Property Management Inc. Closes 2022 with 400 Franchise Agreements, Surpassing $86 Million in System-Wide Revenue

Property Management Inc. (PMI), one of the nation’s top property management franchises, had a milestone year in 2022. The brand signed its 400th franchise agreement as it continued to steadily grow to become the United States’ largest property management franchise. With units located all over the country, as well as in the Dominican Republic, Malta, Costa Rica, Curacao, and Puerto Rico, PMI is consistently experiencing that growth and expansion. Furthermore, the brand closed out their notable year with a placement in Entrepreneur Magazine’s 2023 Franchise 500 list, placing #146 in the publication’s 44th annual accolades, as well as ranking #1 in the Property Management category.

PMI started 2022 with 361 units, and has since added over 40 signings throughout the year. The brand experienced an impressive 32% growth in revenue in 2023 while adding over 76 new franchise locations throughout the United States this year, expanding its footprint to include franchisees in 46 states. 

“2022 was a massive year for PMI,” says PMI CEO, Co-Founder and President Steve Hart. “A major reason for our expansion is that we have welcomed 150 new franchisees into our brand over the last two years. And these new businesses are starting to get traction in their local markets, which is contributing to this overall revenue growth that we're experiencing. In addition to that, these new franchisees continue to strive to be leaders in their local markets—and they're elevating the game.” 

To ensure the franchisor can continue to support its growing network of owners, PMI has also been steadily growing its internal team. In 2022, the brand appointed and hired two new executives: Chief Operating Officer Jeremiah Cundiff and VP of Marketing Greg Allison.

Cundiff first joined the PMI organization as a franchise sales consultant in 2011, when it had few franchise units. After leaving to run franchise development for another company, he returned to PMI and worked as Director of Conversions, Executive Director of Operations, and now COO.

His primary responsibilities are to work with PMI’s top executives to lead strategic initiatives to drive revenue, retain top talent, and increase franchisee satisfaction. Cundiff makes sure to integrate the company’s vision across all departments with an operating plan and by structuring a leadership pipeline. He also structures major partnership agreements and provides Hart with data regarding major initiatives and capital allocation decisions.

New hire Allison joins PMI with more than 25 years of experience in brand management, marketing, and professional service enterprises. He founded his own marketing agency/brand consultancy firm that worked with a number of high-profile clients and also has held positions with companies such as Alphagraphics Worldwide Printshops, Famous Brands International, and Blue Chip Group. Allison is passionate about generating brand growth and thrives on delivering profitable customer action across the entire franchise ecosystem.

Both leaders are excited about their roles and to be part of the rapidly growing brand’s efforts to continue to open property management businesses nationwide.

“We are very focused on putting the franchisee first. That means delivering on two most important factors—franchisee satisfaction and franchisee profitability. So as we look at these 400 units, we need to ensure they are satisfied and profitable,” says Cundiff.

Looking ahead to 2023, Hart says the brand is very focused on putting its franchisees first. “After going through those initial startup years, we're at a point now where we're really transitioning our focus to the franchisees,” he says. “Two of our major 2023 initiatives are related to marketing and operations.”

On the marketing side, PMI franchisees can expect to receive more tools to deploy in their respective markets and promote their businesses on a local level. When it comes to operations, PMI is investing in a learning management system as well as building out its franchisee training platform.

“These are exciting initiatives that we're pushing for,” Hart says. “The name of the game is helping our franchisees acquire and retain the real estate assets that they have under management. And 2023 is going to be a big year for us.” 

The startup costs for a Property Management Inc. franchise range from $53,225 to $190,050. The franchise fee ranges from $45,000 to $190,050. To learn more about franchising with Property Management Inc., visit propertymanagementincfranchise.com.

About Property Management Inc.

Founded in 2008, Property Management Inc. is a rapidly growing franchise that provides expert property management services and solutions across four pillars: residential, commercial, association, short-term rental management, as well as brokerage services. These four pillars provide the owners behind the brand's 400-plus locations with service options that build value and are unmatched in the industry. PMI’s consistent revenue-generating model has helped hundreds of property managers realize their dreams of successful business ownership. For more information about owning a Property Management Inc. franchise, visit propertymanagementincfranchise.com.