Can you blame them?
Commercial Real Estate (CRE) Property Managers are frustrated, dejected, and perhaps even "fangry"—an appropriate mix of frustration and anger that captures the general mood these days. I’m sure there are more adjectives that could describe the situation, but this is the harsh reality we face.
Let’s be honest: no one dreams of becoming a Property Manager when they grow up. We stumbled into this niche within the real estate industry, where we’ve mastered problem-solving, customer service, finance, and construction management, among other skills. These abilities are what make Property Managers excel. We show up every day ready to handle the latest issue while keeping the big-picture business plan in mind. It’s a thankless job, but it pays well, and most of us find it rewarding enough to stick around for the long haul.
But that's the rosy view. In reality, the past 4–5 years have been nothing short of a struggle. Let’s break down what Property Managers have been up against...
The impact? I’m glad you asked. Beyond the frustration, Property Managers are leaving the industry. The stress of the past few years has pushed many to their breaking point—something we never thought possible. We’ve seen a migration to the vendor side, early retirements, and career changes.
This has led to a shortage of seasoned, skilled Property Managers. They are in demand now, and like any supply-and-demand scenario, their cost has risen.
Cash flow traps, funding shortfalls, and special servicing have become the new norm. Unpaid invoices, relentless calls from vendors, and the uncertainty surrounding properties are creating a constant state of anxiety—almost a form of PTSD for some managers.
As the CRE industry faces these unprecedented challenges, the role of Property Managers has never been more critical—or more in crisis. The truth is, there may not be a clear, immediate solution to the problems we’re facing. It could be a matter of riding out the storm—waiting for interest rates to drop and property values to rise again. In the meantime, it’s about staying adaptable, finding efficiencies where we can, and keeping our focus on long-term goals. The resilience of property managers has always been our strength, and it may be what gets us through this turbulent period.
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