Property Maintenance Company

Newport County, RI

Seller Financing Available
Property Maintenance Company
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Asking Price: $450,000

Cash Flow: $194,000

Gross Revenue: $1,186,000

EBITDA: $194,000

FF&E: $40,000

Inventory: N/A

Rent: $1,000 /Month

Established: 2007

Property Maintenance Company

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Business Description

Long standing clients with a fresh flow of new business

This property service company serves its real estate clients and generates 2 streams of revenue. Fee based service plans and billable service work. This business would be a great addition to a real estate brokerage, existing property service provider, or a contractor looking to own a service business with automatic monthly fee income. The company also completes new construction and renovations for its clients with a 15-30% margin on those contracts. Buyer can continue to use the company name to grow this or reduce construction and decrease overhead. Buyer must have experience with Northeast building construction methods and building operations. A good candidate will have knowledge and experience in preparing cost estimates, working with sub-contractors and employees in the trade business, and most important, be an efficient task manager.

The company has provided reliable and high-quality building maintenance services since 2007. The business grew as a result of local demand from Newports recent tremendous growth of 2nd homes and investment property ownership that needs competent building maintenance and management service. Rhode Island requires out of state landlords to register a local representative.

The owner's time is spent developing maintenance procedures for clients, meeting with employees to get updates on work progress, talking with customers, developing new business, preparing bids and following up.

Specifically, services include:
Management of on site trades that care for 2nd homes and commercial properties at 39 locations.
Handling service requests from owners, caretakers, tenants, and condo associations.
Monitoring of building systems.
Management of absentee owners expenses and incomes.
New construction & remodeling management.
Tenant Improvements and build-outs for commercial space.

A new owner can take on just the fee based management service and sub-contract out ALL of the service calls if desired, or keep those in-house with the required employee management and the added income. There are many ways to reduce or increase this company's income/expenses without losing the fee based income which has steadily grown year after year.

Detailed Information

Real Estate:
Leased
Building SF:
1,000
Lease Expiration:
12/31/2019
Employees:
4
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
3 Service Vehicles, storage space, parking, misc office computers and printers, many tools of the trade, website, phone numbers, reviews and intellectual property. The business operates from an office in one of its managed buildings.
Competition:
4 direct competitors in a market that can support double the available services. New business comes from clients unhappy with competitors, sales of real estate to out of state buyers, and referrals. The margins are higher than average and this done purposely to keep the business serving only the top end and to avoid getting too large and full of problem properties. Staff are paid well and are not overloaded with work.
Growth & Expansion:
Growth is slow to keep current clients happy, but growth options come in the door weekly. The company has always had an extra person on while new accounts come in to provide the best response times, which has lowered the overall margin, but kept the owner and staff underworked to give the best service. The current operation gives 100% of rental commissions to outside agencies for their work. A buyer can easily bring this part of the business in house, approximately 20 rentals per year.
Financing:
Seller financing based on buyers collateral and experience in the business
Support & Training:
4 days/week (2 days via phone/electronic) for 6 months. Owner will consider moving into lead generation and sales role for the right deal.
Reason for Selling:
Owner looking to retire from daily operations, will consider operating partner
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Business Listed By:
Not Disclosed

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