Dan Hayes purchased a Real Property Management franchise in August 2015. Within the first year, his Real Property Management Solutions office in Portland, OR, received the 2016 Rising Star Award by the Real Property Management franchisor, Property Management Business Solutions, Inc.
Q: How long have you owned a franchise?
I opened in August 2015.
Q: Why franchising?
Joining a franchise provides access to proven systems and resources for franchisors and franchisees to achieve their respective goals. The Real Property Management opportunity specifically provided important business resources to help with marketing, training and operations, which ultimately offered a competitive advantage over independent operators.
I’ve also found that being part of a trusted national franchise organization has attracted business, because clients identify this credibility as part of my value proposition.
Q: What were you doing before you became a franchise owner?
Before joining the Real Property Management franchise, I worked as a full-time senior executive with the Coca-Cola Company and as a part-time residential rental real estate investor.
Q: Why did you choose this particular franchise?
The professional property management industry is largely made up of small mom-and-pop operations. I was impressed with what the founders of the Real Property Management brand had built, the culture of the organization, and the overall power and knowledge I knew would come with their 25 years of experience.
Q: How much would you estimate you spent before you were officially open for business? (Please give us a cost breakdown.)
The franchise fee was $40,000. I estimate spending an additional $3,000 in marketing materials, $3,000 in furniture and fixtures, and $5,000 on miscellaneous expenses.
The average total first year investment to open a Real Property Management franchise ranges from $75,000 to $100,000, depending on size and location.
Q: Where did you get most of your advice/do most of your research?
Outside of the information I found online, most of my research came through a series of discovery calls and meetings with the corporate office. I also spent time talking with current Real Property Management owners.
Q: What were the most unexpected challenges of opening your franchise?
Our marketing efforts really worked well and the growth we saw as a result was dramatic. It’s a good problem to have, but the learning curve was steep and at the same time, our capacity was challenged. Having the support of fellow franchisees and the Real Property Management HQ office was a huge advantage.
Q: What advice do you have for individuals who want to own their own franchise?
Do your research and make sure that the goals you have for your franchise are achievable within the parameters of your franchise agreement. For example, we have complete control over our pricing structure, organizational design and growth aspirations. The franchisor has complete control of brand imagery and territory, which is the way it should be, I believe. This is very much in line with our goals.
Q: What’s next for you and your business?
We plan to double our business again this year and hope to begin plans to open our second Real Property Management office.
Real Property Management is the largest property management franchise organization in North America, with over 280 locations. The brand specializes in managing single-family homes, townhomes, condos, multiplexes and small apartment buildings. Its services include finding and screening tenants, completing the lease agreements, collecting rent, arranging for any necessary repairs, and processing evictions when necessary. Real Property Management offices also manage the legal compliance for local, state and federal real estate law.