1851

Brands across all industries are being forced to adapt to the unprecedented situation of COVID-19, leaving some business owners feeling uncertain about the future. However, franchise brands like <a href="https://propertymanagementincfranchise.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-property-management-inc-franchisee-lowell-richardson-expanded-into-long-term-residential-rentals-2713210" target="_blank" rel="nofollow">Property Management Inc.</a> offer franchisees a built-in support system designed to help them navigate uncharted waters.When the COVID-19 crisis began, <a href="https://1851franchise.com/propertymanagementinc">Property Management Inc.</a> prepared for the inevitability of residential and commercial tenants being unable to pay their rent. According to brand president Danessa Itaya, Property Management Inc. immediately began implementing new strategies to help franchisees weather the storm and generate revenue.&nbsp;In addition to supporting franchisees and providing guidance on their finances, <a href="https://1851franchise.com/propertymanagementinc/how-property-management-inc-is-supporting-its-franchisees-during-the-covid-19-crisis-2712796#franchisor">Property Management Inc. actively began taking steps to help franchisees diversify their portfolios</a>. One of the biggest advantages that comes with being a Property Management Inc. franchisee is the fact that there are <a href="https://propertymanagementincfranchise.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-property-management-inc-franchisee-lowell-richardson-expanded-into-long-term-residential-rentals-2713210" target="_blank" rel="nofollow">four pillars of the business</a>—residential, commercial, association and short-term rental. Now, franchisees have the opportunity to add an additional pillar to their business without the additional cost.“Normally, there’s a $5,000 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.”&nbsp;For example, franchisees only operating in the short-term rental pillar aren’t as active right now due to the fact that people aren’t traveling. During this time, those franchisees can expand into the Residential pillar, which is a more stable and constant stream of revenue.&nbsp;Lowell Richardson, a <a href="https://www.estesparkvacationmanagement.com/rental-program?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-property-management-inc-franchisee-lowell-richardson-expanded-into-long-term-residential-rentals-2713210" target="_blank" rel="nofollow">Property Management Inc. franchisee in Estes Park, Colorado</a>, found himself in a difficult position when COVID-19 hit. Since Estes Park is a summer destination community adjacent to Rocky Mountain National Park, Richardson primarily worked within the short-term rental pillar.“Initially, when the COVID-19 pandemic was declared a national emergency, we had to completely shut down operations and evacuate all guests that were staying here with us,” said Richardson. “We lost all revenue throughout April and May, so this crisis has had a huge impact on us and our owners.”&nbsp;Luckily, Property Management Inc. had already encouraged Richardson to expand his horizons even before COVID-19. “When we got back from the new franchisee workshop in December 2019, one of the things that corporate had really ingrained in us was the importance of joining a networking organization,” he said. “We joined the local board of realtors for Estes Park and as a result of that, we had realtors coming to us on a regular basis asking us about managing long-term rental properties. Eventually, one of our vacation owners came to us and told us he also owned three long term rentals and needed property management, so we got creative and dipped our toe into that pre-COVID, taking care of the property and tenants.”<a href="https://1851franchise.com/propertymanagementinc/how-franchise-brands-are-stepping-up-to-be-a-part-of-the-solution-during-the-coronavirus-crisis-2712987#franchisor">When the COVID-19 crisis began, Property Management Inc. approached all franchisees and suggested that they consider expanding into a second pillar.</a> For Richardson, who was struggling with the short-term rental pillar, the opportunity to expand into long-term residential was a perfect solution.&nbsp;“After adding the second pillar, we had a potential client come to us and ask us to do a proposal for a long-term rental property, which represented 48 doors,” said Richardson. “Given what was going on with COVID-19, the timing was perfect. Plus, Property Management Inc. waived the $5,000 fee for adding another pillar to encourage franchisees to go out and initiate new business, which was a huge help.”&nbsp;Since deciding to expand into the long-term residential pillar, <a href="https://1851franchise.com/coronavirus-and-franchising-randall-henderson-of-property-management-inc-and-bob-mcquillan-of-hand-stone-massage-and-facial-spa-2712692#brand-latest-stories">Richardson notes that Property Management Inc. has been extremely supportive</a>. Property Management Inc. has provided him with a robust suite of virtual support on the learning processes and software systems that are significantly different than those associated with short-term rentals. To date, the Estes Park franchise has signed contracts on 53 long-term residential doors and is starting to see a profit.“Prior to Property Management Inc., I worked for an independent property management company, and this experience has really shown me that value of a franchise system,” said Richardson. “The availability of resources and support that Property Management Inc. has provided is amazing, and I don’t know if we would have been able to navigate the waters of COVID-19 without them. When I joined Property Management Inc., I was looking for a company that <a href="https://1851franchise.com/propertymanagementinc/how-property-management-inc-is-shaking-up-the-property-management-industry-2709287#franchisor">had a history of operating with integrity</a>, <a href="https://1851franchise.com/propertymanagementinc/property-management-inc-welcomes-queries-from-industry-business-owners-who-want-to-convert-to-the-brands-franchise-model-2712355#franchisor">offered a strong support infrastructure </a>and <a href="https://1851franchise.com/propertymanagementinc/property-management-inc-celebrates-a-successful-2019-2712791#franchisor">had been successful and experienced significant growth</a> — the brand has truly proven its value during this difficult time.”&nbsp;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 <a href="https://propertymanagementincfranchise.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-property-management-inc-franchisee-lowell-richardson-expanded-into-long-term-residential-rentals-2713210" target="_blank" rel="nofollow">https://propertymanagementincfranchise.com/</a>.

