How does market research apply to property management?

My mom wants to get into property management and the job descriptions all include "market research"? What kind of market research would you do for apartment buildings? She was a property manager for 3 buildings for 27 years and she never did or even heard of such a thing. What kind of background do you have to have?

Market research in this case means a basic knowledge of the housing market (rentals) in your area. It might include knowing strategies to improve a complex, or buildings profitability, or how to persuade the tenants to be more timely in their payments. It’s not any one skill set, but several.

In other words, the days of simply collecting rent are over. But if your mom is a quick study, she might be able to persuade them to give her a try, based on her previous experience.

Good luck to her!

2 Responses to “How does market research apply to property management?”

Read below or add a comment...

  1. Lisa S says:

    Market research in this case means a basic knowledge of the housing market (rentals) in your area. It might include knowing strategies to improve a complex, or buildings profitability, or how to persuade the tenants to be more timely in their payments. It’s not any one skill set, but several.

    In other words, the days of simply collecting rent are over. But if your mom is a quick study, she might be able to persuade them to give her a try, based on her previous experience.

    Good luck to her!References :

  2. HEATHER says:

    I would take this as the ability to find out what other apartments in the area are charging for similar apartments. They need to know what competitive apartments are charging and for what. Best part of the job, if you ask me.References : Commercial real estate for 13 years, including about 8 doing market research for brokers selling large apartment complexes.

Leave A Comment...

*