Management companies were formed and began to put more emphasis on marketing the facility, setting up sophisticated reporting systems including inventory controls, auditing accounting and so on. They also recognized the need for better trained managers, for quality maintenance programs and the need to be pro active in getting lien laws passed in their states to assist in collecting delinquent rents and, if need be, auctions of customers goods or eviction processing.
Management companies were instrumental in helping to fight sales tax legislation, in forming local, state and national associations, and they continued to take an active role in all of these functions. The specialization of these companies has allowed the industry to evolve into a more professional status among the institutional investment world, and they have been effective in helping the industry grow to the size that it is today.
The role of the management company has changed considerably, along with the evolution of the industry. However, the basic concept remains the same as what it did in its original stages: to allow an owner to be free of the day-to-day operational functions while enjoying the growth and profitability of the business.
In return for a fee, management companies today facilitate numerous functions such as accounting, computer knowledge, legal understanding, marketing, maintenance, customer service, human resources, disaster (fire, flood, theft, etc.) management, etc. They have continued to help the industry develop into highly efficient and sophisticated organizations, challenging the industry to provide better products and services.