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.