Day: January 5, 2018

Posted on | by franchisee_acpm | Leave a Comment on How Do You Know If You Would Make a Good Property Management Franchise Owner?

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.

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?

property management business owner networking

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.

Posted on | by franchisee_acpm | Leave a Comment on Four Steps To Becoming a Property Management Franchisee

Franchises offer a great opportunity to individuals that are looking to own their own businesses while building off of the success of an already established business. Becoming a franchisee offers you the systems, support, brand recognition, and allows you to tap in to the already existing success of the business (without having to build something from the ground up).

Franchisees get to skip a lot of the typical aspects of a startup business, like incorporating or trademarking, and can really save a lot of time and money and a lot of the problems that come with starting a business. If you want to start your own property management business but you don’t want to start completely from scratch, franchising may be right for you!

Step 1: Choosing the Right Franchise

The first step in becoming a franchisee is to choose which franchise is right for you. Because you are interested in property management franchise opportunities, you have a few more restrictions to consider that aren’t typical with other franchises.

Most property management franchises will assign each of their franchisees a list of zip codes that they are restricted to doing business in. This allows franchisees to do business in close proximity to each other without having to worry about competing with their fellow franchisees.

You also have to consider the startup costs associated with owning a franchise. Most property management franchises charge $30,000 to $50,000 for the franchise fee alone, and require you to have an additional $50,000 or so in liquid capital to dedicate to starting your business.

Remember, becoming a business owner is an investment of both time and money; as a franchisee you will want and need to enjoy going to work in order for things to be successful. Ask yourself ‘Could I see myself doing this every day for the next 5 to 10 years?’

Step 2: Impress the Franchisor

Most property management franchises receive hundreds of calls from prospective franchisees, and out of those hundreds only accept a tiny percentage of them as franchisees. If you are serious about becoming a franchisee then the best thing you can do is to thoroughly research the company and go out of your way to exhibit a high level of professionalism and responsiveness.

During the vetting process for potential franchisees the franchisor is paying attention to things like punctuality, dependability, and preparedness. Not only do they want their franchisees to be dedicated professionals, they also want to feel good about bringing them in to the company and letting them interact with their other franchisees. If the franchisee shows themselves to be dependable, a good communicator, and sincerely interested in the franchise, then they have have a good chance of making it through the vetting process and getting hired by the franchisor.

Step 3: Negotiating with the Franchisor

Another obstacle in becoming a property management franchisee is drafting the contract with the franchisor. Before committing, it is wise to consult an attorney to assist with the contract and the Franchise Agreement.

Franchisees may not have much leeway in terms of changing the contract or the Franchise Agreement, but it is very important to know what to expect from the business relationship.

The Federal Trade Commission requires that all franchisors have and provide a Franchise Disclosure Document (FDD) to its potential franchisees. The FDD is a comprehensive collection of information about the franchise, the company background, management team, total investment required, breakdown of expected costs, and more. Franchisees may want to have a lawyer look over the FDD.

Step 4: Financing the Franchise

A Suntrust bank location for financing a franchise
Financing-Franchise-With-Bank-Loan (photo credit: Wikipedia)

Financing is a necessary part of any business startup, and it is important to be aware of all of the costs of starting a new property management franchise upfront. While some franchisees have the ability to finance their business with their personal savings, most franchisees will need an outside source of funding.

Most franchisees aren’t in the position to take on investors to help with financing the business, but there are many other sources of financing available in today’s world. Getting a “loan” from family and friends may be a good place to start, as this will have better interest rates and a better timeline for paying it back.

Personal loans and credit cards are also an option if the franchisee has good credit, but it puts the franchisee’s personal assets at risk if the franchise fails.

Franchisees may also get a small business loan or grant. In the current economy these are harder to come by than other options, but there are many options for funding your franchise start-up.

