Large national brands won't dominate residential property management because small, owner-led firms managing 200-800 doors have the trust of tenants and owners. The real money is in software that helps these operators scale, not in building a monolithic brand.
I don't think we'll ever see a really sustained large brand in residential third-party fee management. I think the problem— the market has shown us that the problem is best solved with small, scrappy, owner-founder-led property management firms. That's what holds the trust. And they usually grow to like 200 to 800 doors, you know, maybe 200 to 500 doors. And so the people that are making the money in our industry are the people empowering those individual operators. It's the software that powers that individual operator. You think those companies reach a larger scale is what you're saying? Absolutely.
