Large Property Management Company 1,030 Doors

Business Overview:

The Company started with a modest 127 personally cultivated rental units in January 2017. By 2019 and early 2020 the Company represented 600 units. Despite terminating two large portfolios due to owner conflicts, the business now manages 236 properties. Those 236 properties represent 1,030 units and house approximately 2,000 tenants.

The Company’s focus is managing condominiums, single-family homes, and apartment buildings with less than 100 units. It also manages HOAs, COAs, vacation rentals, and student housing. As of May 2024, 87 are multi-unit buildings and condos. Those have an Occupancy Rate of 91%.

There are 144 Single-Family Homes or Condos. Those properties currently have a 94% Occupancy Rate.

Commission rates vary from 3.5 to 11% depending on property size, risk assessment, and quality.

AppFolio, the property management software, is used to centralize tenant, vendor, and owner communications, manage vendor information (contact info, licensing info, insurance documents, etc.), and owner information, and handle all the rental property accounting.

The growing need for housing and subsequent shortages in Albuquerque and surrounding areas are fueling the Company’s growth.

The operation employs 27 full-time people (does not include virtual assistants) plus the Seller, and up to four seasonal helpers as needed. There are 7 property managers, 17 maintenance staff, and 2 administrators in office administrators, 1 Office Manager, and 2 Virtual Assistants.

NDA is required to secure the comprehensive Confidential Information Memorandum (CIM) crafted by ProNova Partners.

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Property Features and Assets:

Facilities: Company headquarters are in a 3-unit commercial office center. The rent is$2,450 per month for the 1,440-square-foot space.

Market Competition and Expansion:

Competition: The few larger operations in the area - those representing 3,500+ units tend to think of this Company as competition. There are smaller operations, but competition is not fierce.

Growth & Expansion: Marketing is the biggest hurdle to greater success. A dedicated marketing team and maintaining high standards would make this company grow even faster.

Reason for Selling:

The Seller plans to pursue law school and become a Real Estate Attorney.

Additional Details:

Documents:

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