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Since its founding in 2008, at the start of one of most dramatic real estate downturns in United States history, <a href="https://www.propertymanagementinc.com/property-management-franchise?utm_source=1851franchise.com&utm_medium=article&utm_campaign=property-management-inc-continues-to-grow-in-2021-2715998" target="_blank" rel="nofollow">Property Management Inc</a>. has proven one thing: Even in choppy economic waters, the premier property-management franchise brand has plenty of wind in its sails.For proof, look no further than 2020. Despite the challenges of the COVID-19 pandemic, economic uncertainty, high unemployment rates, real estate volatility and social unrest, <a href="https://1851franchise.com/propertymanagementinc">PMI</a> just scored its best year ever.&nbsp;The company, which provides property management solutions for residential, commercial, association and short-term rental properties, turns property managers into thriving business owners, providing <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">the support of an expert team</a> of franchisors and <a href="https://1851franchise.com/propertymanagementinc/property-management-inc-celebrates-a-successful-2019-2712791#franchisor">a large network of fellow franchisees</a>.&nbsp;In 2020, PMI grew the number of franchises in its system at a record rate, <a href="https://1851franchise.com/propertymanagementinc/property-management-inc-celebrates-a-successful-2019-2712791#stories">shattering last year’s number</a> of new franchises while it continues to develop new territories and increase its presence in key markets. Beyond that, the company introduced best-of-breed industry software and refined systems and processes to help its franchisees increase productivity, efficiency and profitability.&nbsp;Property Management, Inc. turned in its best performance ever in 2020, opening 67 locations, a 31%-increase over the previous year. <a href="https://www.linkedin.com/in/steve-hart-30aa2a5?utm_source=1851franchise.com&utm_medium=article&utm_campaign=property-management-inc-continues-to-grow-in-2021-2715998" target="_blank" rel="nofollow">Steven Hart, PMI CEO &amp; co-founder</a>, says he knows why.&nbsp;“It's a steady industry, and it’s growing,” he said. “More people are renting properties in our country than have ever rented before, and there are more rentals available in our country than ever before — both long-term residential and short-term rentals.”Hard says<a href="https://1851franchise.com/propertymanagementinc/ifa-remote-franchises-like-property-management-inc-find-success-amid-pandemic-2714119#franchisor"> the pandemic’s economic disruption also played a part</a> in helping people see their career path in a different light.&nbsp;“We saw more people having the desire to take their careers and lives into their own hands and not be subject to layoffs or furloughs anymore,” he said. “People who wanted to be entrepreneurs but never had the guts to jump from their J.O.B. finally said, ‘Hey, now's the time.’”&nbsp;Another reason for the rapid growth: Independent property owners and managers are increasingly realizing that if they want to continue to grow, it’s difficult to do so by themselves.“They’re kind of stuck. They need better systems and processes to really grow,” PMI president <a href="https://www.linkedin.com/in/danessa-itaya-87397615/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=property-management-inc-continues-to-grow-in-2021-2715998" target="_blank" rel="nofollow">Danessa Itaya</a> said. “So they see us as a viable option to help them reach the next level. We have the systems. We have the software. It’s already put together for them, so that’s an attractive incentive to join us.”&nbsp;But it’s not just the number of new franchises that's growing; the geography in which PMI franchises are located has expanded as well. The company entered multiple new territories in 2020, from Minnesota to Maine. It also made deeper inroads into coveted markets, particularly in sunbelt states.&nbsp;“Because of the way our franchise territories are crafted, we still have attractive territory in areas where competitors are sold out,” said Itaya. “So in 2020, we were excited to add four more businesses in Atlanta, where that option isn't always available. In Texas, we added <a href="https://1851franchise.com/propertymanagementinc/how-navy-veterans-steve-poer-and-tara-devine-leverage-their-military-experience-with-pmi-franchise-ownership-2714488#franchisee">Dallas</a>, Houston and <a href="https://1851franchise.com/propertymanagementinc/property-management-inc-franchisee-joe-wang-charts-a-new-career-path-in-san-antonio-2713007#franchisee">San Antonio</a>.”The company has also invested back into the systems that allow PMI to offer best-of-breed franchise support. In 2020, the franchise introduced a new conversion program to help new property management companies to integrate into the PMI family.&nbsp;&nbsp;“By making it significantly easier to convert their business to our platform, it dramatically reduces the time it takes a new franchise with existing business to integrate with PMI,” said Itaya. “That means franchisees have the ability to increase their profitability faster than ever before because they have the ability to quickly add additional revenue streams among other benefits.”The company also introduced new workflow software, which allowed franchisees to systematize many processes, streamlining many functions in the office within one platform, increasing efficiency for the office.And despite the COVID-19 factor, PMI was able to hold its national summit this year in Orlando, Florida. The event safely brought together 250 franchisees.&nbsp;“Our franchisees were extremely appreciative that we did it face-to-face instead of going virtual,” said Itaya. “A lot of work went into it to make sure it was safe, and we were really happy with the level of attendance there.”Additionally, for the eighth consecutive year, Entrepreneur Magazine listed PMI on the prestigious <a href="https://www.entrepreneur.com/franchise500/2021?utm_source=1851franchise.com&utm_medium=article&utm_campaign=property-management-inc-continues-to-grow-in-2021-2715998" target="_blank" rel="nofollow">Franchise 500 list</a>, a comprehensive list of the top franchise opportunities in the United States. The brand earned the 265th spot, up 16 spots from the previous year.In 2021, PMI has plans to grow beyond just property management. By the second quarter of this year, the company will introduce a PMI brokerage service to give franchise owners better training, support and systems to manage property listings. This will bring added value to PMI’s services because they can not only manage the property for an investor, they can help sell the property when the time comes.&nbsp;“There's no better person than the property manager who also has a real estate license to put the sign up there and sell,” said Hart. “No one knows the property better than the manager.”

