One of the biggest questions at the front of your mind, when you’re considering purchasing a property management franchise, is probably ‘What does a typical day look like?’ In property management, it is more easily described as a recurring monthly cycle.

A SIMPLE OVERVIEW OF YOUR MONTH AS A FRANCHISEE WOULD INCLUDE:

• Market upcoming and current vacancies
• Inspect and make-ready current vacancies
• Collection of rents
• Track delinquent rents and post applicable notices
• Coordinate maintenance issues
• Process owner statements

Note: This is just a general overview of your month to give you an idea of what you can expect.

AS A PROPERTY MANAGEMENT FRANCHISE OWNER YOU CAN ALSO EXPECT TO:

• Work hard for the first few years before reaping the rewards of your efforts
• Be communicating with the Corporate office for direction and support
• Marketing and networking to secure new investors and tenants
• Hiring and Managing Staff
• Review profit and loss statements
• Attend annual conferences/meetups
• Enjoy the benefits of having a network of other franchisees for support 🙂

Behind every great property management business are the values and principles that drive their success and “the glue” that holds everything together.

The following principles are universal and, when applied, are a roadmap to success.

THE PROPERTY MANAGER’S 14 PRINCIPLES FOR SUCCESS:

As a world-class property manager you strive to abide by the principles below.

1) Be honest.

Always be honest. Everyone makes mistakes, but if you do, you own up to it. Don’t make false statements or give answers when you are unsure.

2) Respect others.

While you may not always share the same opinions, you respect each other’s uniqueness and viewpoint, and you learn from others.

3) If it’s not legal, don’t do it!

Numerous federal, state, and local laws and regulations protect the interests of tenants and landlords, and you follow them precisely. Failure to adhere to laws and regulations puts you in jeopardy of losing money, your job, your franchise location, or your entire livelihood.

4) Communicate clearly.

You strive to communicate clearly with everyone you come into contact with, whether they are customers, clients, coworkers, franchisees, or the home office. Any bad news is best communicated in person or on the telephone, not via email or text.

5) Create a culture of continuous improvement.

You are always looking to do things better. You continually learn by seeing, listening, and
integrating specific feedback about individual and company performance.

6) Go above and beyond.

You place your customers and clients first and always exceed expectations in order to
promote and protect the your brand.
Leave your attitude at the door.

During business hours, your main focus is to provide a high level of service that shouldn’t be diminished by personal issues or emotions that interfere with the business.

7) Deliver consistency.

Want to be successful? It is simple. Deliver a consistent level of quality service again and
again. Although it may sound simple, very few people or companies do it well.

8) Protect the brand.

Your brand is only as good as its reputation. You protect your reputation. If you see a
fellow member of the business or franchise abusing it, let them know how you feel and communicate with the home office right away.

9) Focus long term.

You are in a long-term residual business. You recognize your customers and clients will be with you for many years to come. This is why you set up your relationships properly from the beginning. It is not the dollar today that is important, but the hundred dollars tomorrow.

10) Be efficient with your time.

You know that time is money and a limited resource not to be squandered. You use it wisely.

11) Things are not always as they appear.

Humanity can be challenging from time to time. Much of your business revolves around
dealing with people. You expect the unexpected and plan accordingly.

12) Offer a premium service and charge accordingly.

Because of low barriers to enter into this business, there are plenty of “here today, gone
tomorrow” competitors willing to undercut fees. Fortunately, the adage, “you get what you pay for,” applies to this business. You offer a premium service and charge accordingly.

13) Marketing is everything. If we are not growing, we are dying.

You can have all the knowledge in the world, but unless we have a
customer or client, you don’t have a business.

14) Lifetime Learning 24/7

Learning doesn’t end in high school or college. Successful people always look to improve
their knowledge base. What good articles or books have you read lately?
If everyone follows these simple principles, then clients, customers, and team members will all have a quality experience with your brand or the franchise you represent no matter where they are in the country.

Interested in owning a property management franchise? Here are some questions that will help you determine whether or not you would make a good franchise owner.

Do you Have Good Communications Skills?

As a business owner, whether its owning a property management franchise or something else, having good communication skills is a necessity. Not only will you be regularly communicating with investors, tenants, and your employees, you will also need to effectively identify where you need support and be able to communicate that with your support team at the franchise’s home-office.

Experts in the Property management industry say that being a good communicator is the #1 most important skill to growing a successful property management business.

Are You Willing To Dedicate Yourself To The Work?

Business owners are dedicated individuals, and owning a property management franchise is just like running almost any other business. You have to truly commit to your business and care about what you do. Building up residual income through property management can take a few years, so long-term commitment and dedication are essential to success in this industry.

Almost anyone can be a successful property management franchise owner if they are willing to commit themselves to the work and expect more from themselves than anyone else could possibly expect.

Are You Willing To Learn New Skills Like Marketing and Sales?

One of the most common reasons that people chicken out from committing to becoming a business owner is because they are worried about having to learn new skills that they know nothing about.

When you buy a Property Management Franchise you will receive training from the corporate office where you’ll learn all of the different aspects to running a successful property management business. But hearing the words ‘marketing’ or ‘sales’ shouldn’t scare you off. There are some really successful property management business owners out there that come from completely unrelated fields such as retired firefighters, school teachers, and state troopers.

So don’t get overwhelmed by having to learn new skills and new material. Just pick a franchise opportunity that will give you the training and support you need to help you feel confident in your ability to succeed as a business owner.

Are You Willing To Put In The Extra Work to Network and Make Valuable Connections?

Business owners are dedicated individuals, and starting your own property management business will take a lot of extra work. You may have to work harder than you ever have before, but with all of the hard work also comes all of the perks to being your own boss (like flexible hours and increased earning potential).

The top performers in the property management industry are those who commit to showing up and giving their best effort every day. In your first few years as a business owner you can expect to work long hours and probably weekends, do a lot of networking, and learning new skills, but one of the biggest benefits of going the franchise route is that you don’t have to start your business from scratch.

Different types of advertising work in different areas. You need to seek out the types of advertising that will most benefit your business by testing different vehicles. You should be able to find all the collateral you will need to market your business through the corporate office of your franchise.

Marketing Plan

You must devote substantial time and energy each week in order to meet your marketing goals.

Marketing is the primary force behind efforts to attract owners and tenants, and significant time and resources should be dedicated to supporting these efforts at the local level.

You are responsible for documenting your marketing efforts by keeping track of the methods, what ad was used, duration, and cost. This information is crucial in monitoring your success with your marketing. In addition, corporate may ask for proof of your local marketing requirement at any time.

Your franchise’s home office should handle the creation and production of marketing materials in order to maintain a consistent advertising look throughout all franchisees.

Of course, as a franchisee, you can always make suggestions to your home office if you have great ideas about strategies, promotions, incentives, or marketing messages.