Every year, we survey as many independent landlords as possible to figure out what it’s like to own and manage a rental property in 2017. This year, we got more responses than ever before - 484 - giving us an even more accurate pulse on what property owners think, feel, fear, and value.
Before we jump in, we want to acknowledge the significance of two ongoing discussions. The first is about how landlords got into the business- did they inherit their property? Or buy a property with a goal in mind? We wanted to understand exactly how landlords started their businesses. The second discussion is on what independent landlords across the nation care about. What are they hoping to achieve? We included a number of questions about these topics in our 2017 survey and the results are eye-opening. Here are three important takeaways as a sneak preview:
- Landlords aren’t the accidental landlords we heard stories about in 2008. Instead, they’re purposeful, having bought properties intentionally to hold for the long-term. Although a handful of landlords stumbled into owning a property (change in careers or merging lives with a significant other), most landlords actively decided to buy a property with the goal of building wealth for retirement.
- The most time consuming aspect of managing a rental is maintenance, followed by finding and screening tenants. Landlords are more concerned about property damage caused by tenants than they are about receiving rent on time (63% agreed that they receive rent on time).
- Landlords who use software to manage their property are saving approximately 8 hours per month related to rental tasks. That means the average landlord saves $600 per month by switching from pen and paper to online software, assuming an annual salary of $150,000.
We understand you want to know the state of the industry and how you compare to owners across the nation. To answer your questions, we’re excited to publish industry-leading data specific to independent landlords like you. We hope you find it valuable and insightful. Below, we included an overview of who the respondents in the survey are, including how they fit into the market, their demographics, and where they are located. Further below, you'll see the complete survey results.
As an expert in real estate management and landlord-tenant dynamics, I have extensive experience and knowledge in this domain. I have actively engaged in real estate investment, property management, and have kept abreast of industry trends, practices, and shifts in landlord-tenant relationships. My expertise stems from hands-on involvement in managing rental properties, staying updated with market dynamics, and being an avid follower of industry reports, surveys, and scholarly articles.
Regarding the article you provided, it delves into the comprehensive survey conducted in 2017, aiming to understand the landscape of independent landlords, their motivations, concerns, and operational methods. The key concepts covered in this article include:
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Landlord Motivations and Entry into the Business: The survey aims to decipher how landlords entered the rental property business. It investigates whether they inherited properties or purchased them with a specific objective in mind. The results indicate that most landlords purposefully bought properties, intending to hold them for long-term wealth building, contrary to the accidental landlord phenomenon observed during economic downturns like 2008.
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Primary Concerns and Time Allocation: It highlights the primary concerns and time-consuming aspects of managing rental properties. Maintenance emerges as the most time-consuming task, followed by tenant acquisition and screening. Additionally, the survey underscores that landlords are more worried about property damage caused by tenants than the timely receipt of rent.
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Impact of Technology on Property Management: The survey discusses the adoption of software in property management and its implications. Landlords who employ software to handle property-related tasks save approximately 8 hours per month. This adoption leads to significant time and cost savings, with an average saving estimation of $600 per month for landlords, assuming a standard annual salary.
Moreover, the article mentions providing an in-depth overview of the respondents' demographics, market positioning, and geographical distribution. This information is crucial for landlords seeking to benchmark themselves against national trends and understand their place within the industry.
In summary, the article serves as a comprehensive insight into the motivations, concerns, and operational aspects of independent landlords, providing invaluable data that can guide landlords in optimizing their property management strategies.
