Property Management Incorporated (PMI) Franchise Cost, Revenue & Review 2026
- Investment
- $102K – $166K
- Disclosed sales
- $333K
- gross sales, not profit
- SBA charge-off
- 23.8%
- on 113 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Property Management Inc. (PMI) is a property-management franchise handling tenant screening, leasing, rent collection, and maintenance for residential and commercial owners. Franchisees run a local office managing rental portfolios and vendor coordination, earning management fees.
FranchiseVerdict summary · 2026
A Property Management Incorporated (PMI) franchise requires a total initial investment of $102K – $166K, including a $70K franchise fee and an ongoing 5.0% royalty[2]. Per the 2026 FDD, average unit revenue was $333K[2]. SBA 7(a) loans show a 23.8% charge-off rate across 113 loans[1]. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: low - issued within the last 12 months
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✓ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored6 of 6 headline figures on this page cite a page of the filing.
Overview
- Investment
- $102K – $166K
- 67th pct Real Estate
- Avg gross sales
- $333K
- 4th pct Real Estate
- Royalty
- 5.0%
- 12th pct Real Estate
- Units
- 408
- 75th pct Real Estate
- SBA charge-off
- 23.8%
- % of SBA 7(a) loans not repaid · median varies by category
Quick verdict · Real Estate · color = vs category peers
Green = favorable by >10% vs Real Estate median · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $102K – $166K including a $70K franchise fee, 5.0% ongoing royalty.
- RETURNSAverage unit revenue of $333K/year.
- RISKVerdict B (Above average), verdict score 56/100 (higher is better). SBA loan charge-off rate of 23.8% across 113 loans (well above the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- GROWTHPositive: net +4 franchised outlets in the latest year (57 opened, 50 closed) (Item 20).
- TERMSNo protected territory and the franchisor reserves the right to compete in your area. Clarify territorial boundaries before signing.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Property Management Incorporated Franchise, LLC
- CEO title
- CEO and Co-Founder
- Steven Hart
- Incorporated in
- Wyoming
- HQ
- 2901 W Bluegrass Blvd, Ste. 420, Lehi, Utah 84048
- Auditor
- Kezos & Dunlavy
- Audited financials
- Franchisor revenue
- $19.6M
- Most recent fiscal year
Affiliated brands
- have franchised locations in the United States
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- Steven Hart
- Headquarters
- Utah
- Founded
- 2008
- FDD year
- 2026
- States available
- 44
Can you afford it, and what does the money buy?
Entry cost is about typical for a real estate franchise (near the category median).
Source: FDD 2026 · Items 5–7
Full Item 7 breakdown13 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Franchise Fee | $70K | $90K | |
| Rent | $0 | $2K | |
| Rental improvements | $0 | $3K | |
| Deposits | $0 | $3K | |
| PMI Certification Program | $1K | $1K | |
| Equipment and Business Supplies | $500 | $3K | |
| Computer hardware and software (as required) | $675 | $3K | |
| Local Advertising Prepayment | $24K | $24K | |
| Insurance | $2K | $5K | |
| Professional services | $0 | $2K | |
| Additional funds for period of 3 months (All Pillars) | $4K | $25K | |
| Initial Trust Account deposit for Short-Term Rental operations | $500 | $1K | |
| Existing Property Management Company (EPMC) | $0 | $5K | |
| Total initial investment | $102K | $166K |
Line items extracted from FDD Item 7. Ranges reflect the franchisor's stated low and high per line. Total is the sum of line-item lows / highs — actual costs may fall outside this range depending on market and build-out scope.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $102K – $166K
- Bottom third — review vs category
- Liquid capital req'd
- $4K – $25K
- Top 40% of category vs category
- Franchise fee
- $70K – $70K
- Bottom third — review vs category
- Royalty
- 5.0%
- Set by a formula · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 7.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $729 |
| Training fee | $1K |
| Transfer fee | $12K |
| Renewal fee | $10K |
| Total fee load | 7.0% of rev |
What do units actually make?
Average unit sales run 13% below the real estate norm.
Source: FDD 2026 · Item 19
Single-unit · not modelled
Returns at a glance
An FDD discloses gross sales, not profit, and the operating costs that turn one into the other are in no filing. We publish no modelled return for Property Management Incorporated (PMI) until someone supplies them — yours, in the models below.
—
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
Total invested capital · disclosed
$149K
Item 7 initial investment plus working capital, as filed — the one figure here that needs no assumption.
