The property industry is one of the essential pillars powering the British economy. Despite challenging circumstances, this sector turned over £68 billion in 2020, demonstrating its capacity to resist recessions and economic downturns. From profits to job security, it’s easy to see why working in property management is such an attractive job prospect.
While so many people dream of starting their own property management franchise, only a few are ever able to actually do it. So if you’re ready to step up and run your own property management franchise, making sure you’re running it correctly is absolutely vital.
Whether you’re already experienced or are a total newcomer to the industry, here’s what you need to know to successfully run a property management franchise.
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Why start a property management franchise?
The property industry is one of the best ways to create a business for yourself that combines profitability and satisfaction. Starting a property management franchise means that not only will you be able to reap all the rewards that come with working with an industry-leading franchise, you’ll also be able to take responsibility for developing your own business.
Franchising lets you balance the freedom of developing your own business with the experience and support of a franchising business that has seen it all before. Property might be an extremely competitive sector to work in, but with the right knowhow and a proven business model to help you through, there’s no reason why making a career change with a property management franchise can’t work for you.
As is always the case in business though, running a business with zero customers is no way to success. So to make sure that you’re running a property franchise the right way, follow these key tips.
6 tips for running a property management franchise
1. Get techy
Technology, artificial intelligence and digital solutions are changing the face of many modern industries, and property management is no exception. From ensuring that you no longer need to spend time, effort and resources covering the same overheads as some of your competitors, to cashing in on new ways of carrying out transactions, there are hundreds of digital solutions coming about.
Many of these will have been perfected during the pandemic. But many were on the up already, so to earn yourself some major competitive advantages, it’s time to explore how technology can help run your property franchise for you.
The property management industry, once slow to adapt to new changes, has made a notable leap forward. From smart locks and self-showings to blockchain transactions and real-time updates between landlords and virtual assistants—new property management technologies shape the industry and change the way property managers handle their day-to-day operations, making the real estate industry more organized and efficient.
2. Tap into trends
And on the subject of trends, one of the best ways to get ahead of your competition is to tap into a trend much better than any of your competitors. Being first to a trend means that you will be the first to welcome the new customers and traffic that you get from mastering that trend. So whether you have an eye for working with tech or want to try something new, give it a go and see what happens.
Property management is a huge sub-sector of the property industry, so don’t feel like you only need to work in one area. Regardless of whether or not you feel that you’re better suited to residential property management or commercial property management, there is a huge amount of diversity to the sector.
One of the most common ways of diversifying a portfolio is with different property types. Whether this is achieved through a combination of sectors such as commercial and residential property, or entirely based around different types of property in one sector such as residential, you’ll come to realise that each and every property type appeals more to a specific demographic.
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As a franchisee, you won’t ever need to worry about being on your own. From being able to depend on the experienced training and support of a franchisor, to having a network of like-minded franchisees helping you along the way, there is a wide network of support for you to depend on.
One of the most appealing sides to being a franchisee is knowing that, unlike an independent trader, you’ll never need to go without the expertise that your property franchise will crucially need. While there are many advantages to being a franchisee in the sector, having a franchisee network with you is one of the most important keys to success.
5. Market effectively
The last thing you want to see as a franchisee is an empty client book. And if that’s happening to you, it might just be that your marketing strategy has fallen short. While many franchisors will be on hand to help you perfect the right strategy, you should always look to stay on top of marketing best practice.
6. Go remote
And who ever said you needed a shop front at all? Being able to manage your property portfolio remotely means that you could work from home, from a location of your choice, or maybe even a whole different country. Remote working has boomed during the pandemic, so if working from a location of your choosing sounds like the right option for you, why not go remote?
Become a property management franchise today
Property management is a shoe-in of an industry if you have the right skills and experience. This multi-billion pound sector is bursting with opportunities, so if you’re looking for an ambitious and challenging next step, why not consider becoming a property management franchisee today? But if property isn’t quite for you, have a look at the UK franchise directory to find a franchise for you.
Elliott Fudge, Point Franchise ©