How Property Management Inc. in Summit County, Colorado is Diversifying Its Property Rentals

As the pandemic continues to rage on and people across the country buckle in for more remote work, many workers have taken advantage of the opportunity to work from just about anywhere. And for Summit County, Colorado Property Management Inc. franchisee Nicole Guidi, she’s taken the shift to remote work as an opportunity to diversify her revenue stream and transition her short-term vacation rentals into long-term stays. 

Property Management Inc. is a property management franchise that provides services across four pillars of rentals: residential, commercial, association and short-term rentals. This model gives property managers behind the brand’s 260-plus locations the opportunity to build relationships and revenue across multiple streams.

For Guidi, the pandemic has been an opportunity for her to establish a new pillar with PMI. Prior to March, she was working mostly with clients who held short-term rentals, now she’s parlayed some of those into long-term rentals with the help of PMI.

“With more people wanting to work remotely in vacation destinations like Summit County, there’s a need for more long-term rentals,” said Guidi. “I’d always had it in the back of my mind that I’d do long-term rentals, and now I had the time to devote to opening up a new pillar. The timing was great and PMI had all of the remote training all set up.”

“What’s great about PMI is that they have different pillars that you can pivot to and that you’re not locked into one thing, there’s always someplace else to go. There’s a lot more flexibility than a single franchise that only works in one segment,” she said.

Furthermore, Guidi says that while March and April slowed down a bit, she’s seen a steady flow of interest in both her long and short-term rental inventory. 

“The short term market is still very strong,” she said. “Our short term bookings have been up 20%. Every long term property we have is getting filled because people are coming here to work remotely. Clients are booking longer stays — two weeks to a month.”

She continued, “I’ve been with PMI for two years, but I’ve been in property management for 10 with another franchise where I had no support. PMI opened my eyes up to the expertise available in the organization. They’re amazing people that way. Corporate is there to help and make sure you have the tools necessary. They have people there that really care.”

Looking beyond the pandemic, Guidi is confident that companies and organizations will adopt more flexible remote work policies — meaning the demand for extended trips and long-term rentals isn’t going anywhere.

“There have always been people who come and stay for a couple of months, but now I think  companies and organizations are going to change their policies and we’re going to see more of that. Companies are going to realize people are more productive out of the office and you can get more done away from home. It’s a trend we’re going to keep seeing.”

The startup costs for a Property Management Inc. franchise range from $42,550 to $166,600. The franchise fee ranges from $35,000 to $128,600. To learn more about franchising with Property Management Inc., visit https://propertymanagementincfranchise.com/.