Residential property management has become one of the fastest growing industries in the country. More than one third of all residential households in the U.S. are rentals and, on average, only 28% of those rentals are being managed by a professional. Therefore, the demand for quality property management companies is extensive and increasing.
Millennials are often burdened with college loans and prefer the flexibility of renting over buying. Couple that with higher credit lending standards and prices for properties on the rebound and fewer Americans in general can afford to buy, resulting in an increased number of investors and investor groups purchasing the homes that are available. Advances in technology have made it possible for those investors to acquire real estate outside of their local markets. All of this has enhanced the growth and profitability potential for property management companies substantially.
In any economy, people need housing. The industry is stable and generates consistent monthly revenue in times of both recession and inflation. A property manager’s role is multi-faceted: to find and screen tenants, process rent payments, provide property inspections, maintenance & repairs, and process evictions when necessary. As the owner of the business, your candidate would be selling their services to property owners and investors, working with real estate agents and others to gain business referrals, and managing their business and staff. Where Real Property Management separates themselves from the rest is in managing property more efficiently and maximizing the revenue made per unit.
WHY the Property Management Industry?
- The industry is growing and stable, and both recession and inflation proof.
- The revenue is predictable and recurring. The customer does not need to be resold daily or monthly
- The business is scalable. The limiting factor is the franchisee's willingness to continue to hire staff.