Posted on | by franchisee_acpm | Leave a Comment on How to Figure Your Earning Potential as a Property Management Franchisee

When you’re looking to buy a franchise, one of the biggest questions you are asking yourself is probably “How much money can I make?”

Although its the main concern for prospective franchisees it is also the most difficult to determine because there are so many variables involved. Franchisors can easily and readily tell you how much it is going to cost to get your franchise going, but none of them can guarantee that you will be a success.

Most Property Management Franchises will direct you to their Franchise Disclosure Document (FDD), which outlines what they are required to disclose to prospective buyers. The FDD includes information about the franchise, including the company background, management team, a breakdown of expected costs, the total investment required, and more. The FDD will also outline obligations of all parties, and it is important that you read and understand it. It is probably wise to have a lawyer to help you review the document as well.

Regardless of whether a franchisor includes details around unit earnings or not, you can do a pretty good job at estimating your potential earning potential on your own or with the assistance of an accountant or financial professional. To do so you’ll want to look at the royalty payment information that is required for all franchisors to disclose.

Figuring Your Earning Potential

If you want to get an accurate look at what your earning potential is with a franchise then its probably best to speak with current franchisees.

When investigating a franchise, one of your best sources of information is by picking up the phone and having a conversation with the current franchise owners. You can ask them any questions about their experience, the training, the quality of the support and systems in place, as well as financial questions about their business.

Posted on | by franchisee_acpm | Leave a Comment on The 2nd Most Expensive Home in Florida
Rendering of Le Palais Royal once it is complete
Located on a stretch of beach known by locals as “Millionaires Mile”.  (Photo Credit: Bryan Nieblas)

 

In 2014, Florida’s Le Palais Royal, a 60,000-square-foot mansion with 465 feet of oceanfront land, was listed for $139 million. At the time, it was the most expensive house in the United States.

 

In 2015, the listing was updated, asking for $159 million. This French-inspired luxury real-estate in Hillboro Beach, not far from Ft. Lauderdale, has since been surpassed by a 82,000-square-foot mansion in the Boca Raton area, listed at $165 million.

 

The $159 million price for the mega mansion, Le Palais Royal, included the cost of new additions on a lot adjacent to the property, which the listing refers to as “phase two” of the construction. Phase Two includes some awesome features like a go-kart track, a nightclub, bowling alley, and even an underground party zone with an ice-skating rink!

 

It is currently owned by construction mogul Robert Pereira, who had originally planned to live in the residence, but changed his mind, according to The Wall Street Journal.

 

Le Palais Royal Definitely Is Not Your Typical Mega-Mansion.

not your typical mega mansion
(Photo Credit: Bryan Nieblas)

 

According to Wikipedia.com, there are three master suites and a presidential suite, each with its own Jacuzzi in a windowed circular rotunda (the presidential suite also has a private plunge pool). Outside, there is a 4,500-square-foot infinity pool with salt, chlorine and UV filtering as well as an LED-lit, double-loop waterslide. Suspended above the pool is a glass-bottomed Jacuzzi.

 

“The property has taken so long to be completed because they kept improving the quality and continue to raise the bar at each construction milestone. It’s being built like a crown jewel,” says listing agent Mayi De La Vega of One Sotheby’s International Realty.

Instead, it’s a 60,000-square-foot, 4-acre compound along 465 feet of oceanfront in Hillsboro Beach, Florida. This particular stretch of beachfront housing is known by locals as “Millionaires Mile.”

Locals refer to this strip of beachfront as "Millionaires Mile"
(Photo Credit: Bryan Nieblas)

Construction on the main home finished in 2015. It sat on the market as an unfinished project for a year.

The Main Entrance Door of the Property
(Photo Credit: Bryan Nieblas)

The increased cost of the property can be attributed to the addition of “phase two” on an adjacent property to the west.

Phase One of the Property is Complete and Phase Two is taking a while to finish construction
(Photo Credit: Bryan Nieblas)

An Architect’s Rendering of The Underground “Lair”. When completed, it will 2 guest houses, a pool, and ice-skating rink, and a go-kart track.

