The UK property industry is booming like never before. With the property market continuing to grow and even more good news still ahead, becoming a property manager could be the next challenge for you.
Preparation is everything when it comes to making a career change with a property management franchise, so if you’ve been asking yourself whether now is the right time to make an ambitious change with a property franchise, you’ll need to start preparing for what the transition could mean for you.
Despite the doubts hanging over parts of the UK economy, the property industry remains resilient. In fact, the outlook for the property management sector is overwhelmingly positive, meaning there’s never been a better time to make an ambitious change.
What does a property manager do?
Property managers are at the front of this multi-billion industry, ensuring that franchises are running smoothly from one day to the next, and managing the properties that their clients ask them to. On any given day, you could be:
- Collecting rent and managing rent payments
- Maintaining the properties you manage
- Dealing with property repairs
- Finding and screening potential tenants
- Acting as the go-between for a landlord and tenants
- Dealing with tenants and any issues they might have
- Handling leases and dealing with tenants when they move out
- Handling evictions and delivering notice to tenants
- Managing complaints and dealing with any emergencies that arise
- Supervising any employees you may have
And in return, you can expect to reap all the advantages that come with running a property management franchise. From working in a recession-proof industry, to being able to work flexibly to being your own boss, there are dozens of exciting advantages to being a property manager.
How to become a property manager
So if you’ve decided this is the right sector for your skills, and you’re ready to choose a property management franchise that’s right for you, here’s what you need to know to become a property manager.
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1. Get qualified
Qualifications don’t always equate to being a good property manager, but they also don’t rule you out of being a good one either. Depending on which property management franchise you’re speaking to, you could find that they might want potential franchisees to have some minimum qualifications before signing on the dotted line.
To give you some pointers, you could choose to pursue a qualification from IRPM which provides nationally recognised qualifications to the property industry, and offers qualifications such as:
- IRPM level one qualification
- IRPM level two foundation course and exam in leasehold management
- IRPM level two foundation course and exam in build to rent
- IRPM level three associate course and exam in leasehold management
- IRPM level 4 Build to Rent Course and Exam
- Professional diploma in property factoring
Even if you don’t have these qualifications, your franchisor could still choose to fund your future personal and professional development, so you could still pursue these at a later date.
2. Brush up on your skills
The property industry is an extremely competitive sector to be a part of. There is no shortage of property management franchises in the UK, so you need to make sure that you’re in the best possible shape to hit the ground running when you start. Before you get started, consider how confident you are when it comes to:
- Having good business sense when running an organisation
- Working with clients and their tenants
- Your knowledge of property law and its application
- Using your previous experience, relevant or otherwise
- Capably managing a team
3. Find a franchise that’s right for you
Choosing the right franchise for your needs is one of the most important decisions you’ll ever make. While there are many franchises out there, not all of them will be a good match for your needs. When it comes to researching which franchises are a good fit for you, consider your experience, your development needs, your budgets and what financing is open to you.
Once you’ve drawn up a shortlist, you’ll then be in a great position to decide which franchises are most likely to be the best fit for your needs.
4. Finance your franchise
But as attractive as running a franchise is, they don’t - unfortunately - come for free. You’ll need to make a minimum and total investment, as well as pay for any ongoing franchising fees. While this can sound like a lot of money to pay, it isn’t always a clear cut.
Because franchises have such excellent survival rates, many major lenders will be prepared to lend up to 70% of your start-up costs, so whatever your budgets and available investment levels, you could get significant third-party financing support to help you start your own business.
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5. Prepare in advance
Sooner or later, you’ll be faced with lots of major hurdles. And while none of them should sway your confidence, you should prepare in advance for how to overcome them. There are dozens of different support networks that could help you through the challenges ahead, so whether you want a dedicated tutor or mentor, are planning on consulting your franchising network for additional help or have another source of support to call on, prepare ahead and know that despite the challenges, there are better days ahead.
Become a property manager today
Despite the many thousands of people who dream of starting their own businesses, only a small percentage of people ever actually achieve it. If you’re looking to stand out from the crowd and be your own boss, become a property manager with a property management franchise and take the step today.
But if property isn’t the right sector for you, you can still find countless exciting franchises in a wide variety of different industries. Have a look at the UK franchise directory to see which franchises could be a great fit for you.
Cara Squires, Point Franchise ©