Question: How To Scale My Property Management Company?
Hi everyone,
So here is the deal.
Started a PM company 10+ years ago as a subsidiary of our turnkey company (IMO it's a tough gig selling turnkey if you don't also manage in-house)
Hated the PM business for a good 5 years or so.
Then one day I woke up and smelt the roses and realized that PM is not so bad after all.
That of-course came at a time when things actually started to work and we actually started to "work" the systems just as they should be worked lol
We have reached a point now where it's a pretty well oiled machine other than the minor $#@% that we fix on a daily basis.
The business motto is systemize, optimize and monetize which is a work in progress but chugging along.
I'm confident that with the operation as it is today we are at a point where we can start to significantly scale.
Organic leads are flowing in nicely and we grow at between 10-15 units per month or so.
My questions are:
1) How do we potentially find other "mom and pop" shops what want out of the business and we purchase to take over?
2) How do we prospect for another local PM company and offer to buy them out? (I've personally cold emailed all of them and nada...)
3) Any suggestions on finding larger multifamily landlords and bringing their large bundles of units to our book?
Thanks for reading and your time in replying
ps. Not interested in expanding into another market
- Engelo Rumora
- Podcast Guest on Show #89
Most Popular Reply
We use a company called RentScale. Great sales training on how to grow your PM business