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The focused nature of the multi-family industry
The economy has been rapidly changing, and with it the demands from owners, investors, partners and tenants.
In no way have these dynamics become more evident than in 2018. Collectively, property managers represent many of the most successful and influential firms across the Florida, with some even having a State wide presence. A major factor for these firms was diversity across sectors. Due to the focused nature of the multi-family industry, apartment managers have many new properties in today’s market. What we sought to do with this month’s Investors Edition this was to determine where primary leadership was emerging and to identify those firms that had the right sense of growth, leases in place and management teams that are the standard in their market sectors. We were impressed by the number of owners that have shown growth in the past years under what would be described ideal circumstances. We focus our editions on the office, industrial, retail, mixed-use, vacation, and hospitality, and some miscellaneous uses. Not surprisingly, all but a small number of property management firms exhibited experience and capabilities with at least two of the sectors and more than a third of our members are active in three or more.
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In this competitive environment, many of the managers were confronted with rapidly changing market demand and found the need to recruit, hire, train and provide an orientation to the industry so that they could remain competitive. Indeed, our list of the top property management firms represents the best in their sectors and showed that by improving occupancy rates. On a period-to-period measure, from 2010 through year-end 2017, occupancy increased for all of the firms, with those likely attributable to portfolio changes (another kind of challenge). The gains were substantial, with all firms approaching the mid-90 percent range. We believe that leaders rise during both positive and negative market events. Our evaluation of occupancy changes, changes in leases, square footage under management and other factors all suggest that acquisitions with strong management practices will continue to show growth into 2020.
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Methodology
The Ranking of Property Management Firms utilized self-reported property characteristics for all firms. We measured square footage, number of leases, number and size of properties under management, property operations owned or managed participation in property sectors, sustainability practices and other factors. Preference was given to those firms that had strong fundamental growth and provided services to more than one sector. The overall size of the firm and the number of square feet figured in the rankings, and ultimately the firms were selected taking into account all of the submitted member information.
FIND TOP PROPERTY MANAGEMENT COMPANIES IN FLORIDA: https://SFPMA.COM
Tags: Management News
There appears to be some confusion surrounding the compliance date of the Engineered Life Safety System for those condominium associations that previously voted to opt out of the requirement to install condominium fire sprinkler retrofit. What is not confusing is that the safety of all occupants living in high-rise condominiums is paramount. No one wants to be responsible for death or injury caused by an incident that can be minimized with necessary precautions. How should the board of directors of a “high-rise” condominium balance the needs for fire safety against the considerable expense incurred in the implementation and installation of fire safety systems?
