According to responses from nearly 5,000 employees at
- More than half (52%) intend to hire additional staff
- Four out of five respondents (81%) expect their organization’s revenue to increase in 2023
- Nearly three-quarters (72%) expect net operating income (NOI) to grow
“Property managers see the challenges before them, but still view 2023 as a year of growth, whether that means expanding their portfolios, hiring new staff and improving culture, or streamlining and automating existing processes to create a more efficient organization. Notably, there’s a strong focus on staff happiness and hiring new employees — it’s encouraging to see the property management industry contributing to
Other noteworthy takeaways from the 2023 AppFolio Property Manager Benchmark Report include:
- Risks remain, but property managers see more opportunities.
- Inflation and delinquencies are the two primary concerns across all sizes of residential property management organizations, as cited by nearly half of respondents (46%).
- Hiring and retaining talent are top of mind for all, but increase in prominence amongst larger organizations with more staff.
- Expected revenue and NOI increases are driven by opportunities for growth and improvement, led by the addition of new units (cited by 55% of respondents) and improving customer service (42%).
- Improving operations, particularly streamlining financial functions, is key – but motivations vary with organization size.
- Nearly three in five respondents (59%) working for a company with more than 5,000 units cite cost reduction as a top focus, while just 40% of these respondents note freeing up teams from labor-intensive processes as a top motivation.
- Across the board, however, respondents want to make financial interactions easier for both residents and the businesses they work with – 46% of all respondents want to process more rent payments online and 42% want to improve their accounts payable process.
- Property managers have room to improve their tech stacks as they scale.
- Large property management companies are much more likely to use tech built for specific functions. More than half of respondents from organizations with more than 5,000 units use document management and storage (73%), maintenance management (57%), utility management (53%), and CRM (51%) solutions.
- Fewer than a quarter of all respondents have added smart entry or IoT services (24%) or AI or chatbots for leasing communications (15%) into their existing tech stack, showing room for growth across all organizational sizes as function-specific proptech solutions, like those provided via AppFolio Stack™, become available for integration directly into core property management systems.
Download the 2023 AppFolio Property Manager Benchmark Report to review additional findings and insights.
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