiring and maintaining quality staff is not limited to only PM firms.
This applies to any business.
Having the right people on your team directly affects all areas of business.
In the book “Good to Great” by Jim Collins, he states:
“Those who build great companies understand that the ultimate throttle on growth for any great company is not markets, or technology, or competition, or products. It is one thing above all others: the ability to get and keep enough of the right people.”
About Unicom Teleservices
Unicom Teleservices is a 24-hour Answer and Call Center based in Chicago, IL. For over 25 years Unicom has specialized in providing PM firms quality answering services to meet the demands of their business. We provide around the clock support to tenants, filter calls for management, and so much more. Our highly-trained agents become an extension of your organization. Never worry about who is answering your calls because you are short-staffed. It is time for you to focus on the objectives that will make your property management company successful. Speak with an answer service specialist by calling 1-888-636-1222 or request a quote to see how Unicom can save you time and money.
This article was originally published on March 7, 2017 and has since been updated to reflect changes in the industry.