For a very long time (as long as I’ve been in the industry), property managers have used well-defined criteria to set a reasonable unit acquisition cost (UAC). Long ago, before the NARPM benchmarking studies, property managers (PMs) estimated that UAC should be “no more than $1,000!” We really had no mathematical basis for this, it was just the conventional wisdom.
Then benchmarks were introduced. And, while it was a big improvement having actual data to work with, it also created misconceptions about what “good” numbers should look like.
Therefore, I think it’s time we do a deep dive into what these numbers tell us, and what are considered “good” numbers for individual operations.
Todd Ortscheid
Todd is the CEO of Revolution Rental Management, a property management company in Atlanta, GA. He is also the CEO of Always There Repair, a maintenance coordination and hotline provider for property managers. Along with his wife Abi, he also owns PMAssist, a training and consulting company helping property managers with their revenue, processes, and automation. Todd splits his time between Atlanta and Naperville, IL with his wife, stepson, and Cocker Spaniel.
Todd Ortscheid’s regular column about various fees and revenue tactics to raise your topline.
