In today's challenging economic landscape, it has become more important than ever for real estate agents to capitalize on their experience in an effort to increase their revenue potential. Traditional brokerage firms are undergoing a sea of change in the face of advancing technologies and the shifting expectations of new demographics of home buyers.
For this reason, if you work in Real Estate, it may be the perfect time to weigh new opportunities. There are many different aspects to working in the industry, with various areas of focus. Let’s take a closer look at one increasingly popular option - property management - and how you can leverage your experience and contacts to develop a new revenue stream in almost any housing market or location.
The Top Realtor Side Hustle: A Property Management Franchise
For real estate agents, it can be a challenge to think about expanding or repositioning your current career for a new venture. However, the work you’ve done to-date has helped you develop the skills and knowledge you need to add property management to your professional repertoire.
What are Property Management Franchises?
A property management franchise is a business model in which you join a franchise company, learn and adopt their brand and processes, and manage rental properties for various clients. Property management, in general, can be ideal for real estate agents because it can allow you the opportunity to offer even more comprehensive services to your clients.
The 2024 Delta Real Estate Leadership Survey revealed that 60% of real estate regents are currently challenged with reduced profit margins and income instability. Property management, in contrast, can provide an opportunity to establish a more steady and recurring model through management fees, which can help offset the cyclical nature of real estate sales.
Investing in a property management franchise can be an ideal revenue expansion for real estate agents because you probably already have a social network, a strong work ethic, and impressive adaptability. These are all considerable advantages in a competitive business-like real estate and are necessary skills for a good property manager. Plus, by managing properties, you can increase your visibility and presence in the market, which can lead to more opportunities across all your business activities.
How To Become a Property Management Business Owner
While you could start your property management business from scratch - and many people do – there is a higher risk and often a steeper hill to climb.
A new business requires a solid business plan, comprehensive market analysis, and more. With a checklist of tasks to accomplish, it can all feel overwhelming.
A property management franchise on the other hand, eliminates most of the guesswork and helps mitigate some of the risk you’d take on with a start-up. When you start a franchise business, you immediately have the advantages of brand recognition, an established business model, and the tools, training, and guidance you need to hit the ground running and build your business.
Why You Can Do It
If you find yourself struggling through long gaps between showings, a decreased paycheck, and an urge to seek a new profession altogether, becoming a property management franchise owner may not only be something you would enjoy, but it could also be something you can do while utilizing your already honed skills.
After all, it’s a challenging time to be a lone wolf real estate professional today. Increasing pressure from innovative new business models and an information-savvy consumer base have led some to declare a highly competitive and challenging environment for real estate agents, especially those who refuse to pull 70+ hours a week.
Real estate agents already possess many skills that are transferable to property management, such as understanding property values, marketing properties, and working with clients. This makes property management a logical choice, and can ease your transition into the field, as well.
Real Property Management, a Neighborly Brand
If you’re ready to secure these and other business advantages for yourself, starting a Real Property Management franchise could be one of your best options. Our proprietary systems and processes are designed to help real estate professionals get a property management franchise off the ground quickly and efficiently.
Our comprehensive training, world-class marketing, and ongoing industry support can make pivoting to owning a property management franchise a great use of your skills and a positive shift for your future.
To learn more or to get started, download the Real Property Management Franchise Guide today!
