SFR Year in Review with Andrew Nolan
While the rapid portfolio expansion of the single-family rental (SFR) industry may have slowed, 2023 was a big growth year for MCS. Andrew Nolan, MCS’s President of Commercial and SFR, shares his thoughts on the year’s highs and lows, the company’s expansion and where MCS and the industry are headed in 2024 and beyond.
What were MCS’s big SFR wins for 2023?
Our SFR business expansion is undoubtedly our biggest win. In March 2022, we had no market presence and ended up quadrupling the business and dramatically growing our revenue in 2023. We now have MCS boots-on-the-ground representation in more than 25 markets. We also grew our customer base, refocusing from one large customer to adding new accounts and growing our work order volume with over 30 SFR clients in markets across the country. As the year winds down, approximately 80% of the top 20 SFR property owners have a contract with us, and we’re proud of that and want to keep growing.
Contractor licensing is another highlight. It can be a time-consuming and arduous process, especially with as many markets as we now serve. But we’ve been successful and have proven our ability to get licenses because we’ve done it the right way, taking time to understand the licensing process and the local rules and regulations for each market before we go headfirst into it. And it’s enhanced our ability to self-perform and remain in compliance across our markets. This also gives our clients peace of mind.
Since moving to a hybrid service delivery model, how have MCS’s clients benefited?
We can both self-perform services as well as provide local oversight. Our clients typically want to ensure we have our own teams overseeing work, regardless if it’s our own employees performing projects or if we’re engaging with local, qualified subcontractors. While many large commercial customers have store/branch managers and district managers with eyes and ears on the ground, within the SFR industry that may not always be the case across all markets. They want oversight, and we can deliver that.
How is MCS innovating to help make its customers’ lives easier in 2024, and where do you see opportunities for growth?
Just as with the commercial facilities maintenance industry, labor and training are an ongoing issue for the SFR industry. We’re trying to develop ways to train the next generation of service technicians in the trades. As service techs age out of the industry and retire, there aren’t enough young ones yet in the pipeline to take their place. That’s an issue we need to solve as an industry and as a company to achieve the aggressive growth goals we’ve set for ourselves.
As we open more service centers, we’re also looking to create a training program to develop local talent out of high schools and trade schools. By offering training as well as employment opportunities, we hope we’re able to find the best people—and keep them. This was more difficult to do when we had only a handful of centers, but with over 25 self-performing markets and growing, it’s getting easier.
SFR is also further behind the commercial industry in terms of technology and integration. There are no standard systems or platforms. But we do see that happening over time, and we’re trying to develop our own tech to make things smoother, while working to integrate with other systems for a seamless client experience.
What has been most surprising to you this year?
I’ve honestly been the most surprised at our ability to expand and grow so rapidly, and we’re just getting started. I’ve also been gratified at our customers’ reaction to our work and all the positive feedback we’ve received. We’ve come so far in such a short time—yet, there’s still so much opportunity to achieve more and reach more customers. That has me energized for the future.
Contact MCS today
Looking for an SFR property services partner? Find out how MCS can help you maximize your investments through regular maintenance, our technology-enabled process and an extensive network of experienced contractors and employees available to support your properties through their entire lifecycle. Contact Jason Myers today to learn more.
