An Interview With Randall Henderson, VP of Residential and Commercial at Property Management Inc.

In 2014 Randall Henderson joined Property Management Inc. as the franchise’s director of training. At the time, the six-year-old boutique property-management-services company had just 40 units and “not a lot of good systems to speak of,” Henderson said.

Today, the growing franchise brand boasts more than 260 units in 44 states and has become one of the most highly regarded property management brands in the industry. Henderson, now the franchise’s VP of residential and commercial, attributes the brand’s success largely to its increasing breadth of expertise, which includes commercial and short-term properties.

1851 Franchise: How did you first get into real estate management?

Randall Henderson: I got my start managing properties in Salt Lake City for the Olympic Committee in 2001, which was then preparing for the 2002 Winter Olympics. I was hired to manage about 130 properties that were going to host athletes. We hosted them, and the following month we hosted the Special Olympics.

All throughout that experience, I was thinking to myself about how interesting this industry is in ways that I had never really considered before. I decided to start my own property management business in 2003. I started managing properties in Denver, Park City and Salt Lake City. When that company took off, I had an opportunity to sell it, which I took. Then I started looking around for my next opportunity in the business. I found a company that was teaching property managers how to run a successful management model, and they were looking for someone who could take over the training responsibilities. That was PMI.

1851: What was it that you found interesting about property management when you were working for the Olympic committee? What compelled you to make a career in the industry?

Henderson: Initially it was just the power of real estate. Immediately coming out of school, I figured I would go the corporate route and claw my way up through the ranks. I didn’t really know what other opportunities there were for a math major. When I learned about property management, I thought it was such a powerful vehicle for people to invest and build wealth.

I also love that you get to work so closely with people on the tenant side. I haven’t really been able to use much of my degree directly, but there is a major analytical side to investments and maximizing efficiency, which I love. I learned very early on in my career that if you help to achieve the goals of people that you work with, that’s going to help you meet your own goals as well.

1851: PMI was founded in a time of extreme uncertainty in the real estate industry. How do you think the brand has managed to come out on top and thrive years after the housing crisis?

Henderson: PMI has always been acutely aware that the property management industry changes rapidly. When the financial crisis hit about 12 years ago, so many properties were foreclosed on, and Americans were looking to rent in record numbers. It put a lot of pressure on PMI to become a better model for investors.

When PMI started, they were focused exclusively on the residential side of the business, but we learned that that isn’t enough. We began looking at other types of property management. Since then, we have launched commercial-, short-term- and association-management pillars, and we hired directors and VPs to run those pillars.

Our bread and butter is still the residential long-term space, but we’ve opened ourselves up to make great investments in all corners of the industry.

1851: The real estate industry requires a substantial depth of knowledge. How does PMI ensure that franchisees are well equipped to provide the best services for their clients?

Henderson: Most of the candidates that come to us don’t have real estate experience, and they are often nervous that they don’t know enough about the industry. And we’re prepared for that. In fact, I’ve always looked at our business as one that not only teaches property management but also entrepreneurship and real estate, from the ground up.

That educational aspect is one of the most rewarding parts of my job. These are people who want to be independently successful, and we give them a path to achieve that. Most of our candidates are in their 40s, 50s and 60s, and they are looking to create businesses that will become their legacy. My message to them is always that no matter what kind of experience you have, if you truly want it, you can be extremely successful with PMI. Even people who are fresh out of the corporate world with no experience in real estate or business ownership can get there, but they need a partner who knows the business inside and out, and that’s what we provide.

We’ve been doing this a long time, in all sorts of markets and economies, and we understand the challenges and concerns that our franchisees face. We are prepared to help every one of them meet those challenges head on and build something great for themselves.

1851: Now that you’ve been with PMI for several years, what is your favorite part about working with the franchise?

Henderson: I feel like I'm part of a family at PMI. That’s something we talk about often. In some franchise relationships, there can be a tension between the franchisor and the franchisee. I hate seeing that. It’s like watching one of your children struggle. That family environment at PMI has been a big thing for me, and that comes from both the corporate side and the franchisees themselves. My policy is that franchisees always have direct access to me. I know what it means to include someone else in your professional dreams, and I take that very seriously. I give franchisees my cell phone and encourage them to reach out and call. They are putting a lot of trust in me, so I am adamant about always being there for them.