How many times have you heard someone say, “I love my landlord!”? I’d venture to guess, not very often. The property management industry has a less than glowing reputation overall, and this keeps many from entering the industry. Yet here at Real Property Management, we view the negative perception of property management as an opportunity…for a few reasons.
When you’re evaluating the multitude of franchise options available to you, one of the typical factors assessed is the competition. How much is there? How sophisticated are they? What market share do they currently have? Part of the beauty of this industry is that it is young. Only 20% of residential investors currently use a professional manager like us, leaving 80% of the market self-managing their rental inventory. Therefore, building a business in the property management space is not dependent on stealing market share from an established player. Although we hope to a certain extent that does happen based on the service level offered through the Real Property Management brand, the vast majority of the opportunity is sitting in your backyard for the taking.
Why is that? Let’s be honest. Property Management isn’t glamorous. It involves putting yourself in the middle of a property owner and a tenant, after hours calls/emergencies, and evictions. If this doesn’t sound like a dream job to you, chances are it doesn’t to others as well. But, being willing to do what others won’t can work out very nicely to your financial benefit.
Speaking of doing what others won’t, take a quick glance at the competition you’d be facing in this segment of Real Estate. The barriers to entry as a property manager are low. In most states, you just need a Real Estate license and a local broker to hold that license for you, and you’re in business. The exact same requirements and curriculum needed to sell real estate. Property management is often an honorable mention at best in the courses. In some cases, that has led to people dabbling in property management part-time. Part-time effort almost always equates to part-time service. Do you want competitors who are working part-time or full-time?
Unlike many other franchise industry options that are saturated with well recognized brands, or have a limited shelf life before the next “it” concept comes along, the property management industry is here to stay, stable and in need of heightened professionalism. Right now, on average, more than 1 out of every 3 homes in your neighborhood is a rental.
The Real Property Management team includes almost 300 locations nationwide, more than 1,000 employees across the country and a support center staff who are dedicated to changing an industry. Would you like more information about being a part of the change? Contact us!