A well-established, reputable Property Management company currently managing approximately 400 units in Central NC. In operation for more than 25 years, the company has a portfolio consisting of single family homes, duplexes, triplexes, quads and some small apartment complexes. The company provides management to approximately 100 owner entities, has great client retention and an excellent reputation in the local industry. 2017 Tax returns are for the year ended 9/30/2018.
The company currently rents about 760 square feet in a small commercial office building. The $500/month lease expires at the end of August, 2019. It is assignable and a long-term lease for a buyer should be available.
Opportunities for increased revenues and improved margins exist if a new owner wanted to offer full brokerage services. Services not offered by existing ownership include: property sales (currently, if existing clients decide to liquidate properties, these sales are referred to outside listing agencies); an in-house maintenance staff (currently, outsourced); assist existing tenants purchase homes (currently, referred to outside listing agencies); commercial services (currently, not offered). Also, if the new owner should endeavor to solicit new business from property owners in the area, there could be substantial growth from such efforts. The current owner has only been accepting new business from word-of-mouth referrals for the past few years, as handling the current base of business has been an adequate full-time effort given the size of business he desired to be.
There are a number of property management companies in the Central NC area. This is reflective of the strong property rental market - estimated well over 60,000 rental units.
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