029: How to Buy a Property Management Company: Lessons from Multiple Acquisitions with Kevin Patterson

In this episode, I'm joined by Kevin Patterson, owner of RentSource in Southern California. Kevin has grown his company from an accidental property manager with a spreadsheet into a multi-office operation managing more than 1,400 doors, largely through strategic acquisitions. We dive into what it's really like to buy property management companies, the lessons he's learned from multiple acquisitions, and why culture, leadership, and health matter just as much as contracts and numbers. If you're considering growing through acquisition, or simply want to build a stronger property management business, this conversation is packed with practical insights and hard-earned lessons. What You’ll Learn in This Episode:✔️ How Kevin transitioned from REO sales into property management✔️ Why he intentionally hired people who were stronger than he was in operations✔️ What he learned from buying multiple property management companies✔️ A costly due diligence mistake involving security deposits, and how to avoid it✔️ Why owners often leave one property manager for another✔️ The importance of understanding local markets before making an acquisition✔️ Why maintenance and communication are the two biggest factors in owner retention✔️ How operating an in-house maintenance company benefits owners and residents✔️ Why Kevin refuses to charge maintenance markups✔️ How prioritizing employee health and mindset has strengthened his business✔️ Why breaking goals into smaller daily wins creates long-term success More About KevinKevin Patterson is the CEO of RentSource Corporation, a Southern California property management company with six offices and approximately 1,450 doors under management. With more than two decades in real estate and property management, Kevin has grown the business through both organic growth and strategic acquisitions. He also serves as President of the California Chapter of the National Association of Residential Property Managers (Cal NARPM).RentSource Website: https://www.rentsourcecorp.com/Connect With StaceyWebsite: https://www.staceysalyer.com/Facebook: https://www.facebook.com/the.stacey.salyer/Instagram: https://www.instagram.com/stacey.salyer/LinkedIn: https://www.linkedin.com/in/stacey-salyer-39254012