This is the 5 Biggest Property Management Challenges4 min read

property management challenges

 Unicom surveyed 100 property management professionals to reveal their most pressing challenges.

If you are interested in downloading the full report, please download the Biggest Property Management Challenges report here.

Property Management (PM) is a tough occupation.

PM requires numerous skills to handle a wide range of tasks.

Every property has its own peculiarities and requires a professional who understands more than just the people that live there.

As the survey reveals, difficulties depend on the firm’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%

Hiring and Maintaing Quality Staff

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 why this is, 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%

Property Management Growing Revenue

The survey shows 15 percent of respondents indicated growing revenue was at the top of their list.

38 percent 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 bigger 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.

Property Damage and Unexpected Maintenance – 14%

Damaged and Unexpected Maintenance

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 was above all the other challenges.

In addition, a quarter or 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%

Property Management time management

PM staff must spend a great deal of time and effort on resolving all the problems that come their way.

TEach 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%

Lowering Property Management Operating Costs

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 was “challenging” or “very challenging.”

Hard decisions and a little creativity will be key ingredients to lowering costs.

Get the Full Report

Download Survey Here

Conclusion

Our survey was an amazing 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 has a direct effect on 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.”

Survey Infographic

Property Management Survey Infographic

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 firm 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.
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If you are interested in downloading the full report, please download the Biggest Property Management Challenges report here.

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