Published on November 19th, 2024
By Marc Frenkiel
As the property management industry continues to grow and become more competitive, understanding the nuanced needs and preferences of property owners is more important than ever. Our first ever Real Estate Owner Preferences Report offers a look into the minds of your current and future clients.
This report builds on our established research into renter and employee preferences, completing a 360-degree view of the residential real estate ecosystem, and provides property management companies with a road map to refine their services, strengthen client relationships, and set new standards for a rapidly evolving industry. Let’s explore some of the key insights revealed in the report.
Trust in Expertise
According to the data, there is an overwhelming preference among property owners to leave management in the hands of professionals. Seventy-one percent of owners are not planning to take over the management of their properties.
This speaks volumes about the perceived value and complexity of effective property management. For property management companies, it’s a clear vote of confidence in your expertise. But it also sets a high bar for performance: property owners are entrusting you with highly valuable assets, and they expect a level of service that justifies their decision to outsource.
This trust then opens the door to showcase what makes you the right choice and potentially expand your service offerings. The report details which value-added services owners would like to receive and quantifies how much of a “satisfaction bump” you can achieve by offering them.
Local Knowledge: The Competitive Edge
When it comes to selecting a property management company, owners prioritize local market knowledge and proximity to their properties.
This preference extends to how they evaluate ongoing performance. Property owners value your expertise in the local market and specific property types as well as cost-effectiveness of repairs and maintenance.
Technology Drives Satisfaction
In today’s digital age, technology is more than just a nice-to-have. It’s a crucial factor for success — no matter how large or small your portfolio — as well as owner (client) satisfaction.
The data shows that property owners would like more involvement in their management company’s technology choices. This applies to property owners who identified as satisfied overall with their property management company as well as those who identified as unsatisfied.
Appeasing clients in this regard may seem challenging, but we offer actionable takeaways in the report to help you navigate these waters and data-backed insights that go far beyond these highlights.
By understanding what drives owner satisfaction, you can tailor your offerings, refine your communication strategies, and ultimately foster stronger, more profitable relationships with your clients. You can check out the full Real Estate Owner Preferences Report here.
For more ways to elevate your owner experience, download our free guide below.