How Property Management Inc. Franchisee Lowell Richardson Expanded Into Long-Term Residential Rentals 

1851 Franchise

The leading property management franchise is working closely with its local owners to ensure that they emerge stronger on the other side of the current economic downturn.


This brand page has been paid for by 1851. Content within this page that is paid will showcase a Sponsored icon. This means the brand has engaged 1851 FRANCHISE to write the content. Content without the Sponsored Icon is aggregated media placements the brand earned. Questions can be sent to editorial@1851franchise.com

how-property-management-inc-franchisee-lowell-richardson-expanded-into-long-term-residential-rentals

TruBlue Home Service Ally

Be a Community Hero: How TruBlue Franchisees Are Changing Lives Beyond Business

be-a-community-hero-how-trublue-franchisees-are-changing-lives-beyond-business

Caring Transitions

Caring Transitions Wraps Up Record-Breaking Q3 With National TV Launches, Platform Growth and Key Leadership Promotion

caring-transitions-wraps-up-record-breaking-q3-with-national-tv-launches-platform-growth-and-key-leadership-promotion

SweatHouz

SweatHouz SWTHZ Franchise - Hunter and Mallory Mitchem - Franchisee Feature - 1851 Franchise

From Aerospace to Wellness: Hunter Mitchem’s Journey to a SweatHouz Empire

sweathouz-franchise-hunter-mitchem-6g

Onigilly Japanese Kitchen

Onigilly - Low Operating Costs Drive High Returns for Franchisees - 1851 Franchise

Maximize Your ROI: How Onigilly’s Low Operating Costs Drive High Returns for Franchisees

onigilly-franchise-fast-casual-franchise-opportunity

Layne's Chicken Fingers

What Is the Layne’s Franchise Disclosure Document, and What Will I Find in It?

laynes-franchise-disclosure-document

Buying a Franchise Masterclass

 Franchise Opportunities

Get Support Buying a Franchise

How to Buy a Franchise White Paper

How to Buy a Franchise

How to Sell Franchises

How to Grow a Franchise

Find a Franchise Supplier

1851 Franchise Opportunities

Franchisor News

Franchisor Power Rankings

FranCamp Mastermind Summit

Franchise Development Website Builder

Franchise Resources

What ALEC-Laffer's Report Means for Franchising

Website Awards

Power Rankings

About 1851

Advertise on 1851

Contact 1851 Editorial

Terms of Use

1851 Login

GROWTH CLUB LOGIN

facebook

instagram

twitter

linkedin

youtube

Bed Bath & Beyond - Franchise Expansion - Retail Strategy - 1851 Franchise

Bed Bath & Beyond Launches Franchise Model as Part of Comeback Strategy

bed-bath-beyond-franchise-expansion-retail-strategy

Senior Entrepreneurship - Franchising - 1851 Franchise

Senior Entrepreneurship Is Rising — And Franchising Is a Key Outlet

senior-entrepreneurship-franchising-silver-startups

U.S. Government Shutdown - Impact on Franchises - 1851 Franchise

Government Shutdown Stalls SBA Loans: How the Shutdown Could Impact Franchises

government-shutdown-impacts-sba-loans-tourism-franchises

Subway Franchisees Resist Expensive Remodel Directives

subway-franchisees-resist-expensive-remodel-directives

The American Franchise Act: What It Means for Franchisors and Franchisees - 1851 Franchise

The American Franchise Act: What It Means for Franchisors and Franchisees

american-franchise-act-joint-employer-standard

1851 Franchisee Spotlight graphic with photo of Barb Volk and KidStrong logo

Why This Orangetheory Fitness Franchise Owner Is Developing KidStrong Franchises

kidstrong-franchise-owner-barb-volk-2025

1851 Franchisee Spotlight with photo of Mike Rippey and Sola Salons logo

How This Former Franchisor Is Using His Industry Experience To Help Beauty Pros Thrive With Sola Salons Franchise

mike-rippey-sola-salons-franchisee

photo-of-laynes-chicken-fingers-dalton-dennis-southern-oregon

23-Year-Old Entrepreneur Brings Soon to Be Famous Chicken™ to Southern Oregon With 3-Unit Layne’s Chicken Fingers Franchise Signing

laynes-chicken-fingers-dalton-dennis-southern-oregon

1851 Franchisee Spotlight graphic with photo of Robby, Miilie Adams & family, USA Ninja Challenge

Family-Owned and Community-Driven: Robby and Millie Adams Open USA Ninja Challenge Gym in Carrollton, Georgia

usa-ninja-challenge-robby-millie-adams-carrollton-franchise

Top Education Franchises To Consider for 2025 - 1851 Franchise

Top Education Franchises To Consider Investing In for 2025

top-education-franchises-investment-opportunities

Power Eats: Smoothie King Rolls Out Food Nationwide To Fuel Franchise Growth

smoothie-king-food-menu-power-eats

Top Early Childhood Education and Child Care Franchises for 2025 - 1851 Franchise

Top Early Childhood Education and Child Care Franchises for 2025

early-childhood-education-child-care-franchises

NJCAR v. Ford - New Jersey Supreme Court Limits Standing Under Franchise Practices Act

New Jersey Supreme Court Limits Standing Under Franchise Practices Act

new-jersey-franchise-practices-act-njcar-v-ford

Top Arts and Creative Learning Franchises for 2025 - 1851 Franchise

Top Arts and Creative Learning Franchises for 2025

top-arts-creative-learning-franchises

How Property Management Inc. Franchisee Lowell Richardson Expanded Into Long-Term Residential Rentals

MORE STORIES LIKE THIS