Windermere acquires Watson Management Co.
Summary
The acquisition adds about 550 properties to Windermere Lease Source’s management portfolio, says Scott Wetzel who is CEO of the rental-management company and “That brings us to a total of 1,100 doors under management,” says Wetzel, who declines to disclose the terms of the acquisition. Moving forward, Wetzel plans to continue to acquire more property management companies that fit within the Windermere Lease Source model, which focuses on acquiring companies owned by people without a succession plan who are looking to retire, he says. “I become the retirement plan for them.” By obtaining these types of property management companies, it allows Windermere to scale and only keep the administrative and financial staff, he says. Wetzel says his widespread network has helped him locate these types of companies and he’s started to gain a reputation. He also was visually impaired due to macular degeneration, a serious progressive eye disease that left him legally blind, but didnt hinder his ability to manage the Spokane-based company for nearly 50 years.