We’re adding Property Managers to the endangered species list today! Take a look at the numbers. According to The National Association of Realtors (NAR), as of January 31, 2008 the NAR membership totals were 1,289,144. The National Association of Residential Property Managers (NARPM) the premier professional association of residential property managers, currently represents over 2000 members comprised of real estate agents, brokers, managers and their employees. Why are the numbers so low for property managers?
How did property managers move to the top of the endangered list? Mainly because it’s dang hard work and many people do not have thick enough skin to juggle the myriad of personalities involved in day to day property management.
Property managers are handling inquiries, complaints, requests and questions from every direction. Property owners that have their own list of expectations and concerns. Secondly, the renters that have an entirely different set of expectations. Third, the cleaning crews. Fourth, the maintenance crew. Fifth, the HOA and city regulators. Sixth, the office staff and on it goes.
We all know that most Realtors work hard for the money! They too have to interact with many personalities and counsel people in big decisions. What is the correlation and why do the number of Realtors so heavily outweigh the numbers of property managers? I have Realtors who are constantly asking me for referrals to a property manager. They often will remark how property management requires so much work and Wow - Property management - No Thank You!
The great disparity in numbers could be the vast amount of effort expended in property management? Not so much physical but mental! On any given day a manager may tend to a missed cleaning at a vacation rental, guest complaints, the smoke detector won’t stop chirping, the bbq grill gas tank is empty, a guest forgets their cell phone and wants it shipped back, the garbage disposal is clogged, the toilet flushes slowly, the neighbors dog is noisy, the trash cans were left out too long, the cable tv is out, the wireless internet is down, guest needs more towels, a lost key, the key broke off in the door, the washing machine hose burst, the dishwasher won’t cycle, the rent is late, the carpets need cleaning….the list goes on and on. That list grows exponentially if you manage more than a few units.
Thankfully there are some very professional managers that can juggle the day to day tasks required. I do think, however, that the property manager is becoming an endangered species because they just burn-out or decide that the effort is not worth the reward.
Get ready Property managers your plate is going to get mas grande (more full)! Market conditions are leading to an influx of rental properties and vacation rentals. If you are a property manager there should be no shortage of clients.
How can Property Managers get off the endangered list? Hug a manager - just kidding. Hug a realtor too! Many managers are finding the only way to keep their sanity, make a profit and juggle all the required tasks is by having a highly trained, caring staff and great software management. Most importantly, managers need great people skills, patience and empathy. Sadly, today these 3 traits are on the endangered life skills list.
Property managers we can help make life a bit easier too! List all of your rentals for Free on our interactive Google Maps for rentals - search for FREE - List for FREE. Free web tools too!
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