This is an extremely good time to be considering opening a property management company. It is unfortunate for the people involved, but due to the weakened economy, many people have lost their homes through foreclosure proceedings. As a result, there are many properties on the market that are for sale at inviting prices, and there are many people who need to move into rental property. This provides two very attractive opportunities:
- An opportunity for investors to build or expand their property holdings
- An opportunity for property managers to provide service
Traditional investments in stocks and bonds are not showing the best return. The interest rate on cash investments is negligible, and many stocks are losing a considerable amount of their value. These issues are being addressed by the opportunities afforded in the property sector. Property investors are not property managers, and that is why opening a property management company at this time is ideal.
With properties available nationwide, property investors are purchasing assets that they may never actually see, but of course, they are expected to provide a healthy return on the investment. This is one of the reasons why property management has become one of the fastest-growing industries in the country. Almost one-third of all residential property transactions are now non-owner occupied.
The property management business has a number of interesting benefits:
- An industry resistant to recession
- Highly consistent
- Requires no inventory
- Minimal risk involved
Like every golden opportunity, it may be fleeting. Getting your property business up and operating quickly is imperative. You need to get into the business and create your client/owner base now. You have two ways of doing this; one way is to start your own small business from scratch, and the other way is to take a franchise from a property management company with many years of experience.
When you take a franchise, you immediately begin to improve in the business. There is no lengthy learning curve; all the necessary information, data, and proven methods are given to you as part of the deal. An experienced company that offers franchises has already dedicated the time, talent, and resources into developing systems that work. All of these benefits are yours for the taking; training, marketing, and operations. A franchised business lets you take advantage of systems, which have been proven to work in the real world of property management.
Although franchising a property management business has many advantages, the expectations are the same regardless. In order to succeed, you must be driven, have a passion for success, possess the necessary working capital, and have deep-rooted integrity and honesty.
If opening a property management company is part of your forward thinking, consider becoming a franchisee of Real Property Management. They can offer you their experiences gained from 25 years in the business.