Peter Lohmann's Newsletter - Issue #117

ShowMojo, Tenant Turner Sold to PE Group

Earlier this year, private equity group Greater Sum Ventures purchased ShowMojo and Tenant Turner, placing them under a new holding company called PropertyTek.

Unfortunately, that’s about the beginning and the end of the details that I was able to confirm. Nobody’s talking.

I did hear a few other bits that I was NOT able to confirm, so take these with a grain of salt:

• Landlord Studio was sold to the same group (This is not correct)

• PropertyTek is under LOI to be sold to another, larger PE firm

• The founders of ShowMojo and Tenant Turner are no longer involved in their companies

Again, those last 3 points are unconfirmed. I would love to hear if true one way or the other.

There is a broader, PropTech narrative/trend that these transactions are a part of. I’m still gathering my thoughts on that.

In the meantime, check out my list of VC-Backed PM Companies if you haven’t already. It’s up to date as far as I know.

Disclosure: I am a customer of ShowMojo.

THIS ISSUE IS PRESENTED BY RENTVINE

Stay ahead of the curve with Rentvine’s innovative technology! Built from the ground up with modern architecture, Rentvine is future-ready and equipped to support your business as it grows. Our cutting-edge tools are designed to scale seamlessly, whether you manage ten units or thousands, and empower your team with an intuitive, user-friendly interface. With mobile-friendly solutions, you can access everything on the go. Rentvine’s powerful open API allows for easy integration with the latest tech, while top-tier data security and privacy protection keep your information safe.

Save time and optimize your workflow and streamline your operations with customizable features. Count on dedicated, real-time support as you grow, and boost your efficiency with features designed to anticipate your needs. Future-proof your business with continuous software updates and simplify management through a centralized, cloud-based system. Enhance collaboration with seamless communication tools and gain valuable insights with comprehensive reporting and analytics.

The PM Ops Summit is Next Week

You want to improve your property management operations. The problem is… you don’t have the data.

Until now.

The PM Operations Standards provide the first research-based framework to measure, enhance, and prove the value you create through each one of your core PM processes. They include a powerful set of operational metrics that create value for both you and your owners. The Standards also define the outcomes that 100+ operators are targeting for these metrics, so that you can see how you stack up, where you should improve process efficiency, and how you can drive more revenue for your owners and increase profits for your business.

I’m kicking off this event Tuesday of next week. Join me as we help take the PM industry to the next level with operational clarity.

One-Click Poll: Please Vote

Thank you! This helps me keep the newsletter useful and relevant. -Peter

New Property Management Companies For Sale This Week

• Here is an HOA/POA management company for sale in Llano County, TX (asking $250k, 25 accounts, ~1000 units)

• Here is a property management company for sale in Branson, MO (asking 700k)

• Here is a property management company for sale in Sacramento County, CA (asking $4.5M, 1800 doors). That’s $2,500/door.

• Here is a property management company for sale in Garfield County, CO (asking $450k, 85 properties). That’s $5,300/door.

• Here is a property management company for sale in Chicago, IL (asking $500k, 100 units). That’s $5,000/door.

• Here is a multifamily property management company for sale in Cobb County, GA (asking $1.6M, 1000 units). That’s $1,600/door.

Industry News and Events

• A Sioux Falls, SD property management company partner is accused of stealing a million dollars(!) and the FBI is now involved. More here and here.

• Todd O recently wrote a great breakdown of the unit economics (literally) of purchasing PM companies or books of business. No lies detected. Some of my own (less-granular) thoughts on PM company valuations are here.

• New PropTech company 100 has partnered with CLEAR to launch the first-ever “verified renter network”, which is a fascinating idea (think TSA Pre-Check but for tenants). Brad Hargreaves has a great writeup on it in Thesis Driven yesterday.

• Wolfgang Croskey and I are interviewing the co-found of LeadSimple, Chris Berkompas, live on next week’s episode of Peter & The Wolf. Register here.

Closing Thought

- - -

Stats from last week’s issue:

Valid Recipients: 12,694

Open Rate: 64.2%

Clickthrough Rate: 4.5%

Most Popular Link (106 clicks): Notion’s Huge New Feature Release 

- - -

Did someone forward you this email?

That’s all for this week! Have a great weekend. -Peter

^{Peter Lohmann's Newsletter: Data. Details. Dedication.}

The content of this newsletter is for informational purposes only and does not constitute professional advice. I may have consulting agreements with, or financial interests in, companies mentioned in this newsletter. Additionally, some of the links included in this newsletter are affiliate links, meaning I may earn a commission if you make a purchase through these links. Always perform your own due diligence before making any financial or business decisions.