“This job is hard to do well,” says Jeffrey Lapin, CPM®, speaking of the property management profession. He ought to know. The Spring City, TN-based Lapin has decades under his belt as a property manager, co-owner of property management companies, a published author and IREM instructor. In addition, he serves as an expert witness in cases involving reasonable standards of care, fiduciary duties, and related topics for residential and commercial properties. We thought it appropriate, then, to sit down with Lapin to discuss the challenges and rewards of training incoming property managers in what is clearly a shifting business and cultural environment.
IREM: What challenges do property management companies and owners who self-manage face in today’s labor market?
JEFF LAPIN: It’s a serious issue, especially since there are a lot of things happening in the labor market that put extra stress on what was already a challenging process. There’s COVID and its impact on the workforce. In addition, a lot of entry-level workers are reevaluating what kind of career they want and for whom they want to work. This adds to the stress that was already there because few people grow up dreaming to be property managers. There are shifting attitudes about long-term careers, and people entering the workforce today are more self-directed, more independent. Working conditions, time off, and hours they have to work are all on the table.
On the flip side of that, the reality is that property management is a 24/7/365 career. We have to respond to the issues that occur at the property regardless of when they occur. So how do you train somebody when you can’t even get people to step up and fill the role?
IREM: Which ties directly into the necessary skill sets of a good manager, yes?
LAPIN: In terms of skills, you can train people to learn computer programs and to work with numbers and to fill out a rent roll. But how do you train somebody to be good with people? Above all else, property management is a people business.
Managers wear a tremendous number of hats, and you have to know a little about a lot of things to be successful. I’m right now working on an IREM webinar on emergency management for property managers. That’s just one hat that we need to wear.
With this in mind, you need to look for candidates who, number one, are comfortable dealing with people and developing personal and business relationships with the people they work with. They also need to be willing to learn, to try new things, and come out of their comfort zone. Good property managers never stop learning. They can’t because tenant and resident needs change, as does software and the systems we use. You always have to be willing to try new things.
IREM: Has the industry done enough to attract younger people?
LAPIN: There’s a certain amount of turnover in the industry as managers age out either voluntarily or involuntarily. In essence, we have to replenish the workforce, and recruitment at the college and high school level is part of that. In the last few years, IREM has made a concerted effort to attract people right out of school and make membership more affordable for students. There’s no question that it’s been a strategic goal of IREM to appeal to younger folks and get the next-generation workforce interested in the profession.
IREM programs strive toward the goal of training new property managers in new technologies and so forth. Property management, though, isn’t a set of skills that can be learned by watching a video tutorial or a webinar or reading a book. It can really be learned only through direct experience and training from experienced property managers who are willing to share their knowledge. IREM’s programs are taught by CPMs with years of hands-on management experience, and that’s where IREM adds so much value.
IREM: What do property management candidates need to bring to the table in order to become successful in this field?
LAPIN: The first thing they need to know is that it’s not about you; it’s about the tenant. If you start with the attitude that you’re there to serve the tenant or resident and make the building–residential or commercial–work for the occupants and their needs, you’re on the right path. In other words, you’ve got to be tenant/resident-centric. Through that service to the tenant, you can meet and even exceed the owner’s goals and objectives for the asset.
Of course, you’ve also got to be comfortable with the financial aspects of the job. We’re hired, among other things, to achieve financial goals for the owner. We’re fiduciaries and you have to understand the responsibilities that come along with that. Again, it’s not about you. It’s about them.
And, while property managers are not usually technicians, I find a lot of new property managers rely too heavily on the contractors and maintenance staff to take care of the brick and mortar without verifying that it’s being done correctly. Understanding that aspect of the job, just like understanding the financials or the software and developing personal and business relationships with our customer tenants, is also a requirement.
IREM: What’s at stake here?
LAPIN: We have a workforce that’s getting younger as older managers retire and who need to be trained properly to understand how to do the job well. We have owners with specific financial goals for their properties. Similarly, tenants come with certain expectations of comfort, safety, and service. Without properly trained property managers at all levels, none of those goals and expectations can be realized.
