Building your own business can be an exhilarating milestone in life. The excitement of growing something from the ground up, assembling a proficient team, and experimenting with innovative ideas fuels the entrepreneurial spirit. For aspiring property managers, two common avenues come to mind when looking to join the industry: owning an independent property management company or becoming a franchisee. The critical question is, which path is best?
When deciding whether to form an independent property management business or join a property management franchise, several important factors come into play. You'll need a solid foundation in business development, operations, and marketing, a well-thought-out business plan, financial stability, and plenty of support. Additionally, possessing the ability to identify and recruit top talent is crucial. Moreover, you must possess a goal-oriented mindset, coupled with the right personality, resilience, and work ethic to thrive.
If you're leaning towards property management franchise ownership, ask yourself these questions: Are you prepared to follow established systems and processes? Do you see the value in partnering with a recognized brand and learning from experienced professionals? Are you open to adopting proven strategies and best practices? If you've answered ‘yes’ to these questions, then you have many of the qualities sought after in a quality franchisee.
Your choice will ultimately hinge on personal preferences as there's no one-size-fits-all answer. However, it's worth highlighting the considerable advantages of opting for a property management franchise. Each property management franchise owner retains autonomy over their business operations, in addition to extra guidance and support. Time-tested systems and processes to steer day-to-day activities exist for your benefit, allowing you to work smarter and more efficiently.
Coaching is offered at every stage of business development, a dedicated marketing team enhances and supports marketing efforts, and the financial perks of preferred vendor partnerships greatly reduce operating costs. Compared to independent ownership – where each one of these would cost a significant amount of money – the power of franchising becomes clear.
To be fair, it's important to note that property management franchise ownership comes with its own set of challenges. While the established systems and processes are designed to assist, they do come with certain standards and compliance requirements that franchisors must adhere to. This can translate to a degree of reduced flexibility, but for those willing to work within this space, the benefits vastly outweigh the limitations.
On the other hand, individuals who choose self-employment may revel in the freedom from answering to others, but they face distinct obstacles. The lack of support systems and national brand recognition can make building a loyal customer base a daunting task. Crafting a business plan and enacting it with all areas considered – business development, marketing, operations, technology, payroll, and more – can be very costly and less efficient when compared to the negotiating and support power of a franchise. Additionally, finding the right coaches and mentors who offer valuable insights may prove to be a challenging, if not insurmountable, task.
Regardless of the ownership model you choose, always remember that achieving success in a very competitive industry is something worth celebrating. If you’ve decided the path of franchisee is your preferred journey, reach out to Real Property Management today to find out more!