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Buildium has reported the release of its third annual "State of the Property Management Industry" Report, co-published in partnership with the National Association of Residential Property Managers (NARPM), a professional and educational organization for the residential property management industry.

The company said the report examines findings from a Buildium and NARPM joint survey by the same name, which was released over the summer and gathered insights from nearly 1,300 property managers (PMs) across the US.

According to a release, the report captures PM demographic and portfolio mix data, insights into common services offered, the challenges of running a property management business, and goal-setting. This year's report also includes anticipated impact from industry shifts, expected growth trends, strategies for 2018, and more. Some of the most noteworthy results include:

-The top 3 PM challenges are Maintenance, Efficiency, and Growth

-While those aren't incredibly surprising, there was a notable shift with the new top goal for PMs being: efficiency. This is up from 24 percent in 2016, to 49 percent in 2017

-For the 90 percent of respondents who currently use property management software, these solutions have had a sizable impact across the entire businessincluding significant growth in portfolio sizes and revenue

-87 percent of PMs who regularly use social media say that their revenue has increased in the last two years38 percent of whom say it has increased significantly; yet four-out-of-ten property managers still aren't using social media for their business

As a new addition to this yearly publication, the authors also offer prescriptive recommendations for how property managers can use the findings to differentiate and improve their businesses in 2017:

-Leveraging technology to grow and increase efficiency

-Leveraging technology to market a property management business

-How property managers can put social media to work

-How to manage reputation with review sites

"One way we live out one of our Buildium core values, "Focus on customer first," is through providing insights and advice for professionals in the industry. Our annual survey and report in tandem with our partners at NARPM is a perfect culmination of insights and trends that allows property managers to benchmark and educate themselves against others in the industry," said Chris Litster, Chief Customer Officer of Buildium. "From what we see, we're looking forward to the continued expansion of the property management industry well into 2018."

"For the second year in a row, we are excited to help assess the property management industry and capture the challenges, goals, and aspirations of our professional members," said Gail Phillips, CAE, Executive Director of NARPM. "This year is particularly exciting as we were able to uncover not just trends, but also solutions in order to offer data-driven best practices to the community."

The National Association of Residential Property Managers (NARPM) provides a permanent trade organization for the residential property management industry.