Prop Management:Build from scratch OR purchase existing business?

[P.J. Bremner]

Hey BP'ers,

I have spoken to a lot of investors out there over the last several years and I have heard on more than one occasion (from people who are significantly wealthy, not just a couple rentals here and there) that property management is the best long-term real estate business to be in.  The profits aren't significant, but they are STEADY and RECESSION PROOF.  I see this as taking a position similar to Warren Buffett, who touts long term wealth over short term, high volatility growth.

To that point, I would like to hear from anyone who has, or is currently, building a property management business from scratch.  I would also like to hear from someone if they have purchased an already, pre-existing property management company.  If you have, I would love to get your take on "From Scratch vs. Purchasing Existing".

On a side note, I remember listening to Buffett speak on YouTube and he mentioned that he looks for businesses with solid management, good client base but suffers from POOR CUSTOMER SERVICE.  From what I hear about property management companies, this seems to be the common theme among them.  If you have purchased a property management business, would you recommend going after a business with poor customer service but a good client base?  Thank you for your insight in advance!!