Perform a Market Analysis
Knowing where you are in relation to the competition is incredibly valuable. It is impossible to create a strategy for success without identifying market trends, researching your competitors, and knowing the demographics of the area in which you operate. A thorough property management market analysis should include:
- Who is your competition?
- How are they marketing?
- What is their fee structure?
- What makes them different than your company?
Housing, Economic, and Demographic Trends
- How many rental homes exist in your market?
- How many SFR vs. MF rentals homes are there?
- How many of those rental homes are vacant vs. occupied?
- How many of those rental homes are owned by investors that live in the area versus investors that live out of the market or out of state?
Area Rental Analytics
- What is the average rent amount per square foot in your market?
- What is the average application fee in your market?
- What is the average number of days on market in your area for rentals?