Are you considering starting a business in the real estate industry? Look no further than the rapidly expanding world of property management. In recent years the property management sector has experienced remarkable growth, And there are several compelling reasons why it’s an excellent time to start a property management business.
Increasing Demand for Rental Properties.
The demand for rental properties is on the rise, driven by a variety of factors. Millennials and Gen Z are delaying home ownership due to high costs, and a greater need for flexibility. COVID-19 has shifted people’s preference toward renting. As remote work has become much more commonplace during the pandemic, several urban area rentals have moved out into more remote areas and suburbs. Rental prices have increased nearly 30% in suburbs across the US.
This is excellent news for those looking to start a property management company as the need for qualified property management becomes more prevalent.
Steady Rental Income
Operating a property management business offers a steady source of income in the form of management fees. Property Managers typically charge a percentage of the monthly rent as their fee providing a reliable revenue stream. Even in economic downturns, rental properties tend to maintain their value and cash flow.
Long Term Growth Potential
Property management companies often enjoy long term relationships with property owners. Once you have established your reputation and built trust, clients are likely to stick with you for a long time to come. This can lead to stable, incrementable, and recurring revenue and opportunities for expanding your operation.
Growth Potential in Up and Down Markets
Starting a property management business puts you in a unique position to remain profitable in both up and down markets. Rentals are becoming more and more prevalent, and real estate is still considered one of the safest investments to grow your wealth. Rents fluctuate with the economy, but have been steadily increasing
Items to be Aware of
Starting a property management company does come with its own unique challenges, and can vary from state to state. Property Management is considered a real estate transaction and as such in most states it is governed by that state’s department of real estate. Most states require property managers to have a valid real estate license, and the business must have oversight from a real estate broker. In addition, there are insurance costs, software, advertising, and ensuring you are in compliance with all pertinent governing bodies. It can be overwhelming, but you don’t have to go it alone.
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Keyrenter Property Management Franchise
If you want to start a property management company, you should consider partnering with Keyrenter property management. Keyrenter is an established and trusted property management brand, and as a franchisee you will benefit from the credibility and trust associated with the Keyrenter brand. Keyrenter puts their franchise partners first, and all decisions are made in such a way as to benefit each and every franchise partner. There is a very active and helpful community of franchise partners that have a vested interest in the success of all partners. Keyrenter has a second to none initial, and ongoing training program, state of the art technologies and a proven system. Keyrenter provides a multitude of marketing and lead generation strategies to get you up and running quickly. Most importantly you have access to years and years of experience and industry knowledge.
Now is the time
There has never been a better time to start a property management company, and there has never been a better time to become a Keyrenter franchise partner. Let the trusted experts of a reputable franchise help you from day 1. You will find no better franchise in terms of support, and true passion for the success of every franchise partner. If you have any questions at all please reach out today! Learn More