If you’re interested in the property industry and you’d like to run your own business with the expert support of a well-established brand, then starting a property management franchise could be a fantastic opportunity and the perfect professional path. Read on, and you’ll find some of the many excellent franchise investment opportunities available to you in this ever-expanding sector.
The property management services market in the UK is worth around £26 billion [IBISWorld]. The growing sector contains just shy of 23,000 businesses, employing over 305,000 people, and if you choose to make a career change with a property management franchise, you could become one of them, benefiting from freedom, profitability and franchisor support.
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What is a property management franchise?
Before you explore the franchise investment opportunities available to you, you must first understand what a property management franchise is, and what actually goes into running a property management business in the UK. That way, you’ll know whether becoming a property manager is the right path for you or not. The key to making a good franchise investment is always conducting enough research, and the world of property management is no exception to that rule.
In short, a property management franchise is a business that manages “the daily oversight of resident, commercial or industrial real estate” [Investopedia]. As a property manager, your day-to-day duties will include providing tenants with an intermediary point of contact and ensuring timely rental payments. You’ll find your services are increasingly in demand as the housing market grows in 2022, as you will reduce the chance of tenant turnover, reduce the change of legal problems occurring and lower overall property maintenance costs for the property owner you’re working with.
Why start a property management franchise?
So, why start a property management business? Well, if you like the sound of the work detailed above, there are many more advantages to running a property management franchise. For one, the property management sector itself is thriving right now, and for two, you’ll find your franchise is very easily marketable and very in-demand. Plus, property management businesses are usually set up to be well-positioned for speedy growth and quick adaptation to changing customer demands, making your franchise flexible and future-proof.
Good property managers are in high demand. That is why people who are properly trained usually do not have a hard time finding a job in property management. Because there will always be people who need to rent out properties, this career will likely always be in high demand. Therefore, property management is a very secure career.
- Keyrenter Austin
Top 3 property management franchises in the UK
With a stronger sense of what a property manager does and why you might like to become one, it’s now time to dive into some of the top investment opportunities currently available to you in this thriving sub-sector of real estate. Read on, and you’ll discover three of your best options for launching a property management franchise in 2022...
1. Luke Stays
Luke Stays is a fast-growing property franchise and online travel agency, and the brand is so successful that since 2018, it’s been able to build a portfolio of over 300 properties, totalling more than £30 million.
- Becoming a Luke Stays franchisee: If you’re looking for a fast start in the property world, are motivated to make a difference and have the capital to make it all happen, Luke Stays would be happy to welcome you to the network.
- How much you need to invest: You’ll need to make a minimum initial investment of £11,997.
- What you get for your investment: You’ll receive over 100 hours of training (initial and ongoing), a budget for your marketing and sales launch and plenty of support with marketing your Luke Stays franchise.
2. No Letting Go
No Letting Go is the largest inventory management supplier to the lettings industry, with over 14 years of experience in property. Founded by CEO Nick Lyons, No Letting Go started as a small local inventory company and has now grown into a national franchise with over 60 offices.
- Becoming a No Letting Go franchisee: Though you won’t need previous industry experience to thrive with No Letting Go, you will need to be ambitious and hard-working, with a love of providing great customer service and a can-do attitude.
- How much you need to invest: You’ll need to make a minimum initial investment of £17,950, with a monthly advertising fee of £200 and a royalty fee charged at 10%.
- What you get for your investment: You’ll receive a comprehensive programme of training and support. You’ll be assisted with everything from business planning to accounts, and a technical support team will always be on hand to help with queries.
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Aspray is a property claims management franchise with a thriving UK network of over 50 franchisees. Founded in 2005, the company seeks to support homeowners with its independent loss assessment service, taking the stress out of making and managing an insurance claim.
- Becoming an Aspray franchisee: You’ll need to be a hard-working person with excellent project management skills and a strong interest in the property industry. When you first reach out, you’ll work with Aspray to determine your compatibility with the brand.
- How much you need to invest: You’ll need to make a minimum initial investment of £15,000, with franchise fees of £28,000 and a total investment cost of £43,000.
- What you get for your investment: Aspray’s support never ends, beginning with a 10-day programme of induction training featuring industry experts and in line with BDMA standards and followed by all the support you could possibly need to thrive.
Become a property management franchisee and start running your own business today
If all you’ve discovered about running a property management business in this article has left you even more keen to invest, you should now be equipped with a little more knowledge about the sector you want to enter. To continue your research, stay on Point Franchise. Find out the state of franchising in the real estate sector, how to start your own property management franchise and much, much more.
Cara Squires, Point Franchise ©