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THERE IS A PENDING OFFER ON THIS LISTING. Established since 1987, this is a successful property management and maintenance company in the Puget Sound Area of Washington State. The company has 280 units under management, including single-family homes, condos, and multi-family buildings ranging from two to twelve units. The company does not do any management for HOAs or COAs. All management contracts are for one year and automatically renew. The property management division has 2 full-time property managers, 1 full-time trust account bookkeeper, and 1 full-time receptionist. The maintenance division has 1 full-time bookkeeper, 3 part-time plumbers, 2 part-time handymen, and 1 part-time landscaper. The maintenance division offers plumbing, handyman, and landscaping services to property management companies and construction companies in the area. The maintenance division has over 130 clients. Approximately 40% of the maintenance revenues come from doing work in-house while 60% of the maintenance revenues come from outside clients. After decades of owning the business, the owners are ready to retire. This is a rare opportunity to own an established property management and maintenance company in a growing area of Washington State and expand it to the next level. In order to operate this business, the buyer needs to possess a Managing Broker’s license with the Washington State Department of Real Estate Licensing or hire someone who has this license to be the designated broker. NOTICE: THIS IS A HIGHLY CONFIDENTIAL LISTING. THE NDA WILL BE STRICTLY ENFORCED IF VIOLATED.
Real Property Included
The properties managed are located in an area that has experienced consistent population growth prior to COVID, and an acceleration of population growth since COVID. Rents are going up as there is a shortage of housing across the board. In addition to selling the property management and maintenance company, the owners are also selling the property where the company is situated at an asking price of $1,995,000. The property is a mixed-use building with one office unit and 11 residential units.
The area is growing in population and a number of new housing developments are being built. The owners have spent very little on advertising and marketing. For example, the maintenance division has no web site. A new owner can grow this business by focusing on marketing, continuing to offer excellent customer service, and actively pursuing new business as a result of the population growth.
Having been established for 34 years, this is a successful property management and maintenance company with a long history in the community. Many clients have been with the company for many years, and the company continues to do well during the pandemic.
Sellers are willing to train. Details negotiable.
The sellers will not entertain seller financing or earn-out arrangements. Cash out offers only. Broker can assist Buyer with bank financing.
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