Property Management Inc. Franchisee Finds Success By Shifting to Long-Term Rentals

The COVID-19 pandemic has statistically hit big cities harder than anywhere else. Facing expensive rents and a struggling economy, many city-dwellers have sought refuge in more remote areas of the country to save money and stay safe. Noticing a trend among renters fleeing surrounding cities, Property Management Inc. (PMI) franchise owner Eddye Bean converted her short-term rentals in the open air among the Grand Tetons to long-term rentals. Since the conversions, Bean has seen amazing results.

“The Tetons are the perfect getaway for the winter, and we typically have several vacation rentals for the short term,” said Bean. “Some of our owners want to see a little more income, so we converted the properties to serve long-term needs. Our contracts have shifted to start in October until the end of May. We haven’t seen a disruption in the demand for our services at all.”

A former corporate employee of PMI, Bean is well-acquainted with the property management franchise’s business model. As a manager of the brand’s Utah portfolio, she understood what it takes for locations to be successful and how to pay attention to market trends. When she and her husband decided to move back to Teton Valley — the place where they both grew up — Bean knew that becoming a franchisee was a great way to stay a part of a brand she loved while embarking on a new professional venture.

“We opened our doors in 2014, so we’ve been up and running for almost seven years now,” said Bean. “Having grown up in the Teton Valley area, I’m well acquainted with the seasonal patterns in the area. With ski season coming up, the more remote location is perfect for folks looking to get out of the city to wait out COVID-19, while still enjoying the winter activities they love.”

Danessa Itaya, president of PMI, says that the brand’s flexible business model is what gives them a competitive advantage over other brands in the property management franchising space. The success of franchisees like Bean prove that the model has the flexibility for franchisees to not only survive but thrive in a challenging economic climate. As the pandemic continues across the country, Itaya is confident that PMI’s franchisees will continue to perform well no matter what future road blocks may lay ahead in the coming months.

“Only PMI offers their franchisees the room to adapt and grow within the property management franchising space,” said Itaya. “In times like these, it is important to trust and believe in your franchisees. With the proper guidance and a good business model, our franchisees are prepared for any challenges that may come in the new year.”

Bean said that PMI corporate leadership has been incredibly supportive over the past couple of months during the COVID-19 crisis. Having been a part of the corporate team herself, she anticipated their support at the beginning of the pandemic. Now, with rentals nearly full and residents potentially planning to renew their contracts to stay in the open air, the franchisee is feeling confident about the success rate of her location.

“This has just been a different year for us,” said Bean. “So many folks made reservations later in the year, and because of that we have booked even more reservations than we did this time last year. At this rate, we will have grown a quarter by the end of the year. Those kinds of numbers make me really confident for the future.”

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/.