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Are you curious about the state of Property Management in 2024? Then look no further.
We’ve curated, vetted, and categorized a list of up-to-date stats and information below.
Click to jump to a category, or keep reading for our top Property Management statistics.
Top Property Management Statistics
Property Management Defined
Property Management Softwares
Property Management Innovations
Property Management Trends
Quality Content
Marketing Strategies
Property Management Lead Strategies
Maximize Profits
Top Property Management Statistics
Do you know that there are 280K+ property management companies in the US
80% of property managers are involved in the coordination or performance of maintenance/repairs as well as rent and fee collections.
The Property Management industry produces more than $88 billion income per year.
81 percent of property managers said that their revenues had gone up over the past two years.
In 2020, property managers selected multiple top priorities; 48 percent of property managers considered growth a top priority.
More than 73% of property managers also perform property inspections, advertise vacancies, and facilitate leases.
Do you know that 16% of US GDP is made up by real estate?
Do you know that 67% of US renters aged 35 and under?
Do you know that 80% of Property Managers are doing Maintenance & Repairs and Rent & Fee Collection?
Property Management Defined
The difference between the landlord and property manager is that the latter is an expert and the former a novice. Property Managers are not only well-aware of the ins and outs of property management but also have a lot of contacts to help through challenges like dealing with difficult tenants.
They can help owners with legal procedures like filing taxes, drawing up lease contracts, and handling evictions.
One of the significant benefits of hiring a property manager is the amount of time it frees up for the owner. You can relax and enjoy the benefits of your investments. In fact, contrary to popular belief, hiring a competent manager can significantly increase the returns on your investments. You will no longer have to worry about listings, and tenant screening processes as the manager will do it for you.
The only drawback to hiring a property manager is that you may no longer feel as in control of your investments as you did in the past. However, sometimes giving up control is good for your brain and the body. It alleviated a substantial amount of burden from your shoulders, so you can focus on looking for other properties to invest in.
Property Management Software and Features
In 2021 we are in the digital era where home buyers are using online listings to find a good property at a fair price, but this is not the only change that is happening in the property management game. Property management software is the modern way to run a property management business.
Using software will help you automate crucial tasks like leasing functions, facility management, tenant management and more. According to this Chicago property management company managing properties without software require a lot more manual work and in-person responsibilities.
Check out the top 10 property management software we recommend:
Buildium Property Management Software
Yardi Breeze Property Management Software
SimplifyEm Property Management Software
AppFolio Property Manager Software
PayHOA Software
Hemlane Software
Rentec Direct Software
Propertyware Software
Storage Commander Cloud Software
ManageCasa Software
Using these property management softwares will help you scale your business faster and easier. Are you familiar with any other software? Let me know in the comment section below or contact me here so can consider them for future updates.
Property Management Innovations
Are you curious about how innovations are revolutionizing property manager and can help property owners to achieve more success? Okay... let me talk more about the new innovations that changed the game and the innovations and tools you should be using by 2021.
Lead Generation and Response Optimization
Managing current leads and converting new ones is crucial for your property management company to grow. Tools like LeadSimple help you a lot in simplifying sales and generating more leads. Unlike any other system, LeadSimple combines it's powerful sales CRM with full-featured process management tools to help property managers be provide amazing customer service at scale.
Streamlined, Easy Maintenance
Are you having a lot of work orders to deal with on a daily basis in your property management business? You are feeling overwhelmed and swamp? Okay.... perfect! That's why Property Meld is for. This is an intelligent maintenance tool that helps you grow and improve your business. Let me share 3 simple things that Property Meld will help you with:
Save time, increase resident satisfaction
Advanced maintenance automation tools
Spend more time on the important stuff
If you need to find more about Property Meld click here.
Property Management Trends
Take a closer look on witch trends will change the property managers' business in 2020-2021. As we already know the property management industry is worth billions and it's growing more and more the last few years. According to this Las Vegas property management company the new trends and innovations will continue to come with the years and that's why it's super important to keep an eye on the top industry trends that can help your business improve.
Top 4 property management new trends.
Efficiency: Big reductions in cash flow, staffing, revenues, and rising overdue accounts receivable.
Technology Trends: Keep an eye on the new cloud services, internet-connected devices, and automated services that can help your business grow tremendously.
Demographic Trends: Millennial tenants are becoming a bigger part of the tenant market and most of the time the things they want require high technology solutions and if you don't have these solutions they consider the landlord irrelevant.
