Tenants and landlords everywhere grumble about their property managers, assuming they aren’t doing their job properly or are simply doing nothing at all.
It makes sense that the source of most complaints that real estate agencies will receive comes from tenants. Landlords are paying them to collect rent, which at times is not an easy task and it’s unfortunate if they get bad reviews simply for doing their job.
But those that don’t work in real estate will not realise the importance of a Property Manager, how hard they work and the responsibility that they are taking on for those with investment properties.
Property Managers are the ones that work in real estate without necessarily driving the fancy cars, but they should be praised just as much as their sales agent counterparts.
They are underappreciated, underpaid and invaluable to real estate agencies and while sales agents seem to steal most of the limelight in the industry, we need to remember what they do and realise it isn’t always straightforward before we start complaining.
They play various roles
It’s tougher than people think but there are a variety of skills that Property Managers need to be successful.
They are mediators, helping to resolve conflict between tenants and landlords who, in my experience, are both demanding sets of people. This problem is exacerbated with everyone wanting everything instantly, whether it be the money for rent or something fixed. It puts a lot of strain on relationships.
Property Managers are also problem solvers, appeasing concerns and working towards solutions for everything from rent increases to maintenance.
They conduct inspections and condition reports making sure everything is accounted for across properties and advise landlords on who the perfect tenant will be from countless applications received.
There are even times where Property Managers end up in tribunals or courts attempting to resolve a dispute on behalf of a landlord.
They manage more than you think
Property Managers are in control of what is one of people’s most expensive and valuable assets aside from their own home.
One Property Manager can have over 200 properties entrusted to them. Even if these are valued at $500,000 each, they are responsible for $100 million in assets. They have a lot of wealth in their care yet compared to other financial fund managers who also ensure that assets are protected, Property Managers get paid little.
They have a lot on their plate
It’s a job that involves being on-call every day of the week, so even when Property Managers aren’t in the office, they are still technically ‘at work’.
Property Managers are the ones who get a call at midnight with a tenant complaining about a broken pipe, with inspections for new rentals often held in the evenings or on weekends. They don’t always get remunerated for the possible round the clock work that can be involved in the job.
The house or commercial property that you lease isn’t the only property they are managing as they are dealing with countless other calls and emails of people wanting the exact same thing.
People should cut their Property Manager some slack and think twice before complaining, as there’s always a lot more to the job than meets the eye.
Source: The Real Estate Conversation