Franchised by Property Management Business Solutions, LLC

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Four Hidden Benefits of Franchising

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Buying a franchise offers a number of obvious benefits over starting a business from scratch. But there are a few hidden benefits you might not have thought about. Most people know that franchising usually allows you to get up and running faster. It also offers a new business owner established systems and a recognizable brand, which are valuable assets for any new business to have. But there are hidden benefits to franchising as well, four in particular, that can give new business owners a distinct advantage in your chosen industry. Two people looking at a revenue chart on a table

Hidden benefit #1: You find out whether an industry is a good fit. There are many unknowns when starting a business. One of the most important is whether or not you and your chosen industry are a good fit for each other. There are few things more frustrating than starting your own business only to discover that, for whatever reason, the industry you’re in is not good for you. But exploring a franchise is different. For example, during the mutual investigation phase with a Real Property Management franchise, you can thoroughly explore the business and also speak to current franchise owners. Real Property Management is looking for franchisees who will do well in the property management industry business, and want to ensure that the industry is a good fit for you. 

Hidden benefit #2: You learn more about your risk tolerance. Investing in a new business has inherent risks, no matter the industry you choose. But there are ways to mitigate that risk and increase your chances of success. One of these is to invest in a franchise. A quality franchise like those offered by Real Property Management provides not only a proven business in an in-demand industry, but also ongoing franchise owner training and support. Some entrepreneurs are comfortable with high levels of risk; others are not. Knowing how much tolerance you have for risk could help guide you toward the right franchise industry for you.Man and woman shaking hands in business setting

Hidden benefit #3: You learn what kind of business model and revenue stream would work well for you. There is no shortage of options when it comes to choosing a business model. That is why the key to successful business ownership is finding the right one for you. For example, industries like property management appeal to investors because they offer a recurring revenue stream. When properly maximized through economies of scale and strategic vendor partnerships, this type of revenue can help new franchisees who must watch their cash flows very carefully. On the other hand, seasoned investors may find other business models more compelling. Knowing what works for you is an important part of owning a successful business.

Hidden benefit #4: Through finding the right franchise opportunity for you, you better evaluate and plan for your long-term financial goals. Most successful investors create and follow a strong business plan – with an exit strategy – right from the start. Long-term financial goals are an important part of choosing the right franchise opportunity, but to achieve them, you’ll need to know more than how to buy in to the franchise. The end game you create for your business can be just as important as anything else you do. Being able to see how your franchise can get you to your goals just may be the key to long-term success.

Are you interested in learning more about Real Property Management and our franchise opportunities? Visit our Become an Owner page for more information. 

 

Benefits of Standardization for Real Property Management Franchises 

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Being able to accurately measure the performance of your business is critical to long-term success. But getting accurate measurements means little unless the data is being collected and analyzed in a standardized way. Standardization allows franchise owners to monitor and compare the performance of their office to others in their peer group, helping them to identify strengths as well as areas of opportunity in their operation. This is why Real Property Management franchise offices use standardized systems to monitor performance, encourage client feedback, and get an accurate measure of how well the office is doing relative to others in their Real Property Management peer group. In this way, Real Property Management franchisees can ensure that they are optimizing their business and using the best practices in the industry.Man looking at business data on computer screen

There are a variety of  ways to measure business performance, many of which go beyond simple profit and loss ratios. One important way that businesses monitor how well they are doing is through online client reviews. The importance of online reviews cannot be overstated. Unlike days past, when local businesses could rely on in-person interactions to drive sales, research has shown that a significant percentage of people today will choose a business based entirely on what is being said about them online.

Perhaps even more critically, your customers are one of your most important sources of constructive feedback. They can help you pinpoint problem areas within your business structure, personnel, and workflows, and help you to monitor your service process start to finish. If you are not paying attention to customer feedback, you could be losing business and not even know it.

Real Property Management franchisees use Yext. Yext Reviews is a program designed to curate and manage customer reviews, helping franchise office owners generate authentic feedback directly from their clients. Because all Real Property Management offices use Yext, the data gathered is standardized and easy to compare. Yext also allows franchisees to respond to customer reviews, a key part of any business’s successful public relations strategy.

