The Future of Property Management: Why Companies Are Turning to Franchises for Success
Rising home costs, increased immigration and the desire for flexibility has been causing the demand for rental properties to skyrocket. With a high demand for rentals, comes an increased need for property management, causing an emergence of property management companies across Canada.
So how can you differentiate yourself, continue to offer great customer service, retain quality employees, sustainably scale and manage your mental health in a demanding environment?
Franchising allows companies to expand quickly and efficiently with access to a proven and successful business model, including marketing strategies, operational systems, and training programs. Afterall, that is the foundation of the franchise model. It was designed to allow for growth and expansion. Different from start-ups, who can certainly get there, but it might take a little longer with some trial and error along the way.
On the subject of experimentation, franchisors take away the guesswork, which can be costly and time consuming. Property management is a rapidly changing industry. As technology advances and the expectations of tenants increase, franchising allows companies to adapt quickly and stay ahead of the curve. By partnering with a franchisor who is knowledgeable about the latest industry trends and willing to test new technologies, property managers reduce their risk, increase profitability, and remain relevant and competitive in an industry that is constantly evolving.
Immediately become part of a trusted and recognized national brand. Investors want reliable, experienced asset managers maximizing their ROI. Another way to think about this, investors are not just getting advice and guidance from one property manager, but from an entire network for the cost of one management company. Other offices bring a wealth of knowledge and experience allowing you to benefit from their expertise without having to hire expensive consultants to help you find solutions when you come up against challenges.
Due to the consistent nature of the franchise model, your company inherently has a brand that is associated with high-quality service and professionalism. If you’ve been operating for a while, you may already have created this, but investors will (and should) do their homework validating you, your reputation, and your competitors. If you are a newer start-up this can take years to achieve and can be difficult to demonstrate quickly when expanding to new markets.
We haven’t even talked about marketing! National advertising campaigns and marketing initiatives are created and coordinated by the franchisor, which increases brand awareness and drives business to individual franchise locations. A national platform will help you generate leads, convert prospects into customers, and increase your revenue.
Does franchising impact your human resources? It sure does! In today's job market, employees have more choices than ever before, and retaining top talent has become increasingly challenging. Franchises typically offer structured training, clear career paths, and competitive benefits packages, making it more attractive and more stable. Your franchisor is in your corner, we want you to excel and succeed! Investing in employee development and providing a supportive work environment typically leads to higher job satisfaction and retention. Happier employees and automations = better customer service and more human connection.
Finally, if you’re looking to explore new markets, franchising helps you establish a presence in new territories by leveraging the brand recognition and support of a well-established franchise system with a standardized level of quality and service.
To get you where you want to go faster, reach out to Real Property Management to explore franchising for your business today!