Peter Lohmann's Podcast How PMI Built a 475-Location Property Management Franchise with CEO/Co-founder, Steve Hart
Mar 5, 2026
Steve Hart, CEO and co-founder of PMI, scaled the company into a nearly 500-location property management franchise. He breaks down PMI’s five-pillar model and why HOA management is exploding. Steve also explains why many managers stall around 100 doors, how acquisitions and aligned incentives fuel growth, and why he has repeatedly turned down private equity.
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Brokerage Serves As A Cross Pillar Bridge
- PMI treats brokerage as a bridge across all pillars and requires franchise partners to have a real estate license in most states.
- The internal brokerage team trains franchisees and helps capture listings and sales from owners and tenants who frequently transact.
Acquisitions Engine Scales Franchise Growth
- PMI runs an acquisitions team that sources off-market portfolios for franchisees and helped drive $7M in acquisitions in 2024 and $18M in 2025.
- Average deal sizes remain small (2025 average ~$660k) enabling rapid scaling via SBA loans and franchisor support.
Aligned Incentives Beat Corporate Ownership
- PMI's incentives align with franchisee success because PMI benefits from franchisee growth via royalties, so PMI avoids owning corporate stores that would conflict.
- That alignment creates stronger support for fair-priced acquisitions and long-term franchise health.