Peter Lohmann's Newsletter - Issue #126

Showdigs Update, $1.9M Trust Account Funds Stolen, Global Talent Compensation Guide

Author

Peter Lohmann
January 24, 2025

A no-fluff weekly publication for the property management industry.

Showdigs Rescue: Now Employee-Owned

Leasing platform Showdigs, rumored to have shut down at the end of the year, is fully operational and under new ownership.

Although the company grew by 50% in customer count last year, a tough leasing environment meant their VC backers were ready to throw in the towel. They cut off additional funding.

Instead of shutting down, a few key team members organized and were able to negotiate a deal to save the company. Six employees now own the company and are optimistic about the future.

I spoke with Barak Shamir, Head of Sales & Customer Success, about the transition. "What started as a challenging situation has evolved into an incredible opportunity. Our transition to employee ownership means that the same passionate team our customers trust will now be directly invested in Showdigs' future success. It's the best possible outcome we could have hoped for."

With no debt and a highly motivated ownership group, Showdigs is looking to expand their agent network across the US and add additional metro areas to their service area (currently serving about a dozen cities) in the coming year.

This is a rare example of a positive outcome for a PropTech company that doesn’t experience VC-level growth. Would love to see more like this!

THIS ISSUE PRESENTED BY PLANOMATIC

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We’re using PlanOmatic at my company, RL Property Management, and loving the results. My team raves about how fast they are. Give them a try and see what you think. -Peter

New: Global Talent Compensation Guide

Friend of the newsletter Jon Matzner, CEO of Sagan Passport, just published an updated salary guide for global talent (aka RTMs or remote team members, as the property management industry has taken to calling them).

Here’s an example from page 23. Note, amounts shown are monthly salary ranges for full-time work:

I’m super into this. They’ve hired 1000+ global team members over there at Sagan Passport, so they know this data better than just about anyone else.

(Did you know Crane members get access to free & discounted RTM placements from Sagan as part of their membership? Crane members: click here for more info.)

Anyway, Jon generously made this compensation guide available for free. Go here to get your copy.

New Property Management Companies For Sale This Week

Generously sponsored by Live Oak Bank’s property management acquisition team!

  • Here is a commercial management company for sale in Houston, TX (asking $1.2M)

  • Here is a property management company for sale in Sacramento County, CA (1800 doors, asking $4.5M)

  • Here is a property management company for sale in Cobb County, GA (1000+ doors, asking $1.6M)

  • Here is an STR management company for sale in Tampa, FL (61 properties, asking $600k)

Note from Peter: If you purchased or sold a PM company in the last 12 months, please submit your data below. I will be publishing an industry M&A report with aggregated (and anonymized) data, so we can bring some transparency and context to property management company sale multiples and other valuable details. If you submit your deal, you’ll get a copy of the final report for free. I already have a dozen submissions; keep them coming!

Industry News & Events

Closing Thought

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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.