What is the biggest challenge for Regional Property Managers in the multifamily industry today?

 

1. Dealing with all the drama with the staff issues was always my biggest challenge. This maintenance guy doesn't like that one, this one isn't working as hard or as fast as the other etc. Just do your job and dont worry about what the other one is doing or not doing! It is so difficult to find good qualified staff and none of them think that they are paid enough for the work they do. 2. Meeting outrageous expectations from the owners.

This new generation of overzealous asset managers that don’t know their role and want to control everything when they have 2 years experience 😂 they think they know everything and that our experience is not valuable because they know it all already.

Getting up everyday to have the life sucked out of you! 🤣

Staff cuts

Working to create asset value in a job that is, by nature, heavily focused on managing process.

1. Unrealistic ownership.
2. Staffing issues.
3. Annoying asset managers with no experience in multi housing.

The relentless race to the bottom. Unit count at all costs, abuse from institutional investors who only see numbers on a spreadsheet. The Regionals are at the level that they have to balance the expectations of what the asset managers were sold with the care of the real humans doing the work. It is a vice grip coming from both directions.

email management … over 200 per day (not an exaggeration) from clients, corporate, team members, and of course the people who always “reply all” to say something meaningless 🙈…. Being able to respond within 24-48 hours to the important emails is a huge challenge. Especially difficult if spending time onsite to support our teams.

Hiring good people! I finally feel like I have a strong team in place, I just need to fill one more position. I inherited a bit of a mess, but it’s finally coming together.

For me it was the Micro management. The company I was with would not allow my team of talented staff do their thing. I viewed my position as an aide and asset for them. Assist with the time for digging deeper into budgets ect but most of the time my role was to be up their butts for things I know they would be able to do had they had the time and the reason they did not have the time was all the teams calls that could have been an email and then me "following up" 💔 breaks my heart. It's simple treat adults like adults and hire talented people and then get out of their way and your portfolio will run itself. There is always tough aspects to be expected for sure! That was mine

They make changes and have no clue what's going on day to day.

Lazy staff and entitled residents is the reason I don’t miss it at all.
I was blessed to work for 1 perfect and 1 decent company. Stayed so much longer because of my direct leadership only.

1. Changing state and federal regulations, 2. Uncertainty in material costs, especially capex if overseeing value add deals, 3. Leading “work life balance” employees 4. Budget adherence for older properties in need of general maintenance, let alone upgrades 5. Lack of skilled and dedicated maintenance professionals 6. Rising debt costs for variable rate loans placing downward pressure on on NOI and cash flow.

Staffing at one employee per one hundred homes. In today’s world with the expectation, this staffing is ineffective.

Meeting owner’s expectations

Having owners or higher executives being transparent with their vision and expectations with honest communication and transparency

Tenants

Corrupt corporate employees
Pm taking kick backs most corrupt profession I’ve seen!!

Corrupt corporate employees
Pm taking kick backs most corrupt profession I’ve seen!!

Keeping sites fully staffed

People managing and unrealistic expectations from ownership.

Staffing

Looking for a seasoned regional. Pm for more information