How PMI Built a 475-Location Property Management Franchise with CEO/Co-founder, Steve Hart

What does it take to build a national property management franchise?In this episode, I sit down with Steve Hart, CEO and co-founder of PMI, a franchise network with nearly 500 locations and 35,000+ doors under management.We unpack how PMI grew from a startup during the 2008 financial crisis into one of the largest property management platforms in the country.We discuss:(00:00:00) - Intro(00:01:25) - Meet Steve Hart(00:05:09) - Building a franchise platform(00:07:22) - Five pillars explained(00:13:21) - HOA margins and revenue(00:16:00) - Sponsor - appgentic.ai(00:17:48) - Who should franchise(00:24:20) - Brokerage as bridge(00:29:21) - Multi-location franchise growth(00:30:08) - Acquisition engine explained(00:35:11) - Aligned incentives model(00:37:13) - Sponsor - Rentvine(00:38:19) - Breaking the 100 door plateau(00:41:31) - Stop competing on price(00:43:53) - Guarantees that build trust(00:46:21) - Churn trends and fixes(00:52:36) - Saying no to PE offers(00:55:47) - Consolidation and multi-unit owners(00:58:53) - Protecting the brand(01:01:13) - Final wrap and where to followSteve explains PMI’s five-pillar model (residential, multifamily, HOA, commercial, and short-term rentals), why HOA management is growing 60% year over year, and how their franchise partners are acquiring millions of dollars in PM portfolios annually.We also dig into some practical operator questions:Why so many PM companies stall around 100 doorsWhen to stop competing on priceHow acquisitions are changing the industryAnd why Steve has repeatedly said "NO" to private equityIf you’re thinking about scaling, franchising, or buying doors, this one’s worth a listen.Learn more and connect with Steve here: PMISteve on LinkedInLearn more & connect with me here:⁠Crane⁠, the private community for property management business owners.⁠My Free PM Newsletter⁠⁠RL Property Management⁠