RealManage Bets on a Growth Expert to Reshape Community Management

PLANO, TX – June 15, 2026 – On the surface, the appointment of a new CEO at a community association management company is standard corporate news. But when the company is RealManage, a major player in the industry, and the new leader is Jose Costa, a CEO renowned for explosive growth in consumer services, it signals more than a simple leadership transition. It’s a strategic move that speaks volumes about the future of not just one company, but the entire system that governs millions of American homes.

RealManage, which partners with over 3,500 homeowners associations (HOAs), announced today that Jose Costa will take the helm, succeeding interim CEO Carl Liebert. This isn't just shuffling the executive deck. It's a calculated play by RealManage and its private equity sponsor, American Securities, to bring a high-growth, customer-centric playbook to an industry on the cusp of transformation. The question is what this means for the communities, boards, and residents caught in the currents of this strategic shift.

The 'Serial Scaler' Takes the Helm

To understand where RealManage is headed, one must first understand Jose Costa’s trajectory. His resume reads like a masterclass in scaling multi-location service businesses. Most recently, as CEO of Whistle Express, he took a regional car wash company with 45 locations and, in just four years, expanded it into a 530-unit national powerhouse. This wasn't just about adding locations; it was about standardizing an elevated customer experience through technology, strategic acquisitions, and a robust membership model. He has a history of doing the same for brands like Bojangles, For Eyes, and Burger King.

This background is critical. Costa is not a traditional property manager. He is an expert in identifying a service model, refining it for maximum efficiency and customer appeal, and then replicating it at a blistering pace. His experience growing private equity portfolio companies is particularly relevant. He knows how to execute a PE-backed vision, which typically involves rapid value creation through market consolidation and operational improvements ahead of an eventual exit.

“Jose is an accomplished leader who brings a deep commitment to developing talented teams, building strong organizations, and delivering incredible results,” said Aaron Maeng, Chairman of the Board of RealManage and a Partner at American Securities. Maeng’s statement highlights the expectation that Costa will not just manage, but fundamentally build and grow the organization. For his part, Costa pointed to the company's existing strengths. “What drew me to RealManage is its people, culture, and commitment to serving communities,” he said. “I look forward to listening, learning, and working alongside our talented associates as we build the next chapter together.”

A Market Ripe for Disruption

The community association management industry is a quiet giant. The U.S. market was valued at nearly $54 billion in 2024 and is projected to exceed $72 billion by 2030. This growth is fueled by the relentless pace of new housing developments, most of which are organized under HOAs. These communities require professional management to handle finances, enforce covenants, and maintain shared assets—a complex task that is increasingly being outsourced.

However, the industry remains highly fragmented. While giants like FirstService Residential and Associa exist, the landscape is dotted with smaller, regional players. This fragmentation creates a prime opportunity for consolidation, a strategy Costa has mastered. By acquiring smaller firms, a company like RealManage can rapidly expand its geographic footprint and client base. One industry analysis describes RealManage as a “smaller player focused on technology differentiation in a fragmented market,” a position that makes it a perfect platform for an aggressive growth strategy.

Furthermore, the industry is under pressure to modernize. Homeowners, accustomed to seamless digital experiences in every other aspect of their lives, are demanding more transparency and efficiency from their community managers. This is where RealManage has already placed its bets, and where Costa's leadership could prove transformative.

Technology as the Engine for Growth

RealManage’s secret weapon is CiraNet, its proprietary end-to-end software platform. The company claims it is the industry’s only purpose-built platform that integrates financials, operations, and communications in one place. Unlike competitors who may bolt on third-party software, RealManage has built its service model around this integrated system, offering it exclusively to its full-service management clients.

This technology-first approach provides a powerful foundation for the kind of scaling Costa is known for. CiraNet offers real-time financial reporting, automated workflows for tasks like deed restriction enforcement, and dedicated portals for board members and residents. This creates efficiency for managers and the transparency homeowners crave. For a CEO tasked with growth, this platform is a crucial asset. It provides a standardized operating system that can be deployed across newly acquired communities, ensuring a consistent level of service and integrating them quickly into the RealManage ecosystem.

Costa’s experience at Whistle Express, where he launched a dedicated app and expanded the unlimited membership program, suggests he understands how to leverage technology not just for back-office efficiency, but as a core part of the customer value proposition. Applying that mindset to community management could mean further enhancements to the CiraNet platform, potentially incorporating AI-driven features or more sophisticated resident engagement tools.

The Private Equity Playbook in the Suburbs

The appointment of Costa is the clearest signal yet of American Securities' strategy for RealManage. The private equity firm, which manages approximately $23 billion, invested in RealManage in June 2022. PE firms don’t invest to maintain the status quo; they invest to create value. Bringing in a CEO with a proven M&A and scaling track record is a classic move.

The playbook is likely to involve a dual approach: organic growth, driven by leveraging the CiraNet platform to win new management contracts, and inorganic growth through the acquisition of smaller competitors. Costa's role will be to orchestrate this expansion, integrating new companies and ensuring that the rapid growth doesn't dilute the quality of service.

This strategy is reshaping the very structure of how our neighborhoods are managed. The move from local, relationship-based management to a scaled, tech-driven corporate model has profound implications. On one hand, it promises greater efficiency, financial transparency, and professional oversight. On the other, it raises questions about the potential for a one-size-fits-all approach to unique communities. As private equity capital and high-growth strategies reshape the business of community, the ultimate measure of success will be whether they build better businesses and better neighborhoods alike.