Did you know that there are over 280,000 property management companies in the U.S.? The property management industry is booming and generated around $76 billion in revenue in 2018. iPropertyManagement recently published some of this data and a comprehensive overview of the 2019 Property Management Industry. Here is a closer look at the findings on the top industry concerns and strategies to combat them as well as a look at the overall industry performance in the last few years.
10 Top Reported Property Management Concerns
- Efficiency- 32%
- Maintenance- 31%
- Growth- 26%
- Vendors- 25%
- Staff-23%
- Tenants- 20%
- Profitability- 19%
- Balance- 17%
- Technology- 14%
- Profit Losses- 13%
Top 8 Reported Property Management Strategies
- Improve Customer Service- 55%
- Update Properties- 43%
- Implement New Technology- 42%
- Create Community- 16%
- Improve Amenities- 15%
- Extend Geographic Base- 14%
- Expand Demographic- 12%
- Add More Housing Options- 11%
Property Management Companies Reported Profitability
- Significant Revenue Growth- 36%
- Some Revenue Growth- 47%
- No Change to Revenue- 13%
- Decreased Revenue- 4%
Overall, despite the concerns of profitability and efficiency, over 80% of property managers have experienced growth. To learn more about the state of the property management industry in 2019, see the full iPropertyManagement report. For additional industry insights and tips, see our Resources Page.
Related: Top 10 Reasons Renters Move, The Danger of Vacant Homes
