What is Corporate Housing Property Management? In the CHBO Annual Report we asked property owners to tell us how they take care of their properties.
We asked respondents to tell us how they manage their rental properties. At an all-time high, 92% of respondents say they do all their property management them selves. This number is up from the all-time low of 72% in 2013.
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% that year.
In 2015, however, the number of property owners who used a property manager reversed back to 11% — the same as in 2013. This is a new trend we’ll continue to watch. It may be the result of more professional investors entering the market who manage their own properties as full-time income opportunities.
In 2015, the biggest increase in additional support was from “friends and family” — jumping up to 8% (after only 1% in 2014). This number has bounced up and down over the last few years.
No additional trends emerged in the “other” category.
Property Management Software
Property owners frequently ask the CHBO team about tools that can help with property management.
With that in mind, we added a few more questions to the survey in 2012. These questions help us learn which tools property owners are currently using. We also want to be able to watch future trends.
Over the past few years, the responses have remained consistent overall. The majority of property owners (55%) do not use any type of property management software.
Property owners who say they use basic spreadsheets or accounting software (such as QuickBooks™) reached all-time lows in 2015 at 19% and 14% respectively.
In the “other” category in 2015, respondents listed:
- Quicken Rental Property Manager
- XERO Accounting System
This is a much shorter “other” list than in 2014 when respondents specified: Airbnb. Buildium, CHBO Calendar, HomeAway, Kigo, ManageMyNest.org, Oscar, Property Boss, Propertyware, Quicken Rental Property Manager, Rental Property Manager, Rentoneonline.com, RoomMaster, SimplifyEM Property Management Software, Spectra and VRBO.
If you are interested in learning more about getting a property manager for your corporate housing rental take a look…