BOSTON–(BUSINESS WIRE)–Buildium, the real estate industry’s leading property and association management solution, today released its 2018 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 2,000 survey respondents and has become the leading source of property management industry data and trends. This is the 4th edition of the report and it is 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.
The report finds that in 2018, property managers are still primarily focused on achieving growth, efficiency, and profitability. However, as the authors note, property managers have faced a number of headwinds over the last year, from a strong seller’s market to new construction flooding major cities. In addition, property managers are adapting to a new generation of diverse renters and investment-minded owners who expect on-demand customer service and consumer-grade technology.
This year, a major theme emerged that property managers said is tied to their future growth and success. The data suggests that, in order to capitalize on the growth and change occurring in the rental market, property managers need to make a strategic shift toward empathy-driven, tech-enabled customer service. This theme stood out as a major area of strategic focus for 2019 and beyond.
Buildium’s CEO, Chris Litster, and NARPM’s CEO, Gail Phillips, will be presenting together on the results of the survey at NARPM’s Annual Convention in San Diego today—Wednesday, October 17th—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 25th at 2:00pm EDT.
“It’s core to Buildium’s culture to regularly survey property managers to make sure our strategies are aligned with what’s going on in the industry,” said Chris Litster, CEO of Buildium. “Our annual report gives us great insight into the trends and shifts that impact our customers, and the team is incredibly proud of how the report has become so eagerly anticipated each year.”
“This report has become the industry standard for reporting on the status of the property management industry,” said Gail Phillips, CEO of NARPM. “Our partnership with Buildium allows us to offer industry professionals and NARPM members valuable benchmarking data and recommendations on how to differentiate themselves in the coming year.”
The State of the Property Management Industry Report is available in hard copy at the Buildium booth (#45) at the NARPM Annual Convention in San Diego this week, and is also available online.
The National Association of Residential Property Managers (NARPM), founded in October 1988, provides a permanent trade organization for the residential property management industry. NARPM continues to be the premier professional association of residential property managers, currently representing more than 5,800 members comprised of real estate agents, brokers, managers and their employees.
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 over 15,000 customers in 46 countries, totaling over one 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 www.buildium.com, and connect with us on Twitter, LinkedIn, and Facebook.