Pros and Cons of Managing an Apartment Complex

by Concierge Matcher on June 30, 2012

property managementManaging an apartment complex can be both rewarding and frustrating at the same time.  Because it is a big job, most landlords and property owners do not manage their own apartment complexes.  Many apartment owners will hire a property management company to manage their complexes for them.  They usually do this because they have multiple apartment complexes and communities, and they don’t have the time to do it themselves.  But, there are pros and cons to managing an apartment complex.

Pros

One of the pros of managing an apartment complex is the variety that you will get in your work.  When you work with both people and facilities you never know what will happen from day to day.  Those who work in apartment management find that they get a lot of variety in the work they do.  This type of work is usually never boring, as there is almost always something to do.  You will work with a variety of different people and different situations.  This can make it exciting.

Managing an apartment can be very rewarding.  Because you are working with people’s lives and where they live, you can feel like what you are doing matters to others and could make a difference.  It’s nice to help people find a great place to live, and to fix their problems.  It is rewarding to help someone out with the need they have and make them feel comfortable in their housing.

Cons

One con for managing an apartment complex is that you need to have a lot of skills to manage it correctly.  A good apartment manager should be very skilled and experienced in all things related to properties and facilities.  They need to understand how facilities work, how to fix them, how to maintain them and how to ensure they last for years to come.  Also, you will need to find a variety of outsource companies to maintain the landscaping, do handy-man work, and provide other services.  Also, a good facility manager will need to understand accounting and finances.  This is essential to running a good operation.  The manager should also understand all of the legal issues that are involved with renting apartments.  They should understand the contract rules and leasing agreement terms.  They need to know what the local and state regulations are regarding property management, including disability access, safety, etc.

Another con is that you may have to deal with very difficult situations.  For example, evicting people is very difficult and stressful.  You may have tenants who do pay their rent on time or others who break the contract rules.  You will have to legally and carefully deal with these situations.  These types of situations can be very frustrating.

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