Once the information is collected and distributed, our franchisees then participate in regular one-on-one business coaching calls to help them analyze and improve the performance of their office. Using industry and company measures, we help franchisees celebrate their location’s strengths  and both identify and address areas for improvement. Being able to interpret and apply the information that has been collected is an important part of consistent business growth.Business growth chart on table

With corporate support, the customer reviews and other data collected helps us ensure that industry best practices are being implemented and consistently applied in each of our franchise offices, coast to coast. Unlike small mom and pop property management businesses, we can access data and statistics from all of our locations nationwide and offer individual franchisees metrics at multiple levels. We can also better assess whether we are meeting our target audience’s needs. As a national organization, Real Property Management wants each of our clients to have the same high-quality service no matter where in the country they happen to be. By gathering information on office performance, we can better help each of our franchise owners improve their operations and keep their client base increasing month after month, year after year.

Would you like to learn more about opening a Real Property Management franchise? Please visit our Become an Owner page for more information. 

 

How Real Property Management’s Marketing Research Provides a Competitive Advantage

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Quality marketing research can give any business an advantage over the competition because knowing your target audience – and how to reach them – is the best way to bring in new clients. But getting to know your target audience can be difficult if you don’t have access to large-scale, quality marketing research. The same is true if you have the data, but don’t know how to turn it into an actionable marketing plan. For this reason, business owners who have this information and analysis provided to them, like Real Property Management franchisees, will always have a distinct edge over the competition.People looking at information on paper and laptop

While there is a vast market of property owners across the U.S., only a small percentage of these owners would make a good candidate for your property management services. Gone are the days when business owners could take a “more is better” approach to reaching potential new clients. This is especially true when trying to reach clients who may not even be looking for you or the services you offer. In our current digital marketing era, offering a service as specific as residential property management requires that you understand who your target market is and, at the same time, that you understand how to tailor your message to get their attention. Rather than waste valuable time and money trying to cast a wide net with your marketing, studies have shown that the more effective approach is to use what you know to focus on reaching your ideal client.

When it comes to running a residential property management franchise, your ideal client is not the entire population of your service area. In fact, trying to go too broad with your marketing could result in a barrage of phone calls and service requests from individuals who, for one reason or another, will never become a client. For example, serious real estate investors who already own multiple single-family properties would be a much more likely candidate to immediately contract for your property management services than an individual who views owning rental homes as a hobby, rather than a business. The latter group is often composed of individuals who do not really understand the benefits of hiring a property management company, and who focus solely on cost without understanding or appreciating the value a professional manager can bring to their asset.Happy man and woman sitting in office

Creating a profile of who your ideal client is should be one of the first steps in planning a marketing campaign. This is where big research studies, such as those conducted by Real Property Management or its parent company, Neighborly, can be an invaluable resource for franchisees. A national study can give franchise owners more insight into the current state of the industry, as well as the ability to plan strategically for the future. Such an advantage is rarely available to most small business owners, who may know their local area pretty well but lack the resources to get an accurate view of the bigger picture. For Real Property Management franchisees, this means that you automatically have the upper hand in any competitive market. 

Once you understand who your marketing should appeal to, what motivates them, and where to find them, you can craft a focused and more efficient message to bring them to your door. By focusing your marketing in this way, your franchise can increase profits and decrease wasted time and effort all at the same time. At Real Property Management, we offer world-class marketing resources and materials to all of our franchisees. With quality market research and turn-key marketing resources, Real Property Management franchisees will always stay ahead of the competition.

Would you like to learn more about owning a Real Property Management franchise? Please see our Become an Owner page for more information.

