Property Management Inc. Offers Strong Support to its Franchisees During the COVID-19 Crisis
LEHI, Utah, April 28, 2020 /PRNewswire-PRWeb/ -- There isn't a single business that has avoided the fallout from the coronavirus crisis. Brands across all industries are being forced to adapt to an unprecedented situation, leaving some business owners feeling uncertain about the future. However, entrepreneurs who have the backing of a strong franchise system--like Property Management Inc.--have a built in support system designed to help them navigate through uncharted waters.
In addition to communicating often with franchisees, the biggest factor that Property Management Inc. prepared for was the inevitability of residential and commercial tenants being unable to pay their rent. However, according to brand president Danessa Itaya, there are already several elements working in the brand's favor.
"The great news is that banks are being proactive--they're reaching out to property owners to talk about deferments and SBA lending options," said Itaya. "There are so many resources available right now, which allows our franchisees and their property owners the opportunity to stay ahead of the game."
In addition to guiding franchisees on their finances, Property Management Inc. is actively taking steps to help franchisees diversify their portfolios. One of the biggest advantages that comes with being a Property Management Inc. franchisee is the fact that there are four pillars of the business: residential, commercial, association and short-term rental. Now, franchisees have the opportunity to add an additional pillar to their business without an additional cost.
"Normally, there's a fee for franchisees who want to expand their business and break into another pillar, but we've waived that for now," Itaya said. "If franchisees want to expand and pick up another type of business, we'll offer virtual training to get them up and running as soon as possible."
That's not the only form of financial relief that Property Management Inc. is providing its franchisees. The brand also gave every one of its franchise partners a $100 credit toward their April invoice. Some of the owners in Property Management Inc. are even taking this a step further and paying that money forward to others.
"By the end of our Zoom conference when we announced this initiative, there were already larger, more established franchisees messaging us to say that they'd donate their $100 back to newer franchisees who need the help," Itaya said. "It's really been amazing to see the sense of community across our system. We truly are all in this together."
That strong sense of community is also evident through Property Management Inc.'s Franchise Advisory Council (FAC).
"We recently had a call with our franchise advisory council to discuss what we can be doing to continue helping franchisees," Itaya said. "We want to make sure we're keeping franchisees engaged and our communications strong. During this crisis, we need to be transparent throughout the entire process. Together with our franchise advisory council, we're creating clear processes and procedures to make sure we're all on the same page and not wasting anyone's time."
Despite the fact that Property Management Inc.'s FAC is newly formed, it's already bringing a lot of value to the table. This includes giving franchisees the opportunity to collaborate and brainstorm ways to emerge stronger on the other side of the economic downturn.
Itaya said, "One of the things the FAC wants to help us with is the coordination of national partners and vendors across our network. They're checking in with franchisees to see if there are any partnerships that are being used locally that could turn into bigger relationships to help generate referral and lead sources."
As the coronavirus crisis continues to impact businesses and more information is made available, Property Management Inc. is committed to staying close to its franchisees in order to best position them for success on the other side of this when the economy levels out.
"The most important thing right now is the health and wellbeing of our franchisees, their property owners and tenants," Itaya said. "We'll be with them every step of the way as the COVID-19 crisis continues to unfold, and we're preparing to help them ramp back up as soon as it's safe."
The initial start-up investment for a Property Management Inc. franchise ranges from $21,250 to $106,800 and has a franchise fee ranging from $15,000 to $62,900. To learn more about franchise opportunities with Property Management Inc., visit https://propertymanagementincfranchise.com/.
About Property Management Inc.:
Founded in 2008, Property Management Inc. is a rapidly growing franchise that provides expert property management services and solutions across 4 pillars: residential, commercial, association and short-term rental management. These four pillars provide the owners behind the brand's 260-plus locations with service options that build value and are unmatched in the industry. PMI's consistent revenue-generating model has helped hundreds of property managers realize their dreams of successful business ownership. For more information about owning a Property Management Inc. franchise, visit https://propertymanagementincfranchise.com/.
SOURCE Property Management Inc.
