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?
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.