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NARPM Broker/Owner 2026 wrapped up with a closing keynote from Peter Lohmann and Jordan Muela. During their session, they released the 2026 PM Trends Report. And the data is great!
In partnership with Harris Poll, they surveyed a wide range of 500 residential landlords:
- 10% of respondents are Gen Z
- 38% are Millennials
- 34% are Gen X
- And 18% are Boomers and older
The report produced several fascinating findings. Peter detailed a few in his newsletter, including this framework that splits respondent behavior into four groups:
- Expanders are growing their portfolios with no plans to sell. These are your prime growth clients, motivated buyers of services who’ll likely add doors over time.
- Holders are neither buying nor selling. They’re stable (not growth), and a reliable retention base if you’re focused on long-term client relationships.
- Repositioners are buying and selling at the same time, actively rotating their portfolios. They tend to demand more hands-on service because of the complexity and frequency of their transactions.
- Exiters are selling without reinvesting. They might generate revenue in the short term, but they carry the highest churn risk. A group to monitor – not invest heavily in acquiring.
This framework is something I’d implement immediately into my onboarding process. It’s super useful for identifying owner goals. Your BDM could ask something like “which of these most closely describes you?” With their answer, you now have a great starting point for understanding your role in their ownership journey and how to leverage it for more revenue. For example, if they identify as expanders, repositioners, or exiters, you’ll know to enroll them in periodic emails that push your brokerage offering so they know who to go to when they’re ready to make a transaction. (If you’re a Blanket partner, our automated communications do this for you.)
You’ll want to go deeper after they self identify with one of these 4 groups and ask about their specific goals. Asking about client goals at the start of the relationship is something I’ve been talking about for years because it’s one of the easiest things you can do to reposition yourself from “rent collector and toilet fixer” to Trusted Advisor. Toilet fixers have no reason to ask about long term goals. But a trusted advisor tailors the entire relationship around accomplishing those goals.
ROI vs. Peace of Mind
Peter also said in his newsletter that the report found that “most [landlords] said they hire property managers primarily for stress relief, not to maximize ROI. That’s a big deal. Pitching yield optimization and financial performance metrics may be way less persuasive for most landlords than emphasizing peace of mind, reliability, and ease.”
Todd Ortscheid posted about the above finding on his LinkedIn, adding that “ROI matters, but only to a minority slice of the landlord population. Most landlords care more about just making sure that their house is taken care of. They don’t care whether their ROI is 1% or 5%, and many don’t even care if it’s a little bit negative.”
I agree with Todd and Peter that a primary concern for landlords is peace of mind, convenience, and making sure their property is well-cared for. But allow me to offer an alternative perspective, because I think they’re underemphasizing how many landlords do care about ROI.
For starters, some percentage of this is due to an education gap. Many owners may say they don’t care about ROI because they don’t understand what it entails. Show an “Exiter” their property’s appreciation potential and they might think twice about selling. Show a “Holder” how their equity could be used to buy another rental, and they might turn into an “Expander.” Yes, investors are primarily the landlords who care about ROI, and they’re a small slice of the market. But I’ve seen many accidental landlords turn into investors when given the right information. Converting them is in your best interest because investors bring way more revenue potential to your business.
Second, I have to wonder what percentage Peter and Todd mean when they say “most landlords.” The 2026 PM Trends Report also asked about premium services landlords would be willing to pay their PM extra for. Out of seven services, at the top of the list with 51% saying they’d pay their PM extra was asset management.
In residential property management, asset management means helping owners improve income, protect downside risk, grow equity, and make better hold, renovate, refinance, buy, or sell decisions over time. In other words, over half of respondents would pay extra for help generating better ROI.
Perhaps we’re looking at the coin’s two sides. Half value ROI. Half don’t. It’s up to you to find out which so you can tailor your services, which reinforces the importance of asking about their goals at the very start of the relationship!
About Blanket
Blanket is transforming the property management industry with its innovative platform that helps property managers grow their portfolios and retain owners. By combining AI-powered insights, automated lead generation, and seamless integration with existing property management software, Blanket provides property managers with the tools they need to succeed. Blanket is backed by leading Venture Capital Funds like Foundation Capital, Symbol, Operator Partners, RE Angels, and industry-leading Angel investors. Together, we’re shaping the future of property management.