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
What one unit earns on your invested capital
Model A · Single-Unit Return
Computes unlevered return on invested capital (ROIC) for a single franchise unit, read against the 30–60% reference band · Yale SOM, Post-MBA Path Exhibit 2 (2023). Below that band a passive index fund likely outperforms; above it the franchisor has pricing power you're subsidizing.
Note: Item 19 revenue is what the franchisor discloses, and it is the top line only — gross sales are not profit. No FDD discloses the operating costs that turn one into the other, so those fields start empty and nothing is modelled until you supply them from your own lease quote, labor market and build-out budget.
Returns model · single-unit ROIC
What would one Property Management Incorporated (PMI) unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
What 25 units return when you use SBA financing
Model B · Return on Equity: Debt-Financed Acquisition
Models a 25-unit portfolio acquisition financed with an SBA 7(a) loan. Shows equity IRR (your return on cash invested), DSCR (how safely the cash flow covers debt service), and the capital stack (SBA + seller + equity breakdown).
This is the “search fund” or “entrepreneurship through acquisition” scenario: you buy an existing multi-unit operator, use leverage to amplify returns, and either operate or hire management. The 25-unit size is the typical minimum for an SBA-backed franchise portfolio acquisition to pencil as a full-time income.
What “return on equity” means here: if you put in $500K of your own cash and the business generates enough EBITDA to pay down debt and grow, your equity IRR is the annual return on that $500K, including the value created when you eventually sell. Target IRR for a search fund is typically 25–35%.
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
A 25-unit return is built on a per-unit EBITDA. Fill in the operating costs in Model A above and this model runs on that figure, or take the whole scenario to the full ROI workbench, where the portfolio and LBO models accept your own per-unit economics directly.
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2026 FDD
Financial Performance
- Avg gross sales
- $333K
- Per unit, per year
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- Average/Median revenue per unit-of-measure by Pillar (per Door/Association/Key/Sq Ft/Transaction), not whole-unit gross sales
- Sample size
- 110 outlets
- vs category median 53 · large
- Reporting year
- 2025
- Fiscal year the figures cover
- Source filing
- FDD 2026
- Disclosed in the 2026 filing, covering 2025
- Transparency
- 3 / 10
- vs category median 0 / 10 · above
Compared against 101 Real Estate brands
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Unit economics
Average unit generates $333K/year in gross sales. Revenue-to-investment ratio: 2.5x.
Fee burden
Total ongoing fee load of 7.0% (near the Real Estate median).
Disclosure
Transparency score 3/10 — moderate disclosure depth. Average and range data are available but detailed cohort breakdowns may be limited.
Operator retention
System expanding at 7.7% CAGR over 3 years across 408 units — operators are staying and new ones are joining.
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Real Estate medians
How Property Management Incorporated (PMI) Compares
Category median of published Real Estate brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2026 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 408
- Opened
- 57
- Last reporting year
- Closed
- 50
- Terminated
- 7
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 5
- Term expired, not renewed (per Item 20)
- Turnover rate
- 12.3%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (3-yr)
- +7.7%
- Net unit change over 3 years
- 3-yr CAGR
- +7.7%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 7
- Not renewed
- 5
- Transferred
- 4
- Reacquired
- 0
- Franchisor bought back
- Projected new
- 33
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 13 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
Where the owners are · Item 20 owner list
98 current owners across 13 states.
- CA 37
- FL 18
- CO 16
- AZ 11
- AL 3
- CT 3
- AR 2
- DE 2
- MN 2
- ID 1
- NJ 1
- TN 1
- +1 more states
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 113
- Loan volume
- $18.5M
- Median loan
- $164K
- average
- Charge-off rate
- 23.8%
- on 113 loans · rates vary by category · see methodology
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- N/A
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 23
- Defaults
- 5
Vintage analysis
Property Management Incorporated (PMI) charge-off rate by loan vintage
Top lenders financing Property Management Incorporated (PMI) franchisees
Showing 3 of 23 lenders. The full breakdown — every lender, state distribution, interest rates & risk ratings — is in the SBA Lending Report below.
Explore lender portfolios on Bank Reports or regional data on State Reports.
Lender network · 7(a) + 504
SBA Lending Report
Full lending analysis for Property Management Incorporated (PMI) from SBA 7(a) FOIA data.
