As a corporate housing property manager, there are certain requirements. You need to spend money to manage the property in order to bring in renters and offer them a space they want to come back to another time. However, most people want to spend the least amount possible so they can ensure a large profit at the end of the year. Having an understanding of how much other housing managers are spending can help you decide if you’re doing all you should or if you need to invest more heavily.
Results from Corporate Rental Housing Real Estate Report
Every year, CHBO sends out a survey to corporate property managers and the results are compiled into a report for all to peruse. This company has been involved in corporate housing real estate for more than a quarter of a century and has access to the numbers that people just like you need.
When looking at the management of corporate housing rental property from 2018, it was found that the largest number of respondents spend nothing on management. Instead, these individuals take care of every facet on their own. If you also like to get your hands dirty and handle everything yourself, you are in good company with many other property managers out there.
Spending Less than $500
The second most common amount of money spend on management of properties was less than $500. It just goes to show that spending nothing or only a bit on your management needs is common in this sector of real estate. In fact, looking at last year compared to this year’s report, more people than ever are supporting all their own management activities.
Other Choices for Management
With 40% doing everything on their own and 28% spending less than $500, that doesn’t leave many owners spending more to ensure their property is managed appropriately. The rest of the survey results show that 13% spend up to $999, 9% spend up to $2,000, 5% spend up to $3,000, and only one percent of owners spend more than that. The most important thing, no matter who handles the management of a property, is that you meet all the expectations of renters and offer documentation of this. As long as you can handle the work, doing it on your own is more common than ever before.
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