Why Independent Property Managers Convert Their Businesses into Property Management Inc. (PMI) Franchises

Paul Bullington, who got his real estate license and started Willow Residential Property Management in 2019, recently converted the business into a Property Management Inc. (PMI) and is excited to see the benefits and perks of being part of the nearly 400-unit property management. Bullington’s territory is the Dickson, Tennessee area.

“I was first introduced to PMI in 2019 by Scott Abernathy, then-president. He did a continuing education training class, and the way he spoke of the PMI brand and the tools he presented, I really liked what they were doing,” said Bullington. “Then last year, as we continued to grow, I was totally overwhelmed. I invested a lot of time and energy into it and we have continued to grow over the past 12 months. We decided to get to the level of success we wanted, we needed to partner with PMI.”

The main things that are going to change for the business now that they have the major big-name support of PMI, Bullington says, are the number of homes they will be able to reach, and their strategy in general. He’s been working with a PMI business coach and receiving tools and resources to reframe his thinking and streamline procedures.

“In order for us to grow to the level we wanted, we needed some better tools, better backend support and a network of other property managers and business owners to learn from,” said Bullington. “We want to really grow with the brand and the power of PMI in this area. It felt like the right fit for us.

Bullington has about 100 properties currently that he brought to PMI, and is excited to expand. Franchise owners that convert their businesses into a PMI see their revenue sources multiple. Small and medium independent property owners typically have about three to seven revenue streams, while PMI offers 50-plus. The brand also has four pillars it focuses on: residential, commercial, association and short-term rental properties.

“Independent property management businesses, both small and seasoned, have limited growth potential due to the time constraints of the day-to-day,” said Steve Hart, CEO. “Existing property managers who join the PMI system can effectively grow their business by leveraging the brand’s operational infrastructure to tap into new revenue streams and markets.”

PMI has been a great option for other property owners looking to convert their existing businesses and launch their operations into the next level. Brad Mistina, who also converted his independent property management company into a PMI franchise, said the brand “filled in a lot of blanks.”

“Partnering with PMI allowed us to not only secure more deals than before but also significantly expand our network,” he said. “With the added support, we’re doing higher-level work for more clients and growing at a record pace.”

Bullington said that although the conversion is recent, everyone that has heard about it is excited for what opportunities are now available with PMI. “Everybody we have spoken to about the conversion, from our agents to current owners to tenants, have all been very receptive to the brand conversion. They all love and trust us, and are excited for us to have that support, brand name recognition and network that PMI brings. It's been very positive.”

As for what the future holds, Bullington says the sky's the limit with PMI. He has been pinpointing territories to grow, has partnered with multifamily unit investors and will be growing his office staff and hiring a full-time property manager.

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 https://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 4 pillars: residential, commercial, association and short-term rental management. These four pillars provide the owners behind the brand's 300-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 https://propertymanagementincfranchise.com/.