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The State of the Property Management Industry 2015


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3 steps to outperform your competition

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The State of the Property Management Industry 2015

  1. 1. The  State  of  the   Property   Management   Industry  2015 3  STEPS  TO   OUTPERFORM   YOUR  COMPETITION  •  @Buildium
  2. 2. Today’s  property  managers  face  an  increasingly   more  complex and  competitive  market for   obtaining  new  business  and  operating  efficiently   and  profitably.   TECHNICAL TIME   CONSUMING STRESSFUL 72% of  property   managers   use  online  payments 88%  of  property   managers  perform   evictions 98%  of  property   managers   collect  rent
  3. 3. To  help  property  managers  navigate  these  new   market  dynamics,  we’ve  synthesized  the  latest   industry  data  into  three  steps  so  that  you  can  do   your  best and  earn  the  most.
  4. 4. 1.  Be  competitive  +  win  more  business
  5. 5. Property  managers  continue  to   offer  more  services  – and  fees   – to  property  owners. 90%  or  more  of  companies   provide  the  following  5   services: 1. Rent  collection 2. Tenant  screening 3. Marketing  properties 4. Maintenance  services 5. Financial  reporting
  6. 6. Percentage  of  rent Flat  fee Other 72%  of  property  managers   structure  their  management  fee   as  a  percentage  of  rent. Of  the  72% of  property  managers  that  charge   a  percentage  of  rent,  46% charge  10% Of  the  16%  of  property  managers  that  charge   a  flat  fee,  44%  charge  $50  -­ $99
  7. 7. And  as  a  company  grows,  so  do  the  number  of  services   they  provide,  as  well  as  the  likelihood  that  they  charge  a   flat  monthly  management  fee.
  8. 8. Are  you  a  property  manager  thinking  of  adding  additional services  to  your  clients  and  tenants?  Or  do  you  not  offer   any  of  the  top  five  most  frequently  offered  services?  You   could  be  missing  out  on  new  business!  Consider  adding   some  or  all  of  these  services  to  gain  a  competitive  edge. PROPERTY   MANAGEMENT  TIP
  9. 9. 2.  Maximize  your  marketing  +  network  of  experts
  10. 10. Property  managers  attribute  marketing  their   business as  the  second  most  important   driver  of  business  success,  next  to  providing   great  service.
  11. 11. Property  managers  rank  the   following  lead  sources  as  most  likely   to  convert  to  new  business: 1.  Referrals  from  current/past  clients 2.  Broker  referral  leads 3.  Leads  from  your  website 4.  Online  ad  leads 5.  Leads  from  online  lead  services Property  managers  allocate  larger   marketing  budgets  for  top  lead   sources.  
  12. 12. To  grow  your  business,  maximize  your  marketing.  When   you  know  which  lead  sources  are  most  likely  to  convert  to   new  business,  you  are  able  to  focus  your  time,  effort  and   limited  resources  on  the  channels  that  matter  most  for   your  business. PROPERTY   MANAGEMENT  TIP
  13. 13. 3.  Leverage  technology  +  outperform  the  competition
  14. 14. Property  managers  top  five  challenges: Property  managers  look  to  technology  to   overcome  their  greatest  challenges:
  15. 15. 81%   of  PROPERTY   OWNERS  think   technology  is   important PROPERTY   MANAGERS  list   technology  as  a   TOP  5  MOST   IMPORTANT   driver  of  business   success Technology  helps  property  managers  optimize   business  processes  and  take  advantage  of   industry  best  practices.
  16. 16. Use  property  management  technology  as  a  selling  point   to  win  new  business.  For  example,  48%  of  property   owners  find  it  unpleasant  to  market  rental  units,  and  67%   do  not  feel  well-­equipped   to  do  so.  Technology  that   automatically  syndicates  vacant  units  on  multiple  online   rental  listing  sites  is  an  efficiency  gain  that  can  be   marketed  as  a  key  business  differentiator. PROPERTY   MANAGEMENT  TIP
  17. 17. From  insights  to  action:  three   strategies  to  grow  your  business Be   Competitive Maximize   Marketing   ROI Leverage   Technology Win  More   Business Network  of   Experts Outperform  the   Competition
  18. 18. 1st Annual  State  of  the  Industry  Report Read  the  full  report:­management-­report-­2015