What to Expect: Pros and Cons of the Property Manager Role

Being a property manager comes with its own set of pros and cons. On the one hand, it’s a high-growth industry that offers promising career opportunities, while on the other hand, it requires constant attention due to the numerous responsibilities that come with the job. Let’s take a closer look at some of the pros and cons of being a property manager: Pros:

It’s a high-growth industry that provides promising career opportunities.

Property managers earn a decent salary, as they play a critical role in managing rental properties.

Property managers develop real estate skills that are valuable in the industry.

Cons:

Property managers have to deal with the ongoing and demanding task of managing rental properties, which require constant attention and availability.

One of the most challenging aspects of the job is searching for clients and taking on tenants, which requires significant patience and perseverance.

Overall, being a property manager requires diligence, hard work, and commitment to succeed. Anyone who is willing to put in the time and effort to learn and manage the job’s responsibilities effectively can enjoy a successful career in property management.

What are the Pros and Cons of Being a Property Manager?

If you have a passion for real estate and enjoy working with people, a career as a property manager could be the perfect fit for you. Managing rental properties can offer professionals an exciting and rewarding career path. However, it’s important to be aware of the pros and cons of working in this industry before diving headfirst. Let’s explore the various aspects of being a property manager:

High Growth Industry

The real estate industry, in general, is a constantly evolving and high-growth sector. With increasing population growth, the demand for rental properties is only going to keep rising in the coming years. According to a report by the Bureau of Labor Statistics, the job outlook for property managers is projected to grow by 7% from 2018 to 2028. This means that there will be plenty of job opportunities for property managers in the foreseeable future.

Constant Attention Required

Managing a rental property isn’t a job that comes with a clock in, clock out mentality. It requires constant attention to detail, communication, and responsiveness. You will need to stay on top of property maintenance, repairs, and tenant needs to ensure that everyone is satisfied and that the property is up to code. Failure to provide proper attention to these details could lead to lawsuits or unhappy clients. Pros:

• An exciting and dynamic job that always keeps you on your toes
• The ability to build relationships and make meaningful connections with tenants and clients

Cons:

• The time and energy requirements can make it challenging to balance work and personal life
• You may need to be available on-call to address tenant concerns or emergencies

Lucrative Salary Benefits

One of the biggest draws of becoming a property manager is the lucrative salary potential. According to Glassdoor, the national average salary for a property manager is over $55,000 annually. Depending on your location and experience level, you may even earn a six-figure income. Pros:

• The high earning potential can provide financial stability and flexibility
• You may earn bonuses or commissions for finding and retaining clients

Cons:

• The earning potential may vary depending on the location, employer, or client fees
• You may not receive benefits or paid time off if you work for a small property management firm

Taking on Tenants and Finding Clients

As a property manager, one of your primary responsibilities is to attract new clients and tenants and retain them. From showing properties to filling out lease agreements, you’ll need to have excellent communication and sales skills to be successful in this role. Some property managers may work for a single property or client, while others may handle multiple properties and clients simultaneously. Pros:

• The challenge of finding and retaining clients can be rewarding
• You may have the opportunity to negotiate lease terms and rental rates

Cons:

• The task of finding and retaining clients can be time-consuming and stressful
• You may encounter difficult tenants or clients that are challenging to work with

Unique Real Estate Skills Needed

Unlike other real estate careers like home inspectors or appraisers, property managers need to have a unique skill set that combines sales, customer service, accounting, and legal knowledge. You’ll need to know how to market properties, manage finances, and ensure that everything is up to code to protect your clients and tenants. Pros:

• You’ll gain valuable skills and knowledge in various real estate-related areas
• You’ll have the opportunity to develop your leadership and management skills

Cons:

• Learning and maintaining the necessary skills can be challenging and require continued education
• The legal and financial aspects of property management can be intimidating

Managing Maintenance and Repairs

One of the critical aspects of being a property manager is maintaining the property and ensuring that repairs are done promptly. This requires coordination with maintenance staff or contractors and ensuring that everything is up to code and meets safety standards. Pros:

• Ensuring that the property is well-maintained and up to code can improve the property value and tenant satisfaction
• You’ll have the opportunity to take pride in the overall appearance of the property

Cons:

• Maintenance and repairs can be costly and time-consuming
• You may need to coordinate with several contractors or vendors to address all the necessary repairs

Legal Responsibilities and Risks

As a property manager, you’ll need to be aware of your legal responsibilities and ensure that you’re following all the regulations and laws. Failure to do so could lead to lawsuits or financial penalties. It’s essential to stay current with legal and financial changes related to real estate to avoid any legal fallout. Pros:

• You’ll gain valuable knowledge of legal and financial regulations related to real estate
• You’ll be able to ensure that everything is up to code and meets safety standards

Cons:

• The legal responsibilities can be overwhelming and require constant attention and vigilance
• Failing to follow legal guidelines could lead to lawsuits or loss of property value.

Balancing Multiple Tasks and Responsibilities

Being a property manager often means juggling multiple tasks simultaneously, from managing maintenance to addressing tenant concerns. Keeping track of everything can be challenging, requiring excellent organizational skills and time management. Pros:

• You’ll gain valuable experience learning how to balance various responsibilities and tasks
• You’ll develop excellent time management and organizational skills

Cons:

• The workload can be overwhelming, leading to stress and burnout
• Maintaining work-life balance can be challenging when juggling multiple tasks and responsibilities

Conclusion

Being a property manager comes with its share of pros and cons, as any career does. It offers a high-growth industry with healthy salary benefits, exciting and dynamic work, and an array of skills that you can acquire. However, taking on this role requires a willingness to commit to constant attention and prioritize tasks to handle multiple responsibilities and effectively manage your work-life balance.