The portfolio holder as a concentration
40% of your units belong to one owner. You want to sell before that owner builds its own management company.
Does this sound familiar?
Two situations we know
Rental alongside WEG
Your rental management is 20% of revenue, the rest is WEG. You are looking for a buyer who values both together.
Your day-to-day, as we know it
This is what happens in your business before anyone talks about succession
Waiting for the WEG manager
For condominium unit management, you need the service charge statement. If it arrives late, the twelve-month deadline toward the tenant gets tight.
Recoverable or not
From the service charge statement, you separate item by item what may be passed on to the tenant.
Deposits in savings books
Old deposits often still sit in individual savings books or incorrectly managed accounts. When the tenant changes, the search begins.
Change of tenant
Handover report, meter readings, keys, deposit settlement and re-letting. Every change costs days that no fee covers.
How we measure your company
The metrics we look at in the first call
We look at the numbers you use to run your business yourself. The right column shows our acquisition criterion.
| Metric | What it tells us | Our benchmark |
|---|---|---|
| Rental units managed | Whether the portfolio supports its own accounting. | We look from 800 rental units. |
| Share of the largest owner | How dependent the business is on one mandate. | Good if no owner holds more than 30% of the units. |
| Rent arrears and open dunning cases | How consistently dunning runs. | Good if every arrear has a documented next step. |
| Service charge statements delivered on time | Whether additional claims are lost for your owners. | We look for complete delivery before the deadline. |
| Reconciled deposit accounts | Whether every deposit is held separately and verifiably. | Good if the deposit list and account balances match. |
What actually changes after the acquisition
Step by step
We automate the desk work. Professional decisions and customer contact stay with your people.
TodayBook rent payments and send reminders for arrears
With GTPPayments are assigned automatically and reminders prepared. The manager decides on installment plans or termination.
TodaySplit the service charge statement into recoverable costs
With GTPItems are pre-sorted. The specialist checks borderline cases and the allocation keys in the lease.
TodayTake tenant queries and damage reports
With GTPReports are logged, photos attached and passed to the tradesperson. Approval stays with the manager.
TodayPrepare rent increases and index adjustments
With GTPDue adjustments are pulled from the contracts and letters are drafted. The manager checks and agrees them with the owner.
Your systems stay in use:DOMUSHaufe PowerHausImmoware24casavi
AI potential in the segment
How much desk work can really be automated here
This is GTP's assessment. We show it upfront so you can see what we will work with after the acquisition.
Service charge statements without manual work
Consumption data and invoices come in through an interface, and rules allocate costs to tenants.
Monitor rent payments and dunning runs
Software matches bank statements against amounts due and creates reminders at the right level.
Handle tenant changes digitally
Image recognition reads handover reports, and the system creates the deposit settlement and the defect list.
What limits the technology here
Deposit and trust accounts and consumption data often sit with third parties and arrive as PDFs, rarely as data records.
What this means for you
Clean deposit accounts and digital rental accounting make due diligence easier for you and our valuation easier for us.
Sources VDIV Deutschland, industry barometer 2026: average net fee in WEG management €29.12 per unit per month, 64.7% attribute price increases to rising staff costs (2026).
What we want to see
The documents we need
After the first call and the non-disclosure agreement, these five documents are enough for a solid offer.
- Unit list with owner, fee and notice period of the management contract
- Deposit list with account type and reconciliation with account balances
- Open items list for tenants with the status of the dunning procedure
- Proof of delivery of last year's service charge statements
- License under Section 34c GewO and professional liability insurance
What we buy
Our acquisition profile for this segment
Criteria
- 800 or more rental units, or as an add-on to a WEG portfolio
- EBITDA from €0.5m on its own, below that as an add-on
- No owner above 30% of units
- Digital rental accounting, clean deposit accounts
Value drivers
- Broad owner base with private individuals
- Fees above €26 per unit
- Service charge statements with no backlog
Value reducers
- A few owners hold a large share of the units
- Contracts below market fees
- Deposit and trust accounts not properly separated
How you can tell we know your business
Three facts you can quote
- 01Property managers receive an average of €26.74 per rental unit per month (VDIV barometer 2024).
- 02VDIV members manage 1.5 million rental units alongside 7.2 million WEG units (VDIV 2026).
- 03For 2024, managers planned to raise fees for rental management of existing portfolios by 19% (VDIV industry barometer 2024).
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.
All market data and the regulatory timeline for real-estate-related services
Frequently asked questions
What owners in this segment ask
Do you buy pure rental management companies?
Yes, from 800 units and €0.5m EBITDA. We buy smaller portfolios as an add-on to a WEG management company in the region.
How do you value contracts that can be terminated at any time?
We value by actual loyalty, meaning contract age, switching history and owner structure. A portfolio with 500 private owners and 10 years of history is more stable than a framework contract with a notice period.
What about condominium unit management?
We value condominium unit management like rental management, with a discount for very few units per owner. It is welcome as part of a mixed portfolio.
Does the contact with the owners stay with me?
Yes. Owner relationships stay local with the team. Accounting, service charge statements and IT are centralized.
Real-estate-related services
More segments in this area
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Platform segment for management companies with a stable base of appointments and a certified team.
Sell a real estate accounting companyService providers that handle billing and bookkeeping for other managers.
Sell a technical property management companyTeams that manage maintenance, tendering and GEG measures for owners.
Sell a property management company (commercial)Management of office, retail and logistics properties for institutional owners.
Sell a facility services companyFacility-related services with recurring contracts with management companies and owners.
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
Response on your client usually within 72 hours
Acquisition profile, teaser metrics and our commitments for all 24 segments are on a separate page. We only approach your client through you.
First step
Talk to a buyer who knows your segment
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
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