The WEG manager without a successor
You are 62, manage 1,800 WEG units and have no successor in the company. The children do not want it. Your best employee is 58 and has no capital.
Does this sound familiar?
Six management companies and service providers without a successor
You built your company over decades. We know these situations from talks with owners. One of them is probably yours.
The rental manager with one large client
You manage 2,500 rental units, 40% of them for one portfolio holder. The contract runs well, but you know buyers see the concentration. You want to sell before the client consolidates itself.
The accounting back office for other managers
You handle bookkeeping and billing for 30 management companies, 14 employees, all remote. Revenue is recurring, the margin is good. You are 58 and have nobody to take over.
The technical manager facing a renovation backlog
Your team manages maintenance and GEG measures for 120 properties. Demand exceeds your capacity. You need a successor, and also capital and processes.
The commercial property manager
You look after 35 office and logistics properties for institutional owners. Tenders every three years, margin under pressure. You want to join a group that shares back office and keeps your mandates.
The facility services company with 60 contracts
Caretaking, cleaning, winter service for management companies and owners. 60 ongoing contracts, 45 employees. You are 64. A large group has approached you, but you want your people to stay.
We speak your language
Terms your business uses every day
Anyone who wants to buy your company has to understand what your people are talking about. This is our vocabulary.
Asset reportSince the WEG reform (WEMoG), you disclose the maintenance reserve and the main common assets every year under Section 28(4) WEG.
Settlement balanceOn the annual statement, the owners' association now only votes on additional payments or adjustments. The full set of figures is no longer put to a vote.
Resolution registerThe list under Section 24(7) WEG that you must update without delay after every meeting.
Maintenance reserveFormerly the maintenance fund, whose level and withdrawals are argued over at every meeting.
Certified managerSince December 2023, every owner can demand a manager certified under Section 26a WEG.
Special feeFees outside the base flat rate, for example for renovation support, dunning proceedings or extra meetings.
Billing deadlineThe service charge statement must reach the residential tenant within twelve months, otherwise the claim for additional payment lapses under Section 556(3) of the German Civil Code (BGB).
CO2 cost splitSince 2023, you split the CO2 costs of heating between landlord and tenant using the tier model of the CO2 Cost Allocation Act (CO2KostAufG).
Your year, as we know it
January to MayClose accounts, import heating cost statements from the metering service, prepare annual statements and asset reports.
April to JulyOwners' meeting season: invitations with three weeks' notice, evenings in community halls, then minutes and resolution register.
August to OctoberAward approved maintenance work, manage tradespeople, prepare budgets for the following year.
November to MarchWinter service and heating failures, deliver service charge statements before year-end, review contracts and appointments.
Systems we work with in this sector:DOMUSHaufe PowerHausKarthagoImmoware24iX-Hauscasavifacilioo
How you can tell we know your business
Numbers, rules, deadlines: what is moving your sector right now
A buyer has to know the market. These are the facts we work with.
Property management companies by size
% of businesses
Source: Listflix, September 2026
What this means for you
Three out of four management companies have fewer than ten employees. That is where succession pressure builds, and that is where we buy.
Regulation sets the pace
12/2020WEG reform: manager can be removed at any time
12/2023Section 26a WEG: right to a certified manager
2024GEG: advisory and renovation obligations for owners
12/31/2026HKVO: remotely readable meters in all portfolios
Six facts you can quote
- 01There are 31,279 property management companies in Germany, 59.3% of them micro-enterprises (Listflix, September 2026).
- 02The number of VAT-registered property management companies (WZ 68.32) fell by 9% from 2017 to 2021, to 22,300 businesses (Destatis 2021).
- 039.28 million apartments in Germany belong to an owners' association, 21.5% of all apartments (Census 2022).
- 04The 4,300 VDIV member companies manage 8.7 million units (VDIV 2026).
- 05WEG fees averaged €29.12 per unit per month in 2025 (VDIV industry barometer 2026). In rental management, the average in 2023 was €26.74 (VDIV industry barometer 2024).
- 0670% of German property management companies are overloaded, 14% take on no new mandates (VDIV barometer 2025).
AI efficiency in this sector
Which segment gains most from the technology
Our assessment for each segment of this sector, side by side. The bar shows what share of today's working time can be automated with available technology.
6segments assessed
3.8Average AI impact, scale 1 to 5
10% to 60%Range of automatable working time
| Segment | AI impact | Automatable working time | Strongest lever |
|---|---|---|---|
| Real estate accounting | 5 | 45% to 60% | End-to-end document processing |
| Property management (WEG) | 5 | 35% to 50% | Create annual statements automatically |
| Rental management | 4 | 30% to 45% | Service charge statements without manual work |
| Property management | 4 | 30% to 45% | Reporting for institutional clients |
| Technical property management | 3 | 20% to 35% | Tendering and quote comparison |
| Facility services | 2 | 10% to 20% | Scheduling and route optimization |
GTP assessment as of September 2026. Not a market study. Sources and limits are on each segment page.
