16 Oct How Property Management Is Changing, and How to Succeed
Buildium & NARPM Annual Report Describes Trends and Insights for the Future of the Property Management Industry
BOSTON–(BUSINESS WIRE)–#buildiumindustryreport–Buildium, the real estate industry’s leading property and association management solution, today released its 5th Annual State of the Property Management Industry Report, co-published with the National Association of Residential Property Managers (NARPM). The annual report compiles findings from nearly 4,000 property managers, property owners, and residents, and has become the industry’s most comprehensive analysis of how property managers are running their businesses, what services they provide, their challenges and goals, and expectations they have for growth and the future.
This year’s report ties together macro-level pressures in the residential housing market with the more immediate, hyperlocal impacts on property managers across the US. The report discusses:
How national housing costs and availability are impacting portfolio makeup and profitability
Legislative and regulatory impacts on specific localities
Industry consolidation and what it means for property owners
Demographic and geographic changes in renters
Technology advances in proptech and the future of a tech-enabled property manager
In light of these changes, this year’s survey illustrates in detail how the role of today’s property manager has grown increasingly complex. Beyond the day to day of managing individual properties, property managers now find themselves in the position of needing to diversify their income streams and offer more expertise-based, consultative services to their property owners.
Underscoring all of these fluctuations is the importance of creating personalized, service-oriented experiences for residents and owner/investors, as a means of establishing strong, value-driven relationships with the key clients in a property manager’s world.
“Each year, the Industry Report illustrates the ways in which the property management industry is evolving, and how those changes are experienced by property managers every day,” said Chris Litster, CEO of Buildium. “The importance of focusing on creating strong relationships by delivering on the amenities, communications and services that are most important to residents and owners has been an emerging theme of the last few years, and has grown to critical importance in the changing industry. We’re excited about what we see happening in the property management industry and the opportunity that 2020 brings.”
“We are proud that this report has become a key pillar of first-hand insight into the state of the property management industry each year,” said Gail Phillips, CEO of NARPM. “Together with Buildium, we are able to deliver valuable trends and useful insights to property management professionals nationwide. This year’s addition of local market data for 50 major cities around the U.S. makes this report a must-have in the property manager’s toolkit.”
Litster and Phillips will be presenting together on the results of the survey at NARPM’s Annual Convention in Tempe, Arizona today—Wednesday, October 16th—at 10:30am PDT. All NARPM attendees are encouraged to attend the session live at the convention; however, an encore presentation will be offered via webinar for all industry professionals on Thursday, October 24th at 11:00am EDT.
The State of the Property Management Industry Report is available in hard copy at the Buildium booth (#44) at the NARPM Annual Convention in Phoenix, Arizona this week, and is also available online.
The National Association of Residential Property Managers (NARPM), founded in October 1988, is the only national organization focused primarily on Residential Property Management. NARPM® is committed to bringing the highest level of professionalism and ethics to the property management profession. Education is a fundamental component of the organization with a growing number of classes and materials being developed for the membership. In addition to the many educational opportunities at local, state and national conferences, NARPM® has developed a core of courses that are required to earn NARPM® designations.
Buildium is the only property management solution that helps real estate professionals win new business from property owners and community associations seeking services. Backed by expert advice and relentless support, Buildium enables you to outperform across all facets of your business with intuitive software that balances power, simplicity, and ease of use. Buildium services customers in more than 50 countries, totaling over 1.9 million residential units under management. In 2015, Buildium acquired All Property Management, a leading online marketing service for property managers, making Buildium the only company to give property managers a way to acquire new customers and increase revenue. For more information, visit Buildium.com, and connect with us on Twitter, LinkedIn, and Facebook.