If you’ve been looking into hiring a property management company in Florida or other states, chances are you may get (or already be) overwhelmed with your options.
There are a lot of companies out there who will manage your commercial property, and a lot to consider when looking at them and thinking about what services you really need and want.
Not to mention, considering if a property manager is really the right move for you.
Fortunately, if paying an arm-and-a-leg for a property manager doesn’t sound like the best option for you, there are other ways to simplify and streamline the management of your properties.
By doing so, it will become way easier to manage those properties all on your own.
But before we touch on those, let’s take a look at who the largest commercial property management companies are in the U.S.
Largest commercial property management companies
Below are the ten largest commercial property management companies.
Keep in mind that some of the companies listed below are dedicated commercial management companies while others have a mixed portfolio.
Here they are, listed based on square footage by the millions (i.e. 1 = 1,000,000 square feet, 1,000 = 1 billion square feet):
- CBRE Group, Inc.: 6,800
- Colliers International: 2,060
- JLL: 659
- Newmark Knight Frank: 753
- Avison Young: 368
- Cushman & Wakefield: 760
- Hines: 232
- Stream Realty Partners: 200
- The RMR Group: 98
- Kidder Mathews: 74
Data for the rankings is based primarily on a recent self-reported study by property management platform Commercial Search,
For that reason, it’s important to keep in mind that the real numbers could be slightly different from this due in part to both:
- The self-reported nature of the study, and
- The roughly one year that’s passed since its publishing
Largest commercial property management company in the world
The largest commercial property management company by a pretty large margin is CBRE Group, Inc.
According to the above study, CBRE manages nearly 7,000 doors, three-and-a-half times more doors than the closest competitor, and more than the rest of the top 10 combined.
The company generated more than $20 billion in revenue in the most recent year and has a reported 90,000 employees spanning across the globe.
Property management company costs
While hiring a property manager or property management company might sound attractive, for many landlords the cost is too great.
Typically, property management companies cost anywhere from 8-12% of your monthly rental income.
That’s a steep cost when you consider that calculation is coming from your gross revenue.
If your profit is around 10%, that means you won’t have to worry about managing your own property anymore, but you’ll be netting roughly 0 profit moving forward.
Understandable, for many property managers this isn’t ideal.
That then leads to the question: are there any other options?
Managing properties yourself
So, do you really need to hire a property management company?
If you’re looking to hire a property management company, chances are you’re in one of a few scenarios.
- Your portfolio has grown to include at least a few properties and you’re now feeling overwhelmed trying to manage them all
- Or you’re looking to part with your property management company that isn’t working out and you’re not sure whether you should hire a new company or just do it yourself now
In both cases, there are options to help you more effectively manage your own properties– and do it right.
Not only to generally:
- And optimize your entire process
But, as a result, save:
- And a whole lot of stress, with the peace of mind knowing you’ve got everything organized and taken care of
If you’ve never used property management software, you might be skeptical that software could make such a big difference.
That might be especially so if you have experience with something like QuickBooks or even free property management software like TenantCloud, which primarily only aid in accounting.
DoorLoop, however, is a complete property management tool that gives you the ability to manage your entire portfolio from one place.
That includes accounting features like:
- Automatic rent collection
- Chart of accounts
- Online payments, with multiple payment methods
- Account reconciliation
- Robust reporting
Not to mention, integration with tools like QuickBooks Online and syncing across all your accounts:
It also includes tools for managing other processes, such as:
- Maintenance management
- Tenant communications and tenant management
- Lead generation
- Owner management such as a convenient portal for running reports and printing checks
- And much more
But you’re not truly alone, either.
With DoorLoop’s award-winning customer service, you’ve got the support of a team of real human beings who are here to help you when you need it.
The choice is yours
Now you know a bit more about the biggest commercial property management companies in the industry, and the alternative if you rather not give up ~10% of your rental income.
So, this is where we pass it off to you.
The choice of which route is best for you is one only you can make.
But we hope this helped you get a bit more clarity about your options.
If the idea of being able to:
- Manage your properties yourself, while
- Slashing the time and effort it takes to manage them sounds good…
… check out what DoorLoop can do for you.
No need to jump in right away, either.
You can schedule a free demo for a full tour to get a better idea of how it can help you with your unique portfolio.
Then, make the decision that will bring you the performance, affordability, and peace of mind you’re looking for.