Managing aggressive or abusive tenants and residents will be the biggest challenge for landlords and property managers in 2024, according to a new NAA study.
From July 9-22, NAA Research conducted a survey of nearly 1,000 industry professionals sponsored by MRI Software. Approximately 850 property managers and regional managers from across the country contributed to the analysis in this report.
According to the survey, aggressive and abusive residents (22%) and the inability to disconnect after hours (16%) posed the greatest challenges. There is evidence that confrontational interactions and the struggle to separate work from personal time are major stressors for property-management staff, which may contribute to mental health concerns.
A further challenge is managing workload (13%), as well as maintaining staffing levels (14%). Moreover, employee retention and the balancing of workloads in the industry were also raised as concerns.
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According to the report, residents at risk of eviction, inadequate communication and management support, managing staff, staying up to date with legislative changes, and addressing fraud were less commonly cited, but still affect a significant portion of the workforce.
How many people responded?
The majority of respondents were 35-44-year-olds, while 29% were 45-54-year-olds. Nearly half of respondent owned or managed conventional multifamily properties for their owner/operators. The majority of those companies manage fewer than 5,000 units, while one in five operate more than 30,000.
“Overall, property managers enjoy their jobs, especially the flexible schedules and their co-workers. Reports indicate that a slight majority have been in their current positions for more than seven years, while 22% have held their positions for less than two years.”
Sixty percent of employees believe they have the training they need to do their jobs. Almost three-fourths of survey respondents expect to be working in the industry three years from now, despite 39% not recommending it to a friend or colleague.
In conclusion: Transparency and technology
According to the “Voice of the Property Manager” survey results for this year, owners and operators should be encouraged, but there is still room for improvement in creating a work environment that retains existing employees as well as creates more promoters of the industry, thereby aiding in recruitment.
In order to improve work-life balance, property managers must manage workloads effectively, maintain adequate staffing levels, and provide resources that aid them in their duties.
As the industry embraces technology, open communication, and change management will be key to the ongoing disruption of operations, roles, and responsibilities while remaining people-centric.
