Question: Property management requires a wide skill set. A property manager must deal with the owners of a building, as well as the tenants. Owners are

Property management requires a wide skill set. A property manager must deal with the owners of a building, as well as the tenants. Owners are looking for a return on their investment, which means full occupancy (or minimal vacancies), marketing (to find new tenants), timely collection of all rents and revenues, cost-effective maintenance on the building, thorough record-keeping and regular financial reports, and no costly surprises (such as litigation). Tenants want responsiveness when they have a complaint, quick fixes for problems reported, well-maintained common areas, a voice in building improvements they feel necessary or important (for which they believe the owners should pay), and rent or other concessions when requested. Property managers also need to know applicable laws, such as building codes, common interest ownership act(s), security deposit fiduciary requirements, and Robert's Rules of Procedure for running meetings, as well as the property manager's own licensing requirements, if any. These, of course, are just a few of the property manager's responsibilities, but in all, property managers need to be effective with people, educated on building functionality, proactive in determining repairs and useful life of building components, great with detailing costs, expenditures, and reports, knowledgeable about the law, effective in collecting rents and revenues, and fantastic with keeping good tenants while cycling those that are problematic.

That said, please discuss what you believe would be the most difficult aspects of property management and what you believe would be the easiest. You can do this through your own lens; for instance, if you're great with numbers, you might believe that regular financial reporting would not be a challenge, while if you don't know about mechanical or electrical issues, building upkeep, and finding good contractors might be difficult - and there is always the "people" part with collecting rents (for owners) while keeping tenants (who may need concessions).

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