Here’s one of the great ironies of the property management industry: though it’s incredibly big, it’s still a big mystery to most people.
Let’s let the numbers do the talking. In the United States, 24% of homes are part of associations, with a total value of $4.65 trillion and $65 billion collected in assessments. In Canada, the industry generates about $6 billion in annual revenue with a healthy annual growth rate of 3.4%.
So ask yourself this question: how many multi-billion dollar industries do you know whose basic business functions are a relative mystery to people, including the potential clients the industry is designed to serve?
In the interest of transforming mystery into a portrait of the industry’s reality, you’re invited to consider (that is, re-consider) these eight myths about property management firms.