What we buy
Six real estate segments and their minimum sizes
WEG management (platform)
Platform segment for management companies with a stable base of appointments and a certified team.
Minimum size: 2,500 or more units, at least 50% WEG
More on this segment
Rental management and condominium unit management (SEV)Condominium unit and rental management as an addition to a WEG core.
Minimum size: 800 or more units as an add-on
More on this segment
Real estate accounting and back officeService providers that handle billing and bookkeeping for other managers.
Minimum size: EBITDA from €0.5m or as an add-on
More on this segment
Technical property management and renovation supportTeams that manage maintenance, tendering and GEG measures for owners.
Minimum size: EBITDA from €0.5m or as an add-on
More on this segment
Commercial property managementManagement of office, retail and logistics properties for institutional owners.
Minimum size: EBITDA from €0.5m or as an add-on, team of 5 or more, contracts longer than 18 months
More on this segment
Caretaking and facility servicesFacility-related services with recurring contracts with management companies and owners.
Minimum size: EBITDA from €0.5m or as an add-on, business based on framework contracts
More on this segment
What we do not buy
- Pure brokers without a managed portfolio
- Pure real estate valuers
- Management companies where most appointments expire in less than 18 months
Why we buy this sector in particular
Three reasons why we buy in this sector
The market is shrinking at the base and growing in the middle
Germany has 31,279 property management companies (Listflix 09/2026). 59.3% of them have fewer than ten employees. The number of VAT-registered businesses has fallen by 9% since 2017, to 22,300 (Destatis 2021). If you manage 800 to 8,000 units today, you are exactly in the zone that successors and buyers are looking for.
Demand exceeds capacity
70% of management companies are overloaded, 14% no longer take on new mandates (VDIV barometer 2025). At the same time, managers plan to raise WEG fees by 12% to 13% (VDIV 2025). A sector with pricing power and a staff shortage is the right place for back-office automation.
Regulation rewards size and structure
Since December 2023, Section 26a WEG requires a certified manager. The HKVO requires remote reading by 12/31/2026, and GEG 2024 brings advisory obligations. The 2020 WEG reform allows removal at any time. These rules favor management companies with certified staff and digital accounting.
What your company is worth
Valuation in five sentences, range with source
Valuation logic
- Buyers value real estate service providers on sustainable EBITDA, and management companies also by units.
- EBITDA is adjusted for a market-rate managing director salary.
- The multiple depends on recurring revenue, contract terms and team depth.
- WEG units are worth more than rental units, term contracts more than tenders.
- The purchase price is always enterprise value minus net financial debt plus excess cash.
Value drivers
- Several certified or professionally responsible people besides the owner
- Appointments and contracts with more than 18 months remaining
- Digital accounting and property data, no binders
Value reducers
- Owner holds all client relationships alone
- One client above 30% of revenue
- Backlog in statements, meetings or maintenance
What you get in the first call
The first call takes 30 minutes, is confidential and is held with a partner. We work out your value with your numbers and name the three factors that move it most, including possible discounts. Afterwards you get our assessment in writing, even if we decline.
Market range, third-party source
What comparable companies trade at in the market
| Size class | EBITDA multiple |
|---|---|
| Micro-cap, revenue below €5m The relevant class for most succession cases in this segment | 3.5x to 5.5x |
| Small-cap, revenue €5m to €50m | 5.0x to 7.0x |
Category business services (B2B). Source: DUB KMU-Multiples Q2/2026. The DUB figures show asking prices and price expectations on a business marketplace. They do not include completed transactions. The range comes from an independent third party and is not an offer from GTP.
From multiple to cash
The multiple gives the enterprise value. What reaches your account depends on four items:
- Net financial debt
- Loans, leases and shareholder accounts are deducted, cash is added.
- Working capital
- We assume a normal level. An account emptied before the sale reduces the price.
- Investment backlog
- Vehicles, measuring equipment and software due in the next two years are deducted from the price.
- Payment structure
- Part of the price is paid only after signing, through a rollover or a performance-based component.
What lowers the value
If one of these points applies, the value drops:
- The owner personally holds the key customers
- Short remaining terms or contracts that can be terminated at any time
- If a large share of revenue depends on one customer, the price goes down.
- No second management level that runs the business without the owner
We calculate your value in the first call using your numbers. We go through the four items openly with you, even if the result is below your expectations.
What we plan
After the acquisition: what stays and what is added
We build a group from several owner-managed businesses. Each business stays independent and shares back office and purchasing with the others.
Independent, as before
- Name, brand and your phone number
- Location and premises
- Your team and local management
- Client contracts and the familiar contacts
- Your prices and your professional signature
What applies to your company, we put in the purchase agreement.
New in the group
- Back-office relief
- The system handles invoicing runs, documentation and standard correspondence. Your people check and approve.
- Recruiting
- Joint job postings, training paths and cover between the businesses in the group.
- Professional exchange
- Four meetings a year with the other owners and managers. Assess interpretation questions, standards and prices together.