Rental Market Demand: Housing construction is starting to grow again and it will become even bigger in the next 5 years. With some in-depth analysis, I found out that in some cities rental demand will increase while in other cities like Boston and New York occupancy rates will fall.
It's not new information for you that improving the technology is the asset that gives property management companies advantage over the competition.
Quality Content
Do you know that more than 90% of the content gets no traffic at all? That's terrifying, right? Let me explain how to be in the other 10%.
As most of you probably know - content is KING in 2023 and we should spend a lot of time working on it and always strive to improve. It's not a secret that the web is drastically growing by millions of pages per day.
Ahrefs discovers over 1.8 million new pages every day on Google and they are very selective about the pages that are going to qualify for worthy. Let me share with you how much of this content gets any traffic from Google.
In 2017 a well know SEO specialist made a case study researching more than 2 million pages and found out that only 6% of them are qualified for worthy and being ranked on the first page of Google.
In other words, almost 94% of these pages are not getting even a single visitor from the search engines and that's mostly because the content they provide is not with the needed amount of quality and length. With that being said, you already know that I was right and that the content truly is the King of all SEO factors.
Marketing Strategies
What If I tell you that property management marketing can bring you not just owner leads but the right kind of owner leads. Don't waste your time and money chasing leads that are just not the right fit for your website and work with property management marketing strategies that will bring the exact leads your company needs.
Let me first throw some facts about why the marketing strategies are that important.
1. The number 1 result in Google search results has an average Click Through Rate of 31.7%. (Backlinko)
2. There are more than 3.5 billion searches on Google every day. (Internet Live Stats)
3. 40% of leads are influenced by a relevant organic search. (Think With Google)
So just from these 3 facts you already know why the property management marketing strategies are that important, right?
Okay... So let's find out what are the top marketing strategies for Property Management Companies.
1. Find Your Company's Perfect Owner
So the first step is figuring out who is your perfect client. There was a survey where more than 2500 property managers were asked about this and it was found out that for one-half of the property managers the perfect client is a real estate owner that has no problem with giving you a cut of his profits as long as they don't deal with their own properties and for the other half the perfect client was anyone with a property within their area.
So, If you really think about that, you don't want to:
Manage a property that's isn't in the right neighborhood?
Work with an owner who is charging you for every little thing they come up with?
Take on a property with bad maintenance over the last few years?
At NGB Property Management, we are absolutely confident that finding the company's perfect client is the essence of the property management marketing strategy.
2. Build Content That is Closely Related to Owner's Problems
Now that you already know who is your perfect target, the next step is to create your content in a way that is resolving the owner's pain point.
If you want your website to look more trustworthy to Google you have to create content that deals with the problems your perfect owner is having. This will even help your SEO because Google will put your website in front of the people who are searching for solutions to these problems.
3. Use Visuals
If you are not utilizing the power of visuals you are missing on a lot. We recommend you to post a virtual tour of the property because this is providing your clients with a better idea of all the property has to offer.
Property Management Leads
So now you want your property management company to grow right?
The property management leads that you are going to get fall into two categories - Actively Seeking/Interested and Self Managing/Unaware.
It's really important to understand what the value of a new client is to your business before choosing what lead generation methods to go after. There is a good guide on that here from Goodjuju which also covers different ways to get property management leads.
Before picking what property management leads to go after, first you need to know what makes the most sense for you because of different ways of getting leads to come with different costs.
Depending on what stage your business is you can choose the type of leads you want to target and the amount you want to spend.
So basically what I am trying to say is that these leads are extremely valuable to your business and you should take care of them.
Maximize Profits
One of the many reasons people hire property managers to manage their properties is that a property manager can help them get the best rental rates. However, if you think that’s the only monetary benefit you get from hiring a property manager, you’ll be surprised to know that there is a lot more in store for you.
A property manager can help you maximize your profits. You read that right! Let me share with you the top 4 reasons why hiring a property manager helps you gain maximum profits:
Ensure Property Occupancy
Timely Payments
Efficient Property Maintenance
Protection of the Lease
I am sure that you didn’t know that hiring a property manager could be worth so much! Not only do you get to enjoy peace of mind, but a consistent inflow of money is assured as well. Hiring a property manager may sound like an unnecessary upfront cost, but it helps you earn maximum profits from your investment property in the long run.
Final Thoughts
Interested in learning more about Property Management? Find out more about it here.
Did I miss out on any cool or important Property Management statistics or information? Let me know on Instagram.