It is not a secret, business cycles have ups and downs. Any wise entrepreneur knows that when your business is doing well, keep going. But what can help your business during some of the “downtimes”? Well depending on what you may be currently doing, there are many great connections and synergies that can be made by adding a property management division.
Construction, Renovation, Landscaping, Cleaning, and Home Services
These types of businesses are most likely already working with investment properties. In fact, if you own this type of business you may already be a vendor for a property management company! (We use these services all the time.) However, as a recession period starts to set in, specific markets across Canada may start seeing a decrease in homeowners spending money towards their own home maintenance. One great option is to add additional services to your “menu”. If your existing clientele has previously chosen your business to work on their home, they may also trust you to continue the care on their property. A Real Property Management office offers more than responding to midnight plumbing calls. The goal is to further maximize an investment property that we manage, and with your experience, you could potentially bring a whole new insight to real estate investors in your area.
Real Estate Brokerage and/or Mortgage Brokerage
If you own a thriving real estate or mortgage brokerage then adding property management is a natural fit! Agents have most likely been approached by real estate investors looking for a great property manager. For many new real estate investors, taking on the day-to-day management of a rental property can be a daunting task. As real estate agents and mortgage brokers work with their clients, they could add enhancement services to continue the customer journey with your business. While this may seem like a big undertaking, with RPM’s systems, processes, and technology you can seamlessly manage this division with 1 or 2 staff to start.
Client Services, Investment Services, Hospitality, and home-based businesses
In today's market, one of the biggest challenges that real estate investors face is having clear and transparent communication with their property managers. If you have fantastic customer service skills, it will speak volumes in this industry. Any business that is already delivering great customer service skills can easily add a property management division to assist its clients. The reality is, rental properties are investment properties. Just like stocks, bonds, or mutual funds, rental properties required a certain amount of oversight not only in maintenance but also in financial performance. All real estate investors buy rental properties to either see a return on investment when selling or enjoy passive income for an extended period. Customer satisfaction is the key to keeping clients in property management and you may already be excelling at it.
Real Estate Investing and Accounting firms
This is actually one of our most typical clients for a new franchise partner. While many new real estate investors may have 1 - 10 properties, you may be one of the wise investors who have figured out the industry and see full-time profit from your portfolio. Some of the RPM offices started because they owned properties, did a fantastic job, and their fellow investors took notice. As such, real estate investing is a numbers game with many factors such as expenses, taxes, utilities, and maintenance. A high-quality property manager is not only able to coordinate necessary maintenance and repairs, but work on investment strategies for the property as well. When an associate of your business can communicate the different needs and plans to maximize the asset you can create a thriving property management business.
There are definitely more types of businesses that can benefit from adding a property management division into their building and we have only highlighted just some of where our existing franchise partners have come from. However, if starting the business sounds great but you are not sure where to get started, reach out to Real Property Management today to find out how accessible it is to become one of Canada’s top trusted advisors.