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Starting a business can come with some risk, but there specific advantages that only come with entrepreneurship. Let's take a look at how Real Property Management franchise partners can benefit when they open up a property management business.
#1 Freedom and Flexibility
Leaving a 9-5 job is just that, a 9 - 5. Entrepreneurs and business owners alike can agree that owning a business means having control over your schedule. In the start-up days you will most likely be putting in more than 40+ hours a week. As a business expands, a smart owner will start to hire quality employees to take over positions until the business is self sustainable. In the beginning any business owner will have to put in the elbow work but the work go directly back into their business instead of an employer leaving plenty of room for flexibility in the future.
#2 Be passionate about real estate investing
There are several different streams to invest in, but no other investment is as sought out, substantial, and low risk like real estate. In fact about 1/3 of homes in Canadian are currently owned by investors (according to the Financial Post https://financialpost.com/real-estate/investors-own-nearly-a-third-of-homes-in-major-canadian-markets-2) While real estate agents and mortgage brokers can help secure the property, property managers are the pulse of the investment journey. Having a quality property manager in place means a professional set of eyes, quality customer service and opportunities to maximize the potential within an investment property. The best property managers are invested in their clients needs and desires while also balancing a healthy community of residents.
#3 Become the heart of your community
In a professionally managed community, the property manager is the one who gives the final approval over resident applications. This means that during showing times, throughout tenancy and meeting with investors property managers naturally become the core of the communities. In fact, property managers are one of the first notified when homes will go sale even before reaching out to the realtor. As well, when tenants maintain a communitive relationship, some property managers may see generations of families growing up right before them.
#4 Control over your income
Many of the potential franchise candidates we spoke too have come to a realization, they know they are making money for their company but want to have more of the "pie." This is a true of any business, while starting your company does come with risk there is also great reward within business ventures. Owners are not usually paid on an hourly or salary but by service, product or contract. This means there is no cap on potential annual income and in successful cases usually outpace the average salary.
#5 Continuous Learning Opportunities
The most essential part of entrepreneurship is continued professional and personal development. There are numerous resources available for entrepreneurs online, through your local university or college, your city and even province will be able to supply you with additional content to keep your skills sharp.
Another way that new business owners can help mitigate risk is through franchising. Through a franchise business owner can relay on a lower failure rate (due to a proven track record of the franchisor), have additional business experience that is specific to the industry and bulk buying power to reduce some of the standard operational costs. If this list of pro's sounds like you reach out to our Business Development Associate today!