Property Management Company Multiples in 2026: What Buyers Actually Pay
Every week an owner asks some version of the same question: 'What is my property management company worth?' The honest answer is a range, and the range is wider than most brokers admit. Here is what residential and commercial PM companies are actually trading for in 2026, and the specific factors that pull a deal toward the top or bottom of the band.
The two multiples that matter
PM companies are valued two ways and almost every buyer triangulates both. The revenue method applies 1.0x to 2.5x annual recurring management fees. The earnings method applies 4x to 7x adjusted EBITDA. If the two methods disagree by more than 25%, something is off — usually owner add-backs or unusual ancillary mix.
Door count alone is a popularity contest, not a valuation. A 300-door portfolio earning $250/month per door at 10% fees is worth more than a 600-door portfolio earning $80/month at 7%. Use per-door pricing only as a sanity check.
Residential third-party management
Single-family and small-multifamily PM companies under 300 doors typically transact at 1.0x to 1.5x recurring revenue or 4x to 5x adjusted EBITDA. The discount reflects owner-operator concentration and limited buyer pool.
Above 500 doors with documented systems, a stable team, and ancillary maintenance revenue, the same company sells at 1.8x to 2.5x revenue or 5.5x to 7x EBITDA. The jump comes from buyer competition, not size — bigger portfolios attract regional consolidators and PE-backed platforms.
Commercial and mixed-use
Commercial PM with multi-year contracts and CAM reconciliation work commands a premium: 2.0x to 3.0x revenue, 6x to 8x EBITDA. The reason is contract durability — a five-year commercial agreement is worth more than twelve month-to-month residential contracts that bring the same fee revenue.
Six factors that move the multiple
Owner concentration. No single owner above 10% of revenue earns the top of the range. One owner at 30%+ knocks 0.5x off the multiple.
Churn. Under 5% annual door churn supports the top end. Above 12% pushes deals to the bottom and sometimes kills them.
Contract terms. Signed multi-year agreements vs. month-to-month is worth 0.3x to 0.5x revenue alone.
Ancillary revenue. In-house maintenance with 15%+ margin, leasing fees, and brokerage referrals add directly to enterprise value.
Owner dependency. If the seller is the rainmaker, the relationship-holder, and the operations lead, the company is worth less without them. Buyers price the transition risk.
Team continuity. A property manager or controller who commits to stay 12+ months post-close is worth real money — sometimes 0.2x revenue.
What this means for you
Two PM companies with the same door count and revenue can sell for very different numbers. The cleanest predictor of where you land is what you do in the 12 months before going to market. We have a separate guide on that. If you want a private valuation range on your specific numbers, request one and a senior advisor will respond within a business day.