If your property management company is looking to expand in 2024, you’re in good company—so are 92% of your peers.
But you’re also not alone if you find yourself needing new tactics to make that growth happen this time around.
Let’s start at the beginning: Property managers’ focus on portfolio growth is nothing new.
2024 marks the sixth year in a row that growth has been companies’ number one priority in Buildium’s annual survey of thousands of property management professionals.
And it’s the third year in a row that more than 90% of companies report that they plan to expand their portfolios in the coming twenty-four months.
This year, 54% of companies plan to grow by a significant amount, which they define as growth of more than 25%; while 38% plan to grow at a slower pace.
So, what’s changed in comparison with previous years?
For third-party property management companies, much of their growth depends on their clients’ growth plans.
And in 2023, just 35% of small-portfolio rental investors said they plan to acquire new properties over the next two years.
This means two things: First, companies will be exerting more effort to attract growth-minded investor clients. 71% of property managers report that they planned to seek out new clients in 2024 and ‘25.
Second, companies will be searching for alternative ways to grow. These growth tactics include the following:
For companies that are rapidly expanding their portfolios, ensuring that their customer service doesn’t suffer is a common concern—especially during the ongoing labor shortage.
Property management software such as Buildium is helping teams bridge these gaps, automating repetitive processes so they can focus on growth and meaningful customer interactions.
Lead generation services such as All Property Management are helping companies grow their portfolios by connecting them with rental owners looking for a property manager’s assistance.
And our survey also found that 25% of property management companies are extending the capabilities of their team with the help of virtual assistants. Maintenance contact centers are one example of this trend.
What else do our surveys show property management companies are doing to prepare for significant growth in 2024? Find out by downloading your free copy of Buildium’s 2024 Property Management Industry Report.
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