DIY? To Manage or Not to Manage Furnished Rentals!
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Published Date: 2015-05-21
That is the question! Do I? or Don't I?
In the Annual CHBO Corporate Housing Real Estate Report this is what we found...
Management of a Rental Property
We asked respondents to tell us how they handle management of their rental property. 82% of respondents say they do all their property management themselves. This number is up from 72% in 2013, but it’s consistent with previous years. Previously, we had hypothesized that the decreasing trend in “do it myself” management was due to accidental landlords deciding they needed more professional support. In our 2013 annual report, we predicted that we expected property owners in 2014 to be more willing to invest in professional support as their profits increased. We were correct as “property manager” responses were up 6% this year. In past years, respondents used the “other” category to tell us that their condo associations handle management of their property rentals, so we added “condo association” to the list of possible responses in 2013. However, only 1% selected this response. We will continue to watch this response in years to come. In 2014, fewer respondents told us that “friends and family” handle management of their rental properties. This number has bounced up and down over the last few years. Previously we believed the fluctuation in this answer was the result of survey variance, rather than a new trend. Now that we can see three years of consistent data, we believe the decrease in the number of respondents using “friends and family” is an actual trend (not variance). As accidental landlords become professional landlords, we believe many have transitioned to more professional support. No additional trends emerged in the “other” category.| How do you handle the management of your rental property? (Check all that apply*)* More than one option could be chosen; thus % is the % of respondents, not the % of the whole | ||||||
| 2014 Responses | 2013 Responses | 2012 Responses | 2011 Responses | 2010Responses | ||
| Do It Myself | 82% | 72% | 80% | 86% | 85% | |
| Property Manager | 17% | 11% | 17% | 17% | 17% | |
| Corporate Housing Management Company | 7% | 4% | 6% | n/a | n/a | |
| Real Estate Agent | 1% | 3% | 10% | 5% | 3% | |
| Friends & Family | 1% | 7% | 11% | 8% | 11% | |
| Condo Association | 1% | 1% | n/a | n/a | n/a | |
| Other (please specify) | 1% | 2% | 2% | n/a | n/a | |