Property Management Inc. Continues to Grow in 2021

1851 Franchise

With 67 new locations opened during a pandemic, the leading property management company proves that the industry can weather any type of economic storm. 

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HomeTeam Inspection Service

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10 Reasons to Buy an Urban Bird Hot Chicken Franchise - 1851 Franchise

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How much can franchisees make? It’s a question many prospective owners ask before investing in a franchise. While earnings tend to be driven by variables such as industry, location and general management skills, a proper understanding of the key factors driving profitability can help franchise owners develop expectations that are realistic.&nbsp;Multi-unit franchisee&nbsp;<a href="https://www.linkedin.com/in/mangesh-patel-9368569/">Mangesh Patel</a>, who’s readying the launch of six&nbsp;<a href="https://www.beefobradysfranchise.com/">Beef ‘O’ Brady’s</a> restaurant locations in the Macon, Georgia area, shares insights from his franchising experience.<h2>Understanding Franchise Income</h2>Keeping operational costs in check can have a major impact on overall earnings. Taking a proactive approach to expenses such as food and labor, as well as payroll and scheduling, can help align actual franchise income with general expectations for the business.“I just had a meeting with a couple of people, and they said, ‘You talked about a 25% profit margin, but I’m only doing 12%.’ So, I looked at the figures they sent me,” Patel said. “Their&nbsp;<a href="https://1851franchise.com/calculate-restaurant-franchise-profit-2730476">restaurant</a> food cost was running at 37%, which should be around 30%. The national average is about 32%. If I do things correctly, my average food cost needs to be at or below 30%. And payroll should run around 18%. But many people run 25 to 28%.”So,&nbsp;<a href="https://1851franchise.com/unraveling-franchise-earnings-how-much-can-you-really-make-2723935">how much can franchisees make</a>? Here are five areas to consider.<h2>Practical Tips for Prospective Franchisees</h2><ol><li>Control Costs From Day One:&nbsp;It’s important to monitor payroll, food and supply costs closely. Overstaffing and inefficiencies can quickly reduce profits.</li><li>Plan For The Opening Surge:&nbsp;Traffic within the first few months of opening is likely to be higher. It’s important to adjust staffing and inventory accordingly, and pay close attention to how those levels change as time goes on.</li><li>Invest In Training:&nbsp;Properly trained workers can help reduce waste and improve overall service, which has a direct effect on net income.</li><li>Understand Your Market:&nbsp;Each market is unique and revenue potential will vary depending upon location, demographics and competition.</li><li>Track Metrics Regularly:&nbsp;Food cost percentages, labor ratios and weekly sales data act as key indicators operations may need to be adjusted.</li></ol><h2>What Profitability Really Comes Down To</h2>Patel notes that if franchise owners manage labor and costs properly, it’s not impossible to achieve strong cash flow even in the first year, bucking some franchising trends.So,&nbsp;<a href="https://1851franchise.com/how-much-can-you-make-as-a-franchise-owner-2724761">how much can franchisees make</a>? While results tend to vary, careful planning, disciplined operations and a proactive approach to assessing initial costs are essential. But by grasping and guiding the elements that drive franchise profitability, franchise owners can maximize overall business earnings, scaling a business that’s sustainable financially over the long term.Want to learn more about franchise opportunities on 1851 Franchise? Be sure to visit our&nbsp;<a href="https://1851franchise.com/power-rankings">Power Rankings</a> to read more on brands making moves.

How much can franchisees make? This guide explains what drives franchise earnings and how to manage costs, with expert tips from multi-unit owner Mangesh Patel on maximizing your franchise income.

How Much Can Franchisees Make? A Guide for Prospective Franchise Owners

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Franchise Opportunity Deep Dive: A fast-casual restaurant brand serving made-from-scratch sandwiches, salads, soups and pizzas rooted in Southern hospitality.


Property Management Inc. Continues to Grow in 2021

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