Property management is a fragile balancing act between investing, accounting, property maintenance, expense management, marketing, logistics coordination, tenant management and communication. There is a lot to do and it can be overwhelming, especially when the industry is struggling with shortages in parts, workers, lumber, etc. This past year turned things upside down when the global pandemic made an already difficult job three times harder.
Due to the US unemployment rate being at a 50-year low, it can be difficult to find qualified employees. Since property management requires expertise in so many different fields, there isn’t one place to find all of the talent you need. Here at TJC, we are actively seeking additional employees to solve any/all issues moving forward.
Time management is also a huge challenge in the property management industry. Managing and maintaining an array of things comes with many time-consuming tasks. From hundreds of work orders submitted by tenants to a tree breaking through the roof of a property, disaster feels like it’s always lurking around the corner. Upholding daily productivity is nearly impossible when you need to ‘drop everything and fix it’ every other week. We understand that maintenance issues are extremely frustrating. We hear you and we ask for your patience during this difficult recovery time as we work to fix your issues as quickly as possible.
Keeping prices low is also a challenge for property managers, especially in an affluent area such as Denver. Additionally, there is a lumber shortage that is causing new home prices to surge. When the pandemic crushed the US economy last spring, sawmills shut down lumber production to brace for a housing slump. However, the slump never happened and now there isn’t enough lumber to feed the crazy hot housing market. The shortage is delaying construction of badly needed new homes, complicating renovations of existing ones. This also applies to maintenance and repairs of multi-unit tenant buildings.
The pandemic also caused a huge appliance shortage which is making it very difficult to find dishwashers, ovens and refrigerators. While most appliances today are made using robotics, there are still a lot of “old school” manufacturers that have people working assembly lines shoulder-to-shoulder. Due to these working conditions, these manufacturers had to shut down completely during the peak of the pandemic. Delays are ongoing while the industry struggles to catch-up.
Landlords and tenants are both struggling, but working together is key. It has been a difficult time for property managers, but TJC has pushed through because we recognize the importance of having good relationships with our tenants and our vendors. We ask for your patience and thank you for your understanding as we work to resolve your issues as quickly as possible.
Brought to you by Tara Schumann, Social Media/Marketing Manager for TJC Real Estate and Management Services.
Your Neighborhood Realtors® Since 2005