I'm curious about the real estate market evolution of the property management industry. I am a relatively seasoned real estate professional with experience as a broker, property manager, investor, syndicator, attorney and urban planner...and I like to think I have at least a sense of the CA market from multiple perspectives. My current focus is property management. The industry is so ripe for discussion with all of its: negative stigma, tenants/toilets/trash, fee-drivenness, landlord friendly, investor driven, technologically evolving and legislatively active...environment.
There's the historic landlord and agent PM legal agency relationship with a traditional scope of service, duties/responsibilities between LL&T, evolving retail/consumer trends/expectations, etc. But I am also witnessing as well as organizing a newer more scalable model providing for a more cloud-based, remote, less-than-full service--model that is appealing for a large amount of investors and property owners who are interested in receiving many of the traditional services (rent collection, bookkeeping, leasing, noticing, maintenance coordination, answering phones, etc.) but who would be willing to pay about 1/2 the monthly fee in exchange for participating by physically being present to allow access, showings, servicing notices, etc.
Curious to know what anyone else thinks about this new evolution in the property management industry...
@Franklin S. - I am agreement with you, but as far as who would be willing to pay the fees for property management, accounting services, and administrative tasks, a lot of the BP members wouldn't. Why? you might ask. Simple, they want to do it all.
Owners that have 15+ properties with commercial/office/retail/residential will most likely to focus on getting more deals and less of the traditional services.
I think technology should allow full service PM companies to do more for less.
I believe that the traditional fees charged years ago have come down because of the sheer amount of people in the business, technology and the DIY people. There is a place in the market for everyone no matter what type of business you operate. Some want full professional service, some what the a la carte menu, some don’t care unless they get their rent!!
Having said all that, everything seems fine until there is a real problem, or someone gets themselves in trouble with fair housing etc... there will always be a need for a professional no matter what you do. It may seem or be perceived as expensive, just like insurance until you need it!