You may have heard that PayLease recently published our 2013 Market Survey about online payment usage in the property management industry. If you aren’t familiar with our survey, once a year we enlist New Heights Research to survey hundreds of HOA and multifamily firms nationwide about their usage of electronic payments. Firms participating in the survey are asked to indicate their portfolio type, the number of residential units under management, and if they offer residents online payment options.
This year’s survey revealed some interesting finds. So if you haven’t already downloaded a copy of the survey, here’s a preview of the results.
One of our favorite findings from the survey is the acceptance of online payments among all portfolio types has risen since 2012. Here’s the percentage of firms in the property management industry that offer electronic payment options:
- All property management companies: 60%
- HOA firms: 69%
- Multifamily firms: 54%
The property management industry as a whole increased its usage of online payments by 7%, going from 53% in 2012, to 60% in 2013. More HOAs accept online payments, but multifamily firms added these solutions at a much higher rate. Multifamily firms increased their usage of online payments by 8%, going from 46% in 2012 to 54% in 2013. HOAs increased online payment solutions 4%, from 65% in 2012 to 69% in 2013.
This is just a glimpse of what is covered in our market survey. We also reveal and provide analysis on:
- Acceptance of online payments by homes/units under management HOAs and multifamily
- Percentage of firms who switched online payment providers
- Percentage of companies that implemented online payments
- Percentage of companies that added new payment methods to an existing solution
- Our predictions for trends in 2014
To download a complimentary copy of the 2013 Market Survey, click here.