- Joint client development
- Your clients often need services from the sister businesses too. We only recommend them with your consent.
- Purchasing and software
- Licenses, insurance and measuring equipment on terms a single business does not get.
- Capital
- Equity from the fund is available for filling positions, expanding locations or add-on acquisitions.
Why this route
Succession is settled, and your business stays independent under its own name. In the group it buys more cheaply and finds staff more easily. You decide whether you keep leading or leave after the handover.
Two types of buyer, one difference
Mid-sized direct buyer or large consolidator?
If the highest price matters most, look at both types of buyer. The table shows what each route means for your team and your role.
| Generation Tech Partners | Large consolidators (Odevo, Emeria, Novumstate) | |
|---|---|---|
| Purchase price | Calculated openly with your numbers | Often higher |
| Response | Usually within 72 hours, with reasons | Weeks, often in an auction |
| Name and location | Stay | Often rebranding and a head office |
| Your role afterwards | Interim managing director, advisory board, rollover of up to 25% | Usually exit after handover |
| Team | Stays, gets back-office relief | Integration into group processes |
| Sector knowledge | Market data, regulation, sub-segments on this page | Yes, often deeper |
Both routes work directly or through an M&A advisor. We are just as happy to work with an advisor.
Why we buy this segment
A management company lives on the trust of advisory councils, owners and tenants in your team. That is why we talk about your people first and the price second.
I am responsible for the purchase agreement and the handover. In a share deal, your appointments remain in place, and no owners' association has to pass a new resolution. We clarify this before the offer.
For M&A advisors, tax advisors and succession advisors
Minimum sizes and teaser metrics for real-estate-related service providers
Here are our minimum sizes per segment and the metrics we need in the teaser.
Minimum sizes per segment
| Segment | Minimum size |
|---|---|
| WEG management (platform) | 2,500 or more units, at least 50% WEG |
| Rental management and condominium unit management (SEV) | 800 or more units as an add-on |
| Real estate accounting and back office | EBITDA from €0.5m or as an add-on |
| Technical property management and renovation support | EBITDA from €0.5m or as an add-on |
| Commercial property management | EBITDA from €0.5m or as an add-on, team of 5 or more, contracts longer than 18 months |
| Caretaking and facility services | EBITDA from €0.5m or as an add-on, business based on framework contracts |
These metrics belong in the teaser
- Units managed or number of clients
- Share of recurring revenue and remaining contract terms
- Revenue share of the largest client
- Certified or professionally responsible people besides the owner
What you get from us
- You usually get a clear answer with reasons within 72 hours. A no also comes in writing.
- We only approach your client through you.
- The price in our indicative offer only changes if due diligence shows something different from your documents.
- Capital comes from our €60m fund. We do not look for investors during the process.
- If your client does not fit us, we tell you who might.
All 24 segments and minimum sizes: Acquisition profile for advisors
Frequently asked questions
What owners ask us
What is my real estate services company worth?
For property management companies, buyers often calculate per unit: €300 to €800 per WEG unit (Venture Advisory Partners 2025). We value accounting, technical and facility service providers on EBITDA and the share of recurring contracts. We work out your value in the first call using your numbers.
Do I have to stop right after the sale?
No, you stay as long as you want. 6 to 24 months as interim managing director or an advisory board seat is common. We fix both in the purchase agreement. You set the end date.
What happens to my employees?
All employment contracts remain unchanged. That is required by law under Section 613a BGB and is our stated model. We buy property management companies for their team. We create relief with central accounting and automation, and we do not cut jobs.
Can I stay invested?
Yes, a rollover of up to 25% is possible. You sell the majority, secure your capital and share in the group's increase in value. Alternatively, we buy 100%. We regularly offer both options.
How quickly do I get an answer?
Usually within 72 hours after the first call. You find out whether your management company fits our profile. A written indicative offer follows 2 to 4 weeks after we have seen the portfolio list and figures.
Should I sell with an M&A advisor?
That is your decision. Many owners work with an advisor, and we are happy to work with them. A good advisor prepares documents and saves both sides time. If you come directly, the partners run the process themselves. In any case, you should bring in your own lawyer and tax advisor.
Do you also buy without a managed portfolio, for example pure accounting or facility services?
Yes. We buy real estate accounting, technical property management and facility services as standalone companies from €0.5m EBITDA or as an add-on to a management platform. The requirement is predictable, recurring revenue and a team that delivers without the owner.
How is GTP different from Odevo, Emeria or Novumstate?
Large consolidators often pay more, but they move back office and decisions to head offices. We offer speed, rollover, a focus on your region and team continuity. If only the price counts, look at both routes. If name and team should stay, a direct buyer like GTP is the better fit.
First step
Talk to a buyer who knows your sector
A 30-minute call is enough to know whether we fit. Afterwards you get a written assessment with reasons.
Request a confidential first call
Or call us: +49 40 89741812
ConfidentialOnly the three partners see your enquiry. An NDA is possible in advance on request. We share nothing with third parties.