An Architect's Rendering of The Underground "Lair"
(Photo Credit: Bryan Nieblas)

The Home features the world’s first in-home IMAX Home Theater.

The Home features the world's first in-home iMax Theater.
(Photo Credit: Bryan Nieblas)

Marble was imported from South Africa to make this $2 milllion dollar staircase, which took two years to construct.

Marble was imported from South Africa to make this $2 milllion dollar staircase.
(Photo Credit: Bryan Nieblas)

Some of the Chandeliers are new while some are dated. One being over 20 years old and came from Austria.

Some of the Chandeliers are new while some are dated. One being over 20 years old and came from Austria.
(Photo Credit: Bryan Nieblas)

The home’s South African marble floors were insulated specifically so the clacking of high heels will be muted.

According to the listing, the marble used in the home was specially designed to reduce to noise of solid-bottom shoes and high-heels.
(Photo Credit: Bryan Nieblas)

Surrounding the TV in the family room is a 1,300-gallon “Living Color” aquarium.

The TV in the family room is surrounded by a 1,300 gallon "Living Color" aquarium by the world renown maker of custom fish takes.
(Photo Credit: Bryan Nieblas)

The kitchen cabinets were completely custom-made with solid mahogany from La Cornue Grand Palais.

The Kitchen Cabinets are custom made from solid mahogany sourced from
(Photo Credit: Bryan Nieblas)

Over $3 million in 22-karat gold leaf is featured throughout the home.

(Photo Credit: Bryan Nieblas)

There are three separate master-suite bedrooms in the home, each with their own Jacuzzi. There are 11 bedrooms in total.

(Photo Credit: Bryan Nieblas)

The marble shower has both a seat and a rainfall showerhead.

(Photo Credit: Bryan Nieblas)

There’s a putting green outside, as well as a dock big enough to hold a 200-foot yacht. Six water features surround the property, including a 24-foot fountain, a 4,500-square-foot infinity pool, and an adjoining 12-foot waterfall.

(Photo Credit: Bryan Nieblas)

This article was based off of an article about Le Palais Royal originally posted on BusinessInsider.com.

Posted on | by franchisee_acpm | Leave a Comment on Buying a Property Management Franchise in Virginia

Looking for Property Management Franchise opportunities in the state of Virginia?

Here is what you need to know:

property-management-franchise-opportunities-virginia-va

Basic requirements to purchase a property management franchise in Virginia:

  • Must have at least $50,000 in liquid capital to invest (many franchises offer financing solutions)
  • Total investment will be anywhere from $50,000 – $70,000
  • Will need to be approved via the franchisor’s vetting process
  • Willing to undergo a background check

Basic Skill Requirements for Property Management Franchisees in Virginia:

  • Be Comfortable with Leadership/Managerial Skills
  • Have a high level of integrity and maturity
  • Be able to take direction well
  • Ability to engage in long-term commitment
  • Ability to support yourself financially until the business is profitable
  • Be Goal-oriented & Decisive
  • (No previous property management or real estate experience required)

 

Looking For A Reliable Property Management Franchise in Virginia?

All County Property Management Franchise may be a good fit.

ALL COUNTY® HAS A TREMENDOUS TRACK RECORD OF SUCCESS.

All County® Property Management franchises have experienced tremendous growth during the past few years. Franchises operating longer than 13 months as of the end of 2012 more than doubled their monthly revenue from January 2012 to January 2013 and then continued to grow annually by 26-29% from January 2013 to January 2015:

The January 2012 average monthly gross revenue was $12,633, which more than doubled to $26,690 for the month of January 2013, increased 26 percent to $33,673 for the month of January 2014, and increased another 29 percent to $43,464 for the month of January 2015.

For more information about All County® Property Management franchise average earnings, please visit the Research section of the All County Property Management Franchise Website.