Property Management Inc.
WHY I BOUGHT
Why Sam Maropis Converted His Property Management Business into a Property Management Inc. Franchise
Partnering with the growing franchise gave Sam Maropis security and proven business model.
Like many other Property Management, Inc. (PMI) franchisees, Sam Maropis of San Antonio, Texas was no stranger to the property management business when he signed on with the brand. Now the owner of PMI Profit Realty, Maropis explained why he decided to convert his business to a PMI franchise after spending so many years on his own.
In 2010, Maropis was living with his wife and children in San Antonio, Texas, where he had relocated for work 10 years prior. He purchased a 48-unit apartment complex with a silent partner—something which at the time required a huge amount of time and capital. After experiencing some setbacks in management and vacancies within the building, Maropis left his day job to take over managing the property full-time from 2010 to 2015 and turned things around. In 2015, he became a broker himself, and in 2016 he started focusing once again on property management.
“When I purchased my 48-unit building, I took everything I had and bought it,” said Maropis. “The problem with being a real estate investor is that it takes an enormous amount of capital, and I couldn’t imagine ever doing something like that again.”
Buying and managing his first building gave Maropis valuable experience, insight and skills, but it also gave him the foresight to look into franchising as a way to work in the property management world. “I think the people that do it alone don’t understand the power of having an organization behind you that is dedicated to your success,” said Maropis on his recent conversion with PMI.
Maropis went on to say that the decision to join a franchise became very evident to him after doing his own research. “Property management is the ideal type of sale cycle. It’s a one-time sale but then you have recurring revenue. However, this is a very process-driven business, and if you don’t know how to do the process, you spend an enormous amount of time trying to figure out how to bake the cake,” said Maropis. “Once you join a franchise, they are all about you having the best possible business you can.”
“What PMI brings to the table is a serious understanding of what property management is,” Maropis continued. “Steve Hart, CEO of PMI, is truly one of the great geniuses in the business. He is an incredible business-owner and being able to work with him has been invaluable.”
“Property managers with their own businesses are prime candidates for PMI's franchise opportunity, and that they can take their businesses to the next level with PMI's four pillars and our experienced executive support team,” said Danessa Itaya, President of PMI. “Converting more established property management businesses is a huge initiative for PMI in 2020, and we’re excited to see this conversion trend continue as we offer more and more independent owners the support and capital that a franchisee gains after signing with PMI.”