I do get it though. Just because something has to be done once a...

I do get it though. Just because something has to be done once a year doesn't mean it's a license to print money. Private equity aren't the type to let a license to print money go, but listed companies overpaying for a PE business is a well worn path.

Nothing creates a land grab quite like a job that's made mandatory that anyone with a pulse can do. Do you reckon property owners are going to care who rubber stamps the form? It will be whoever is cheapest. I would argue that what looks like $100 today will quickly approach the marginal cost of providing the service – which to be fair is probably not that far below $100. I understand the asset maintenance business reasonably well. There are enough annual checks in large buildings that smoke detector checks will just get rolled in.