If you’re eyeing a career change and aspire to be busy and financially successful, have you considered moving into the property management sector? It’s a great time to be investing, and you can read this article to find out just what a day in the life of a property management franchisee will look like.
It’s no secret that it’s been a difficult time for a lot of industries. With the recent economic upheaval after the outbreak of the COVID-19 pandemic back in 2020, some businesses are bearing the brunt of it more than others. Happily, that is not the case for the property management sector. So there really has never been a better time to be considering an investment with a property management franchise.
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A day in the life of a property management franchise
Becoming a property management franchisee might seem like a fantastic opportunity at the moment as business is booming. Even in January 2021, as the country plunged back into a national lockdown, UK estate agents had over 582,000 properties listed as For Sale and Sold Subject to Contract - the overall value of which was an estimated whopping £143 billion [Property Industry Eye].
If you want to grab a slice of this lucrative market for yourself by becoming a property management franchisee, you’ll want to know a bit more about what this job would entail day to day.
The rewards both financial and personal are high, and as a representative of a successful property management franchise, you can expect your days to include the following:
- 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
Advantages of running a property management franchise
If you invest in a property management franchise, you’ll not only get to enjoy being part of a sector that is doing well financially in the current economic climate - you’ll also get to reap the benefits of the many advantages of running a property management franchise.
One of the best things about property management franchises is that they are easy to market. A chief reason for this is the customer base is enormous and constant. This industry operates all year long, meaning that you won’t ever need to worry about a seasonal change in demand.
Part of your return for your investment with a property management franchise might well be assistance with marketing. This could include the supply of marketing materials, assistance building and maintaining a website, and support in selling your services to potential customers. If marketing assistance is important to you, be sure to check which franchises include this in their offering.
Another key advantage to investing in a property management franchise is that it secures your financial future. With house prices growing and people constantly looking to move, buy or rent, you can be sure your business will be kept busy.
Challenges of running a property management franchise
No new business venture comes without its hurdles to jump, and shift into the property management sector is no exception. When committing to starting your own property management franchise, it’s a good idea to be prepared not only for the advantages, but the potential challenges as well.
For instance, though the fact that the property market is thriving right now is ultimately a good thing, it does mean you and your franchise are going to be competing with many other businesses. You’ll need to work hard to ensure your franchise stands out from the rest and cements itself a place in this lucrative but busy market.
Make sure you do your market research well and check out the top estate agency franchises in the UK right now.
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Franchising opportunities in the property management sector
HomeXperts is an innovative property franchise who pride themselves on delivering a consumer-centric business model to all their franchisees. They operate through a network of local experts to deliver nationwide coverage, combining sophisticated technology with a customer-focused approach.
- Becoming a HomeXperts franchisee: You don’t require any previous industry experience to invest with HomeXperts, but being a hard-working self-starter who aspires to help customers is key.
- How much you need to invest: You will need to make a minimum initial investment of £20,000 to become a HomeXperts franchisee, and will likely earn between £5,000 - £10,000 a month on commission.
- What you get for your investment: You’ll receive access to the central call centre, an in-house legal advisor and graphic designer, lettings administration assistance, and access to an extensive resource hub with over 1,000 training documents. Plus you’ll have a dedicated business manager to help you through the process.
EweMove has been in operation since 2013, and has grown quickly since that time. EweMove’s goal from the beginning has been to become the UK’s most trusted estate agent in the UK. Voted ‘Best Estate Agency’ by The Sunday Times on two occasions and winner of numerous other awards, EweMove appears to be well on the way to achieving its goal.
- Becoming a EweMove franchisee: No previous industry experience is necessary to become a EweMove franchisee, but you’ll want to ensure you have fantastic people skills and the drive to succeed.
- How much you need to invest: You will need to make a minimum initial investment of £19,995, and also have the working capital for your first year’s marketing costs.
- What you get for your investment: Once you invest with EweMove, you’ll receive a starter pack containing all the essential items you’ll need for setting up your business. You’ll also receive professional property photography training and ongoing 10-say ‘success summits’. You’ll also attend a comprehensive one-week training programme at the company’s headquarters.
Embark on a new business venture and start running a property management franchise today
Hopefully after reading this article, you can’t wait to make a career change with a property management franchise. The outlook is positive for the state of franchising in the real estate sector, so stick around on Point Franchise and find out everything you need to know about becoming your own boss as a property management franchisee.
Hannah Burnett, Point Franchise ©