Peter Lohmann's Newsletter - Issue #81

Update on Brandon Ngati’s PM Company

If you’ve been subscribed to this newsletter for a while, you may remember when I selected one underrepresented property management company owner for free coaching. This is how I connected with Brandon Ngati, founder and CEO of Four Seasons Property Management in Maryland.

After graduating college in May of 2020, Brandon was looking for ways to quickly adapt to the new landscape the pandemic was quickly carving. He began to keep his eyes out for investment properties, believing that they were a more stable opportunity amidst the turbulence COVID was causing. That led him to buy his first triplex at the start of 2021. He lived in one of the units and retained the tenants in the other two. Self-managing his tenants gave Brandon a lot of perspective and direct experience. From there, he encouraged his cousin to purchase a rental property of her own with the promise that he would manage it since he was doing it for himself anyway. She became his first client with a quadplex.

Now, at the start of 2024, Brandon has 22 doors under management.

Where is he headed? By the end of 2024, Brandon’s goal is 200 doors under management and $500k in revenue with unit turns happening in 28 days or less.

Key takeaways for anyone under 20 doors:

1. Build your company for the kind of entrepreneur you are.

2. Find people to backfill areas you aren’t an expert in (and don’t want to be).

3. Be responsive and knowledgeable when prospective clients reach out.

Want more details from our conversation? Read the full article on my website.

PM Acquisition Poll Results, Sponsored by Live Oak Bank

Last week I polled the readers to find out how frequently financing has been a barrier to M&A within our industry. Basically — is not being able to get a loan preventing you from getting a deal done to buy or selling a property management company? Here are the results.

Here comes the good news…. Live Oak Bank, an extremely well-respected small business lender, now has a team that specializes in financing the purchase of property management companies.

They want to invest in you whether you are purchasing a residential or community management company, or need community maintenance and amenity project financing to add a clubhouse, pool, playground, or improved structures.

With Live Oak’s competitive rates and terms, industry expertise, credit facilities up to $10 million and variety of loan options, they’ll take you where you need to go. Explore their property management financing options at https://www.liveoakbank.com/business-loans/property-management/

My thanks to Live Oak Bank for sponsoring today’s issue.

Property Management Companies For Sale

This week I found 5 property management companies for sale across the country:

1. For sale in Texas, asking 150k. It’s an existing franchise.

2. For sale in California, 1500 units, 2M gross revenue, asking 4.4M.

3. For sale in Florida, 18 units, asking 100k.

4. For sale in Florida, 14 units, asking 100k. Possibly vacation rentals.

5. For sale in Georgia, asking 110k. It’s an existing franchise.

Industry News and Events

There’s a LOT to talk about this week! Here we go:

• Todd O’s company Always There Repair has merged with EZRapair Hotline. More info here.

• Tuesday: Buildium teams up with NARPM to host “Adapting to a new Reality”, a webinar with Deb Newell and Paul Rush to discuss PM trends in 2024. Should be a good one. Register here. BTW, Buildium folks if you’re reading this, would love to collaborate. Reach out sometime?

• Speaking of Deb Newell, she just launched a brand-new venture called Home Hawk. They will watch your Utah home while you are away, or help you with anything you need around your home.

• Wood Partners, the 4th largest developer in the country, is transferring property management operations for its roughly 38,000 units across 17 states to Greystar. Hat tip to Covered Land Play on 𝕏.

• RentScale is hosting a free webinar entitled “Learn To Love Closing Again.” They consistently produce some of the best content for property managers looking to grow. I suggest registering here.

• Ray Hespen of Property Meld and Andrew Smallwood of Second Nature (two of my favorite people in the industry) are hosting Triple Win LIVE: Differentiate Your Property Management Company in 2024. Register here.

Closing Thought

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

P.S. Looking to reach 5,000+ property management company owners?

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