Does anyone have experience with selling a Property Management company?

[Dave G.]

Hello all! 

    I am thinking about exit strategies in various businesses in the RE world. Most of them are obvious (sell the house, rent it out, flip it, etc). Property management isn't to me. I get that you would have clients (essentially a book of business) and places under contract that get you a cashflow, but how would selling this business work? What kind of sales prices do you think you could get? I'm interested to know just how big a PM company would have to be to get a '$X' valuation (say $500k). Any insight or help or better yet, case studies, would be welcome!