When you own or manage a property management company, it’s easy to see other companies as nothing more than the competition. At Simply Residential, we believe that relationships with other property management companies can be positive and mutually beneficial. It can allow for sharing of efficiencies and other best practices, which ultimately benefits the end customer.
The rental industry is constantly in flux, and many companies are finding that there are different opportunities in the buy/sell arena. If that’s the case, it’s valuable and strategic to have connections in the property management community with whom you can discuss mergers or acquisitions.
Real estate in Minneapolis is increasing in value, and there’s truly a small community of professionals that work within that realm. Many organizations partner with each other so they have a greater reach within the state, for example, one company focuses on Minneapolis real estate while others may focus on Mankato or Duluth. Having partners in those areas helps expand your portfolio of properties, potential to earn, and ability to best service your clients.
The considerable amount of time we’ve spent working in property management has taught us that having a portfolio of under 200 properties makes little to no financial sense. Many companies of that size end up losing money, especially when it comes to single-family residential properties. In that instance, we always advise our friends and partners to consider a merger, they get to keep their clients and we both pool our resources to enhance our businesses!
If you’re thinking about venturing into buy/sell, or if you have single family residential properties that you no longer wish to manage, give us a call! We’re here to help.
If you want to learn more about partnering with Simply Residential, visit simplyres.com/partner or contact Ron Huckabee at 952-831-5300 or via email at ron@simplyres.com!