What Makes a Market Ideal for a Property Management Business?
Updated: Nov 11, 2022
Is your market viable for an RPM Franchise?
The opportunity could be right around the corner, but how can you check if the opportunity is viable? While we can not speak on all business ventures these are the top 5 questions you should ask yourself when reviewing your franchise journey with Real Property Management.
Is there an existing clientele within my market?
I have great news for you, there most likely is an existing clientele within your area. However, for this business, you will need more than 1 neighbor next to you. The first obvious location is to be within a city. They offer many different rental properties and a variety of high-quality residents. However, that is not to say there isn't opportunity within rural communities. Rural communities tend to have less turnover of residents and have even seen an increase in residents wanting to relocate their families. Rural areas offer residents space and quiet while city dwellers enjoy closer amenities along with closer-knit communities. It is important that you do your research on property availability, current trends, and niche customer habits. In particular rural areas such as Barrie will see more vacation/short-term rentals compared to Peterborough
Can you easily enter the market by leveraging your existing skills and experience?
While you do not need previous real estate experience, it is definitely an asset. Our comprehensive training and onboarding program will walk you through the steps of entrepreneurship and how to conduct yourself as a professional property manager. However, there is one common strength that RPM franchise partners have and that is a deep passion for real estate investing and helping others on their journey. For some, it was an interest in real estate coupled with their administrative background that makes for smooth operations. For others, it was a previous experience in being a landlord or industry professional who excelled at customer service. There are many transferable skills that make a successful RPM franchise owner and we are proud of our diverse network of professionals.
Can you justify charging a higher price than the existing competitors?
As a customer expects to pay more for a steak dinner than a cheeseburger, property management services work similarly. RPM offices are backed by 35 years of experience from our network, proven systems, and processes that leverage technology to give a streamlined customer service experience and additional education to always be the top trusted advisor in their area.
Does entering into this business model make strategic sense?- compared to other revenue-generating opportunities
There are some really great opportunities out there and it can be difficult to pick just one. When looking at different business models you will want to be thorough in your due diligence. This means looking at more than just profitability (not to say revenue is not important!) however, variables such as core values, sweat equity, and genuine passion can vary among individuals and impact the success of the business.
Can I align with the core values and utilize the systems & process within the franchise model?
In order for an RPM office to be viable in a market, the owner/ operator must embrace the systems & processes that have been made available. This is essential since our business model has been proven across multiple markets in the US and Canada. At RPM Canada our core values are simply
Act with integrity
Build all relationships with respect
Foster a community of collaboration
Facilitate a culture of continuous self-development and professional growth
There are going to be other factors that you will have to consider in terms of your market such as the general population and influencing industries, however, our Business Development Associate will be able to walk you through the steps of identifying market opportunity through statistics. If you are feeling like this may be the right step for you, reach out to us today!