Answers to our franchisees’ most commonly asked property management questions.
What skills or experience do I need?
The ideal Keyrenter franchisee has experience in business and management and is a strong team leader. You should be comfortable working with technology and new digital systems. Keyrenter franchisees must also be excellent communicators, be customer service-oriented and value honesty and business ethics. If you love helping people and being a solutions provider, Keyrenter Franchise ownership could be perfect for you!
Do I need prior experience in real estate?
You do not need to have experience in real estate to be a candidate for Keyrenter franchise ownership, but you must have a desire to operate in the real estate industry. You will also need to obtain a real estate license prior to launching your business, if you do not have one already.
How much does it cost to get started?
The average initial cost for a Keyrenter franchise may be between $104,625 – $220,279. This includes the cost of the franchise fee ($40,000). A more in-depth breakdown of the initial investment costs can be found in our Franchise Disclosure Document.
How long will it take to get started?
If you currently hold a valid real estate license in your territory, you can launch your business in around four to six weeks. If you need to obtain your real estate license, the franchise launch process can take up to four to six months.
How much money can I make?
The earning potential for your Keyrenter franchise will largely depend on your territory. Rent values, market size, census data, asset base value and the local economy can all affect potential income for your business. According to our 2022 FDD, the average annual gross revenue systemwide for 2021 was $387,677 (for 33 locations open for part of all of 2021).
Why should I enter the property management industry?
The future is looking brighter than ever for the property management industry. Rental real estate investments are at an all-time high as more people choose to rent instead of purchase their own homes. To maximize their ROI, landlords need the assistance of skilled property managers like Keyrenter to choose the right tenants and take care of their properties.
How do I find customers?
There are multiple ways for Keyrenter franchise owners to generate leads and secure new contracts. Networking with local realtors is a great way to develop close relationships with investors and property managers in your area. Keyrenter’s comprehensive digital marketing strategies are also valuable lead generation tools, helping you attract both investors and tenants.
What if I own an existing property management business?
We welcome owners of existing bona fide property management businesses to convert into a Keyrenter franchise. In this case, the initial franchise fee is $25,000 regardless of the population of the Territory.
Does Keyrenter offer support?
Keyrenter offers franchisees multiple forms of support, starting from your onboarding process and extending well after you open your doors. Our KeyUniversity training program teaches you everything you need to know about our business and provides a library of online content for you to continue learning. And, through our KeyAssist program, you’ll have access to one-on-one coaching, software support, data entry and many other services to support your operations.