Franchise Spotlight: Property
Property Management industry trends show that this is a sector teeming with franchise opportunity.
Statistics show that the apartment rental industry is worth an impressive $45billion (Ibis World), making property management an exciting sector to invest in. The property sector includes buying and selling property as well as buying properties to lease out. Property managers are responsible for supporting the relationship between the owner and the tenant and managing the day-to-day necessities to ensure a smooth business partnership.
With the average house prices continuing to increase, there are more people looking to rent properties for longer as the rental market offers a more financially viable alternative to house ownership. With more people renting properties, there is a need for people keen to manage them.
For the right franchisee, this is a sector with potential growth and lucrative returns. Real Property Management (RPM) has over 300 offices in North America and has expanded across Canada. Their franchise property managers are responsible for finding and screening tenants, organizing property inspections as well as maintenance and repairs and processing rent payments. MaxWell Realty franchises pride themselves on excellent customer care with franchisees focusing on securing tenants and ensuring properties are correctly maintained for owners.
Property Management Industry Analysis
Property management franchises do not normally require investors to have previous qualifications or experience in the industry, although an interest in property and the market will certainly be beneficial. Franchisees act as the link between property owners and tenants renting their property, so excellent communication and customer service skills will be vital.
Franchisees might have to manage difficult conversations, for example, if tenants are not paying bills on time. They will also need to follow eviction protocols if necessary and so franchisees will benefit from diplomacy skills and the ability to stay calm under pressure. This is where the support of an umbrella company will be beneficial, with many providing on-going support and training for their franchisees.
In a busy and fast-moving rental market, franchisees with a passion for people and property will find the property management sector a rewarding and exciting industry in which to invest.