-Poor pay
-Micromanaged like crazy and upper management spies on you like creeps. For example, when you get a lead from the call center, a timer starts going off on your software so the company knows exactly how long it takes you to follow up with lead.
-Have to do all the janitorial work on the property: rake leaves, clean units, clean the office, paint etc. I never really minded doing this, but the problem is you have to keep a walkie on you at all times in case a customer comes to the office and buzzes your walkie in which case you have to stop everything you're doing and go back to the office. Makes it very difficult to get things done efficiently.
-The job is very property dependent. I worked at several different properties and if you get stuck with a run down property in a bad area, the job is absolutely horrible. I worked a site where there were break-ins every month, rodent damage, water damage, etc.. Basically just consisted of calling people every other day to tell them that their stuff was ruined or stolen. You're also making collection calls every day and dealing with auctions every month. If you get a nice property in a good area then the job is cake.
-You will likely start out as an assistant and be expected to cover practically every store in the region. They won't tell you this up front though. Very difficult thing to do for experienced property managers let alone newbies. The pay sucks when you're just an assistant and don't benefit from getting the free apartment.