Rpm - what is going on?
What is going on with rpm? I have heard of them losing contracts lately but I don’t know how wide spread it is. Anyone have any insight?
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Based on the most helpful WSO content, RPM Living has been a topic of discussion due to its recent involvement with Tides Equity and AMC. RPM, a reputable property management company managing over 148,000 units across 45 submarkets, was brought in to take over the management of Tides’ 34,000+ unit portfolio. This decision was made because Tides’ property management group was deemed ill-equipped for a long-term property management business plan.
However, there are concerns about RPM's practices. Some users have criticized RPM for being costly and inefficient, with claims that they charge 13% to process payroll and hide extra fees. Additionally, there are fears that RPM's management could lead to a 20% decline in Net Operating Income (NOI), further decreasing property values. These criticisms suggest potential dissatisfaction with RPM's operations, but there is no specific mention in the context about them losing contracts widely.
If you're hearing about contract losses, it might be worth monitoring further developments or seeking additional insights from industry professionals.
Sources: BREAKING TIDES EQUITY/AMC - EMAIL LETTER REVEALED, BREAKING TIDES EQUITY/AMC - EMAIL LETTER REVEALED, Jefferies: Are these rumors true?, Apologies for the rant, https://www.wallstreetoasis.com/forum/investment-banking/jefferies-are-these-rumors-true?customgpt=1
They raise institutional LP equity deal by deal. That market has continued to be sparse, but RPM (unlike similar competitors) have leaned in on deals to get control without a partner lined up. Not surprising they can’t capitalize most right now, and it’s not a recent phenomena for them (nor other GP’s that JV). Has been happening to them and others since market turned in ‘22. I just think RPM is more willing to spend pursuit dollars on deals they drop than many others
I heard about it on the 3rd party management side. I don’t know much about their investing side.
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