I&I Property Management Company in Fresno, long-owned by the husband and wife team of Harry and Marge Imfeld, has a new owner.
Sal Silva, an employee who has been with the company for eight years, has assumed ownership of the 36-year-old business. The sale closed in late June.
This change “will pave the way to retirement,” said Marge Imfeld. “We’re getting older. I turned 71 and (Harry) will be 76 later this month. It’s about time we slowed down a bit.”
The couple will continue to serve as consultants. Marge Imfeld will handle human resources part-time.
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The Imfelds started the property management company by accident in October 1979. They were Fresno real estate agents trying to sell a couple houses to an investor. The man said he would buy the homes if Harry Imfeld managed them. They struck a deal.
“Before you knew it, we had a few houses” to manage, Marge Imfeld said. They decided to let the real estate business go and build a property management company. Their first office was in a small space at the Mayfair Shopping Center in central Fresno.
It proved to be a good move before the recession of 1981 hit real estate hard. “I like to say we had a crystal ball,” Marge Imfeld said. “We were just fortunate that we had changed what we were doing.”
The couple added employees one at a time and their clients grew over time. About 10 years ago, the Imfelds sold their portfolio of rental properties to specialize in managing homeowner associations. The company has 18 employees and serves 6,000 units in the Fresno area.
“We saw it as an opportunity,” Marge Imfeld said. “It was sort of a niche that no one else was filling properly.”
Silva, the new president and owner, plans to keep the company name and will uphold many of the standards started by its founders including high customer service and quality management. Education among team members is also important – a goal started by Marge Imfeld who holds a Professional Community Association Manager designation, the industry’s highest recognition.
The company sends employees to professional development programs presented by the Community Associations Institute.
Silva earned a business administration degree, with an emphasis on management, from Fresno State. He holds a Certified Manager of Community Association designation.
“It’s been a dream of mine to have my own company,” Silva said. “I invested in our staff. I feel like we have the best group in the Central Valley. I wouldn’t have invested if it wasn’t for the staff we have now because I can’t do it myself.”
Marge Imfeld is excited to have Silva running the company. He does not plan changes in staff or in properties creating continuity within the company, she said. “He has some fresh young ideas...I think he’ll do good.”
“It’s difficult to shift gears, but in some ways I’m looking forward to it – not having as much pressure at times,” Marge Imfeld said. “Someone else has to make decisions.”
I&I Property Management Company
5100 N. Sixth, Suite 164, Fresno