Where do most property managers fail?

[Brad Hasseler]

I have been working in the automotive industry as mechanic for the last 12 years.  I like what I do and I'm good at it, but it's time to get out.  

SO long story short I'm getting my real estate license. I'm going to be an agent, but I'm also moving all the pieces into place to purchase my first small multi family in the third or fourth quarter of this year.  Now while being a real estate agent is the perfect job for some people I think my abilities will be best utilized in property management.  That being said I have decided that I'm going to start a property management company.

Now as the title says where do most PMs fail. I'd like to ask all of you that use PMs where do you feel so many companies fall short and the few accel. After listening to 90% of the BP pod casts everyone has a horror story relating to property management. Please share your experiences with me so that I may stay ahead of the curve and learn from others mistakes.