Top SBA lenders
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | United Midwest Savings Bank National Association | 93 | $13.4M | 28.6% |
| 2 | Newtek Small Business Finance, Inc. | 3 | $187K | N/A |
| 3 | First Bank | 2 | $1.1M | 0.0% |
| 4 | The Huntington National Bank | 2 | $170K | N/A |
| 5 | Celtic Bank Corporation | 1 | $150K | N/A |
| 6 | CDC Small Business Finance Corp. | 1 | $140K | 100.0% |
| 7 | Readycap Lending, LLC | 1 | $68K | N/A |
| 8 | GBank | 1 | $334K | 0.0% |
| 9 | First Internet Bank of Indiana | 1 | $770K | 0.0% |
| 10 | Valley National Bank | 1 | $77K | 0.0% |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| FLFlorida | 14 | 0 | 0.0% |
| TXTexas | 13 | 0 | 0.0% |
| GAGeorgia | 8 | 1 | 50.0% |
| MDMaryland | 8 | 2 | 100.0% |
| CACalifornia | 6 | 1 | 50.0% |
| SCSouth Carolina | 6 | 0 | -- |
| VAVirginia | 6 | 0 | 0.0% |
| AZArizona | 5 | 0 | -- |
| NCNorth Carolina | 5 | 0 | -- |
| NJNew Jersey | 5 | 0 | 0.0% |
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
A 23.8% charge-off rate means roughly 1 in 4 franchisees failed to repay their SBA loan. Investigate what changed.
What could kill this investment?
SBA loans charge off at 23.8% — 49% above the 16.0% national norm, i.e. higher lender-observed risk.
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Clean, established property-management franchisor (since 2008) with 406 franchised units, no litigation, no bankruptcy, no going-concern, audited financials and Item 19 disclosed. Positive 7.7% net growth. No financial-weakness flags.
Litigation (Item 3)
Subject: officers or affiliates. The franchisor is not a named party in these cases.
No litigation disclosed.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Kezos & Dunlavy
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: Yes
Score breakdown · what drove the 56 / 100 verdict
- 01MINORZero litigation, no bankruptcy, no going-concern, no distress
- 02MINOR406 units, net growth +7.7%, established since 2008
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 7.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2026 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 10 years |
| Territory type | No territory protection |
| Protected territory | No |
| Exclusive territoryℹ | No |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Arbitration location | Utah |
| Jury trial waiver | Yes |
| Governing law | Utah |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation disclosed.
Items 10, 11
Training & Operations
- Classroom training
- 144 hrs
- On-the-job training
- 110 hrs
- Training location
- Remote (Greenlight/Launch programs); Lehi, Utah (Workshop)
- Ongoing training
- Required
- Franchisor financing
- Offered
- Item 10
- POS system
- PMiSOFT, PMiWARE, PMiSTR, PMiMULTI
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: PMiSOFT, PMiWARE, PMiSTR, PMiMULTI
Item 20 · call current owners
Franchisee Contacts
98 owners to call
Name · phone · city · state. Extracted from FDD Item 20
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Property Management Incorporated (PMI) franchise?
The total investment to open a Property Management Incorporated (PMI) franchise ranges from $102K – $166K, with an initial franchise fee of $70K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Property Management Incorporated (PMI) franchise owners earn?
According to Item 19 of the Property Management Incorporated (PMI) FDD, the average gross sales per unit is $333K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
Who owns Property Management Incorporated (PMI)?
Property Management Incorporated (PMI) is franchised by Property Management Incorporated Franchise, LLC. Source: FDD Item 1, 2026 filing.
What is Item 19 in the Property Management Incorporated (PMI) FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the Property Management Incorporated (PMI) FDD and qualifies whose outlets they describe.
What is Property Management Incorporated (PMI)'s franchise failure rate?
Based on SBA 7(a) loan data, Property Management Incorporated (PMI) has a charge-off rate of 23.8% across 113 loans, meaning 23.8% of franchise loans were charged off. Charge-off rates are one proxy for franchise risk, though they do not capture all closures. This data comes from FOIA-sourced SBA lending records.
How many Property Management Incorporated (PMI) franchise locations are there?
As of their most recent FDD filing, Property Management Incorporated (PMI) has 408 total units in the United States, including 406 franchised units and 0 company-owned units. 57 new units were opened in the latest reporting year.
Is Property Management Incorporated (PMI) a good franchise to buy?
FranchiseVerdict rates Property Management Incorporated (PMI) as a B-grade franchise with a verdict score of 56 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.