Peter Lohmann's Newsletter - Issue #107

Propertyware Migrating Some Users To Buildium

I’m hearing multiple reports of smaller Propertyware customers being pushed off the platform and onto Buildium.

RealPage could not be reached for comment.

The PM Facebook groups are lighting up with Propertyware customers asking about other PM platforms (eg, RentVine, AppFolio).

There’s long been speculation that Propertyware was a “dead man walking” ever since RealPage completed the Buildium acquisition in late 2019, because there is a lot of ICP overlap between those two products, and Buildium is viewed as the more modern solution.

I suggest all the major PM software vendors (including Buildium) quickly create Propertyware-import functions to streamline this process (including ALL historical data & transactions). Make it as easy as possible for these folks who are experiencing a major unplanned business disruption.

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New Podcast: Managing 1900 units with 10 people

I sat down with my friend Donny Thompson to find out just exactly how he manages so many units with so few team members!

Donny is a local PM here in Columbus who mostly manages lower-end properties, which makes it all the more impressive. He’s an independent thinker and I’ve learned a lot from him over the years. Check it out:

• Spotify

• Apple Podcasts

New Property Management Companies For Sale This Week

• Here is a property management company for sale in Charlotte, NC (asking $1.3M)

• Here is a commercial property management company for sale in Los Angeles, CA (18 commercial properties, asking $1.8M)

• Here is a property management maintenance company for sale in Providence, RI (asking $2M, 200+ units)

• Here is a property management company for sale in Sacramento County, CA (asking $4.5M, 1,800 doors)

• Here is an HOA management company for sale in Miami-Dade County, FL (asking $900k)

• Here is a residential property management portfolio for sale in Pittsburgh, PA (asking $180k, 179 doors)

• Here is a residential property management portfolio for sale in Orlando, FL (asking $300k, 145 SF doors)

• Here is a residential property management portfolio for sale in Maryland (asking $100k, 46 doors)

• Here is a property management company for sale in Sarasota County, FL (asking $695k)

Industry News and Events

• Philadelphia is making it harder and harder for renters to find new housing, by increasing the time and cost to remove non-paying tenants. This causes housing providers to increase their screening minimums (credit, income, etc). What a shame. The WSJ covers a similar topic here.

• Hiten Samtani, who writes the excellent ten31 newsletter (basically the commercial RE version of this publication, except better and funnier), produced an excellent 7-minute video piece discussing the late Artem Templer and two other RE developers whose lives took a dark turn. He examines the realities of lifestyle inflation, shame & silence, and what happens when your life’s work is inherently public.

• The hits keep coming for RealPage. Now the feds are coming after them for antitrust violations related to their revenue management product.

• Jordan Muela released a brand-new podcast interview with Dave Borden, CEO of RentVine. Jordan & Dave discuss the recent capital raise & how each of them view the future of property management software. By the way, congrats on 200 episodes Jordan! Legend.

Closing Thought

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Stats from last week’s issue:

• Valid Recipients: 11,453

• Open Rate: 59.1%

• Clickthrough Rate: 6.6%

• Most Popular Link (79 clicks): RentVine website

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

P.S. Have you checked out Crane, the private community for property management business owners? Join 60+ peers as we achieve time freedom together. Applications re-open September 13th.

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.