Property Management Company Statistics/
We asked a group of property managers a series of relevant questions about their industry. You may be surprised by some of the findings.
1. 74% of property managers are female.
2. 51% of the participants have been a property manager for over 10 years.
3. 60% of the participants manage 100+ units.
4. 84.91% of Property Managers use property management software.
All of the property managers who took this survey that don’t use PM software manage less than 50 units.
5. 60% of the participants use referrals to find vendors.
6. Close to half of PM companies require their tenant to buy renters insurance.
7. Many of the participants don’t think they have a lot of spare time.
8. No one describes themselves as “very unorganized”.
96% of participants think that they are organized. While 32% of the participants still think they need to build organization/time management skills. There is some discrepancy here.
9. Property managers spend most of their time on handling maintenance.
10. Marketing and organization/time management skills are the skills that property managers need to develop most.
11. 72% of Property Management Companies report eviction rates of about 1%. 28% of Property Management Companies have an eviction rate of more than 2%.
12. 88% of companies retain their employees an average of 2 years.
13. 43% of property managers report leasing and office assistants agents having the highest turnover rate.
14. Question: What do you look for when screening prospective tenants?
15. Question: What do you check when screening prospective employees?
SSN validation is relatively low for both tenant and employee screening. If you're having trouble with retention, more can be done to verify a person's identity.
16. Tenant Screening Score
If property managers checked only one item, then they got a score of 1. If two, then they got a score of 2, and so on. Items that property managers could select include a credit check, criminal background check, rental history verification, employment verification, SSN Verification, and "sizing them up." A large majority of managers use 5 or more of the items when screening.
17. Employee Screening Score
If employers checked only one item, then they got a score of 1. If two, then they got a score of 2, and so on. Items that employers could select include criminal history check, employment history check, SSN Validation, and "sizing them up." A majority perform 3 out of the 4 items.