Mark Evans DM says property-management firms can't 20x by just adding software. Redesign as a software business that happens to manage properties. He lost millions to operational chaos and saw a manager steal $780,000 in deposits when one person left.
February 16, 2025.
$780,000.
"Thousands of properties" (phrasing used by the speaker).
So, like, when I see your business, if it's done right, I would redesign the business to be a software business that does property management, not property management using software. It's a way different objective and a way different multiplier, as opposed to 2, actually might get 20x, you know what I mean? So I'd look at that. I'd be thinking about that. The problem is with property management just in general, any kind of fragmented marketplace, it's very tough to corral the troops together to actually work in cohesiveness. Like, very tough. So, I mean, I've lost many millions of dollars with property management. Bad property management, you know, it's just such a really crappy space, you know, And I get it. It's hard. Especially depending on the class of properties they're dealing with, complacencies. If they're not aggressive or progressive business owners. I mean, we, because we used to do a lot. I mean, I had thousands of properties under property management that we would have people, you know, throughout the town, cities in Columbus, Cleveland specifically. And the problem is, is like, it just takes one, you know, one bad move, one guy gets a divorce, that runs the property management. Now he's like, I'm just tapping out. But there's $780,000 in, you know, deposits in their account. He takes, you know, so it's like, yeah, I think there's a great play here. But I, like I said I would be a pro. I'd be trying to figure out what is the software play that is actually a property management on the back end, not property management using software.
