Utilizing a property management company can be incredibly helpful for landlords, especially for the more strenuous tasks such as tenant eviction. (Not surprisingly, a whopping 83% of landlords use third party property managers to evict their tenants). The Iceberg Report, a study of SFR real estate investors, provides the most comprehensive data available on landlord strategies. Here are some of the highlights on property management strategies from the Report:
What are some of the tasks investors are hiring property managers for and what percentage of landlords are using property managers for these tasks?
- Rent Collection: 35%
- Utilities Management: 23%
- Taxes and Accounting: 12%
- Eviction: 83%
- Repairs and Maintenance: 27%
How many landlords use property management companies for tenant screening and what other strategies are they using?
- Screen without help: 38%
- Use a property management company: 30%
- Online tenant search and placement: 7%
- Use a realtor or lease service: 10%
How are landlords finding property management companies?
- Word of mouth: 36%
- Referrals from realtors: 19%
- Internet searches: 14%
- Direct mail: 2%
- Other methods: 29%
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