Doors under management

Definition

The number of rental units a company manages, the scale behind its recurring fee revenue.

Why It Matters

Door count times the average fee is the revenue base, so read all three of count, fee, and churn rather than the headline. Ask how the portfolio splits between single-family homes and multi-unit buildings, because the work per door is very different, and find out how many doors sit with one or two owners. An investor with forty units who leaves takes more than forty doors with them, they take the relationship that referred them.