Majestic Property Management was founded on June 27, 2007 in Stockton, CA. Initially the company used the DBA Majestic Property Management before Incorporating on October 2, 2012. The company started like most traditional property management companies; charge one low fee and do everything for one low price. It was very easy to obtain landlord owners using the “Discount Broker” method. Majestic was all over town growing fast and growing “doors” for “doors” sake. At that time, Majestic managed single family homes, duplexes, triplexes, fourplexes, apartment buildings and commercial buildings. Majestic was doing what everyone else was doing. What we learned was that the more “doors” Majestic obtained there was not enough time to effectively do all the property management tasks needed to be done. Like our traditional property management company peers, Majestic could not provide the high-quality of service we envisioned. This was an “insane” way of doing business. During the financial crisis of 2007 to 2010, many single family homes were foreclosed on by Fannie Mae - one of the dominant real estate lenders at the time. Fannie Mae realized that if they rapidly sold their portfolio of foreclosed homes, home values would plummet. Since single family homes were the security for Fannie Mae’s loans, it was in Fannie Mae’s best interest to liquidate their foreclosed homes over a long period of time slowing the drop in home prices. To accomplish this, Fannie Mae selected Majestic Property Management to manage the rental of their foreclosed homes from Stockton, CA to Sacramento, CA during 2008 to 2011. Majestic prepared lease agreements, collected rents, coordinated repairs, handled day to day tenant needs for Fannie Mae.
Although 2008 to 2011 was a very busy time for Majestic Property Management, Majestic decided to focus on quality of service vs quantity of “doors”. No more adding doors for doors sake. Our new “doors” were very high quality rentals, quality owners, quality tenants, middle to upper end properties in the best parts of town. Majestic became decidedly different from every other property management company. Majestic Property Management changed its business model and incorporated in 2012. Interestly, our competition began referring tenants to Majestic when tenants were looking for high-end, high-quality rentals in the best part of town. Majestic gained a reputation of being a “boutique” property management company, managing the best homes in town but being more expensive than the everyone else. Majestic was different. We did what we said. We got the job done. We did everything that every other property management company claimed to do but did not do. Property owners flocked to Majestic expecting a lot from Majestic because they were willing to pay somewhat more for superior performance. Tenants also clamored for Majestic rentals because Majestic had the nicest rentals available.
In summary, over the years, Majestic learned that:
“It’s not how fast you grow, it’s how you grow fast.™”
