The Disadvantages of Being a Property Manager
There is a reason why landlords hire property managers to take care of their rental properties -- managing rental properties is time consuming, difficult and often frustrating. When emergencies happen, tenants get angry or financial records don't balance correctly, it is the property manager who will have to deal with these issues.
Tenant Personal Issues
While most of the tenants you deal with as a property manager may be decent or even friendly, the few that aren't can make managing property not only difficult but also emotionally taxing. When you sign a lease with a new tenant, you have no way of knowing whether that new tenant is extremely loud, has few home maintenance skills or even if he has a mental or emotional illness that could end up putting you and other tenants at risk. If he does, your future might hold arguments and constant attempts to modify his behavior and even to schedule meetings while avoiding being alone with the tenant. Further, as a property manager, you will have to deliver the bad news of eviction to the elderly tenant who has recently lost her job or the new mom whose husband walked out one day and never came back.
Long/Unreliable Hours
According to Betsy Schiffman's Forbes article, "The Profit -- And Pain -- Of Being a Landlord," it can take between three and five hours per week for a property manager to manage each single family home. However, as a property manager, you're always on call, and while it might take one hour to manage a property one week, a plumbing problem might occur the next week, boosting your hours up to 10. Those hours are also unpredictable. If there is a problem at the property you manage, most of the time you have to be there, even if you had tickets to a baseball game or your daughter is singing in a school recital. In addition, you can expect your sleep to get interrupted if you are a property manager, as lockouts, emergency maintenance problems and even domestic disputes will get you up after hours.
Communications with Landlord
Some tenants get the terms landlord and property manager confused. Even though you remind them, they might not realize that you aren't the person who owns the property -- you're just the person the owner has hired to manage it. This means that you could face tenants' anger when they want something changed but your hands are tied. In some cases, you might be the property manager of a property where the landlord is very involved. In many cases, however, the landlord isn't around much -- she might even live in another state. In these cases, communicating with the landlord about the property can be difficult. You are there most often, and she is not, but she is your boss, and sometimes you will have to follow her dictates, even if you don't think that they represent the best solution.
Duties
Although property managers have a number of different duties, most are responsible for maintaining the look of the property, handling tenant issues and taking care of financial records. Although most property managers have maintenance crews to take care of big issues, some still have to take care of small maintenance and landscaping problems themselves, work that can be long and difficult. Further, people who do not like working with money may dislike taking care of financial records. Finally, the combination of these duties is undesirable for some property managers. While they may have to travel from site to site inspecting property and doing small amounts of hard labor in the morning, managers might have to be back at their desks accomplishing mentally taxing duties by afternoon.
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