How Preferential Pricing Provides Our Franchise Owners with A Competitive Advantage

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In a competitive market, preferential pricing can be the difference between a business that is just getting by and one that is thriving. If that is so, then Real Property Management franchise owners have a significant advantage over the competition. As a subsidiary of Neighborly and a growing franchise organization with over 300 offices nationwide, Real Property Management has cultivated partnerships with a variety of other service-based businesses. Building-supply stores, locksmith services, accounting software, background-check providers, and many others are available to our franchise owners at a discount.Property leasing agent showing couple house while walking up stairs.

The property management industry is in many ways linked to other service-based industries. To maintain and renovate a rental property, property management professionals typically rely on services from quality vendors in their area. But that is only one side of the business. Running a property management franchise office also requires all the services typical of any business office, from basic office functions to human resources, tax and accounting services, and many more.

Independent small business owners are likely to pay retail prices for the services and software they need to get their business up and running. These small business owners do not have access to the buying power of a large organization, and are therefore resigned to pay higher costs set by the local market. For example, many small business owners must hire and pay office staff, prepare multiple tax returns each year, and contract with a wide range of service providers, from plumbers and landscapers to marketing professionals. Without leverage, that business owner will pay full market price for each service they need. Individually, each one may represent a relatively small expense, but combined, these higher costs may significantly impact a small business’s bottom line and create unnecessary challenges in a competitive marketplace.Woman shaking hands with couple in living room

In contrast, Real Property Management franchise owners have the ability to leverage our corporate connections and access the services you need at preferred rates. As a result, not only can our franchisees offer higher quality services to the property owners they serve, they can also use those savings to build their business faster. For example, Real Property Management franchisees can access preferential pricing with service providers like background check providers, saving money each time you need to qualify a new tenant or hire a new employee. We also provide our franchisees with access to discounted services in the home maintenance and remodeling industry, not to mention quality tax and accounting services by qualified professionals.

With higher profits than many other small property management firms, Real Property Management franchise owners can quickly become the leading service provider in their area. This access to preferential pricing is just one of the many advantages that owning a Real Property Management franchise has to offer. To learn more, contact us today.

 

The Benefits of Mutual Investigation

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When it comes to success, the road taken to get there may be a different one for each person. No two people are exactly alike, so it makes sense that becoming successful is a uniquely individual process. The industry you choose should be a good fit for your skills, personality, and financial goals. Otherwise, no amount of hard work will bring you the kind of satisfaction that the right career has to offer.People shaking hands in business meeting.

When considering a new business venture, it’s important to complete a thorough investigation of the opportunity. A solid investment opportunity is one that will hold up under scrutiny. If you’re thinking about a Real Property Management franchise, we’d like to have an open and honest dialogue with you about what we’re looking for in franchise owners and what your professional goals may be. While you’ll learn all about what we have to offer and preview our unique business model, ultimately it is who you are that interests us most.

It’s important that you understand your own traits and values and that you are able to articulate your life goals. While it might be true that traveling salespeople make a lot of money, that life is not right for everyone. In the same way, when considering a Real Property Management franchise, it’s important to critically assess your skills and decide whether you are a good fit for the property management industry. While there is plenty of room to make the profession your own, there are still a few characteristics that are important for potential franchise owners to possess. An outgoing personality, strong communication skills, and an enjoyment of networking are all key traits of a successful franchise owner. Professionalism is also key – the one thing the property management industry doesn’t need is more amateurs.

This mutual investigation process is a vital first step toward becoming part of the Real Property Management team. Our franchise owners are partners, and whether we ultimately get to a yes or a no is less important than making sure that the business opportunity you’re investigating is truly the right one for you.Man talking on phone.

The property management industry is here to stay. Unlike other trends or temporary investment booms, property management is a stable industry. Right now, on average, about 1 out of every 3 homes in your neighborhood is a rental home. While the industry may evolve to meet the needs of new generations of renters, the need for quality property management companies isn’t going anywhere. That is why we want to be sure that we have enthusiastic new franchise owners who can bring intelligence and professionalism to the business.

The Real Property Management team includes over 300 locations nationwide, which amounts to more than 1,000 employees across the country. Each one of these people, from office owners to support staff, is dedicated to changing an industry. Would you like more information about being a part of the change? Contact us!