Property Managers - Franchise or Independent?

[Drew Carpetner]

Hi all,

I'm in the market to acquire a property management company/portfolio and was wondering if anyone could speak to the reality of going the franchise route. 

I've spoken with PMI and their offering looks solid but I'm really wondering if it's worth the royalty fee. I'm happy to pay for systems to save time and guidance but the fee seems ambitious and I don't love the idea of forking over large percentage of profits to be told what I can and can't do with the company.

Does anyone here own a property management franchise (any) that would be willing to speak to their experience and if they think it was worth it, or not?

I'm hoping to find an existing independent PM or franchise to acquire in the next 18 months in the Denver area.   

Would also love to speak over phone/zoom if anyone is willing. 

Thanks in advance!

-Drew Carpenter 
  

[Nathan Gesner]

Quote from @Drew Carpetner:

I'm independent, but I have some friends that went with a franchise. We all started without any experience in real estate. They were able to get moving much faster because they had access to a great website, forms, letters, and even policies and procedures. However, I would argue that I learned better (through personal experience) and ended up with a better business and more freedom.

I recommend striking out on your own. Join a group like NARPM where you can take classes and network with other professionals. You can also save a lot of time by spending money on products produced by others. For example, I broke down and bought a forms package for $1,000 that saved me so much time and improved my company, particularly as I brought on employees. I paid for a coaching program that helped me improve my fee structure and nearly doubled my annual income.

Going it on your own has benefits, but look for help in the most important areas.