You don’t become one of the largest property management companies without knowing your stuff. To survive in this tough industry, you have to be willing to constantly market for new clients, keep current clients happy and select top-quality tenants.
To give you an example of how that’s done, let’s take a look at the best of the best.
Greystar started in 1993, with a clear vision of where it wanted to go. It knew that pursuing desirable real estate markets, staying on top of trends and hiring knowledgeable professionals would catapult it into the success it has today.
Greystar started with 9,000 residences, but has increased that number to over 400,000. These are primarily apartment homes, with a total portfolio of over 10 billion U.S. dollars and developing an additional 4 billion dollars’ worth.
The founder, Bob Faith, is also the current CEO and Chairman. He is focused on raising new leaders and managers within the company to help them continue Greystar’s success.
In 2014, Greystar acquired the (at that time) second-largest property management company, Riverstone Residential. This acquisition is what put Greystar head and shoulders above the competition in terms of size, giving it more than twice as many units as its largest competitor, Lincoln Property Company.
Lincoln Property Company
Lincoln has a more diverse range of offerings for customers. Even though it started with just residential apartments, it has since expanded to include military, student, commercial, office and hotel buildings.
One of the older property management companies on the list, Lincoln was started in 1965. Within just 7 years of starting, it expanded from the United States into Europe and the Middle East. Its locations became well-known for their beautiful architecture and great locations.
Today, Lincoln manages over 168,000 units. This includes a great deal of military housing, as Lincoln Military Housing is now one of the largest military housing organizations in the country.
Pinnacle Family Companies
Pinnacle is another one of the largest property management companies and was started in 1980 and now manages over 135,000 units. While that does include residential units, they are not Pinnacle’s focus. Instead, the company takes pride in helping business clients manage their properties. Their clients include pension funds, private partnerships, investors, and insurance companies.
Pinnacle also separates itself from the competition by telling potential customers and clients about its leadership. It does this by introducing senior management, their interests, and why they’re qualified to do what they do. For example, Rick Graf, the President and CEO, writes that he loves to travel and his favorite movie is Shawshank Redemption.
Pinnacle has 14 offices throughout the country, although they do not have a large presence in the northeast.
Equity is the only other property management company with over 100,000 units. It focuses primarily on apartment buildings, but has an emphasis on minimizing environment impact that the other companies don’t focus on. Its GreenWorks program is making waves in the industry, encouraging others to get on board with taking actions to help the environment.
Equity also prides itself on extremely fast service times and a friendly environment to meet your neighbors. They try to go the extra mile when it comes to the comfort of their residents, rather than focusing on making a profit or growth.
All of the largest property management companies have over 100,000 units, but each company is unique. One thing we’ve learned at RentPost is that whether you’re managing 1 unit or 400,000, the important thing is to have a clear vision on what you want your company to focus on, and let your clients know it!