Less than 1% of customers self-manage their rentals, even though some own over 1,000 units. Administrative burden and state regulations eventually push most landlords to hire property managers or sell.
So 30 doors, meaning like a self-managing owner under 30 doors, or even like a third-party manager, like until they hit 30 doors?
I would say a very small percent. We have some of both. The vast majority of our clients are property managers. We do have, I would say, less than 1% of our customers do manage their own portfolios. And some of them are big, you know, they own and manage their own hundreds of properties. I think our biggest has more than 1,000 units and they own all of them. On our platform, it's mostly property managers. I actually think self-managed landlord, either going to sell the property or move to a property manager. And it's a lot of— it's bureaucracy. There's certain states out there, and I'm not going to get political, they are in love with tenants and they make your life miserable. There's other states where they're very landlord-friendly or property manager and business-friendly.
