CoStar: Apartments.com Monetization & Growth Limits

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What percentage of multifamily properties, at least within the territories you manage, are outsourced to third-party managers? Do you consider these territories a good reflection of the national level? And what percentage of multifamily properties is directly managed by the owner?

It really depends on the size of the portfolio. When people have 30, 40, 50, 60 unit buildings and up, like a 120 unit building, they typically do not manage it themselves. Owners managing their own properties usually have 10 units or below. A 10 unit property or below is self-manageable. If it's a six unit or below, it's self-manageable. But once you start getting to 20 units and above, it becomes a lot in terms of management. Typically, people who have properties, unless it's in a low-income area and the properties aren't that expensive, have someone else manage it because they are usually on the higher end of the income scale. I would say probably 20%, maybe 15%, are owner-operated in terms of owning the property and managing it themselves.

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What are the factors defining the pricing? You mentioned customer size, building size, and average number of vacancies. You said it doesn't depend on the average number of vacancies in the building.

The cost of advertising depends on their monthly term, the number of units in the building, and the property's total. The vacancies don't matter at all. A 55-unit property will determine the cost, along with the ad level and the monthly term.

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