By John Triplett
The single biggest challenge facing property managers in 2024 is dealing with aggressive or abusive tenants and residents, according to a new study from the National Apartment Association (NAA).
The “Voice of the Property Manager” NAA Research, sponsored by MRI Software, surveyed nearly 1,000 industry professionals from July 9–22. The analysis in this report represents the voices of more than 850 property managers and regional managers across the United States, a majority of whom are women.
“The most frequently cited challenges in 2024 were dealing with aggressive and abusive residents (22%) and the inability to disconnect after hours (16%). These findings indicate that confrontational interactions and the struggle to separate work from personal time are major stressors for property-management staff, potentially contributing to mental-health concerns,” the report says.
Other challenges relate to maintaining staffing levels (14%) and managing workload (13%). There were also concerns about employee retention and reinforcing the ongoing battle to balance workloads within the industry.
“Other issues such as dealing with residents at risk of eviction, inadequate communication and support from upper management, managing staff, keeping up with legislative changes and addressing fraud were cited less frequently, but still affect a notable portion of the workforce,” the report says.
Of those professionals surveyed, 32% were between the ages of 35-44, while another 29% were in the 45-54-year-old age group. Nearly half of respondents worked for owner/operators and 88% indicated that their companies owned or managed conventional multifamily properties. Just over half of those companies managed fewer than 5,000 units, while nearly one in five operated more than 30,000 units.
“Overall, property managers are happy in their jobs, particularly with their co-workers and with the flexibility offered to them. A slight majority have been in their current positions for more than seven years, while 22% have tenure of two years or fewer,” the report says.
About 60% feel they have the training they need to do their jobs. Nearly three-fourths expect to be in the industry three years from now, which appears to be at odds with some 39% not recommending a career in property management to their friend or colleague. See more detail on this in the full report linked at the bottom of this article.
Need a Lease Agreement?
A FREE account gets you access to over 200 free forms. Upgrade to a paid account (monthly, annually, or lifetime)
EZLandlord Forms Is Offering 15% 𝙊𝙛𝙛 For New Customers!
We cannot recommend these guys enough!
👉 State Specific Leases 👉 400 Forms to make your landlord-tenant relationship top notch 👉 200 FREE forms for those not ready to purchase 👉 4.8 Rating with over 5000 Reviews 👉 Pro Members get access to ALL leases and forms for $12 per month OR $75 if you purchase the annual membership 👉 YOU CAN BUY LIFETIME FORMS for $399
USE CODE 𝐒𝐓𝐀𝐂𝐈𝐄𝟏𝟓 to get 15% OFF ALL first-time purchases, EVEN THE LIFETIME FORMS!
“While owners and operators should be encouraged by this year’s “Voice of the Property Manager” survey results, there is certainly room for improvement in providing a work environment that will not only retain existing employees, but create more promoters of the industry, potentially helping with recruiting efforts as well.
“Managing workloads, maintaining proper staffing levels and providing tools and resources that help property managers do their jobs more effectively will go a long way in improving work-life balance,” the report says.
When it comes to technology, transparency is important as “open communications, and change management will be key as the industry continues to embrace technology, which stands to disrupt operations, roles and responsibilities all while remaining a people-first business.”
Read the full report from the NAA and MRI Software here.
Did you enjoy this article?
This is an example of what is included on our FREE weekly newsletter, Landlord Weekly.
Subscribers get access to our free forms, email templates, and guides! As well as…
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
To check out a sample of our newsletter, click one of the links below👇
Source: NewsNation A New York woman is set to be paid $165,000 in damages…
December 17, 2024By Sarah Sher Figuring out a rent-to-income ratio can be complex…
December 17, 2024
Leave A Comment