Property Management Inc. Launching Webinar Series for Independent Property Management Business Owners on Common Industry Mistakes

Property Management Inc. is about to share some valuable insights with the industry. The leading property management franchise will hold a three-part webinar series to help independent property management business owners examine the top mistakes industry professionals make and how to overcome them.

The webinars are scheduled to take place on July 1 at 1 p.m. ET, July 8 at 1 p.m. MT and July 11 at 1 p.m. CT and will be hosted by Property Management Inc. Executive Director of Conversions Jamie Harris. The webinars will dive into topics such as business mistakes, commingling funds, using security deposits to pay owner invoices, accounting and more.

PMI was founded in 2008 with the idea of providing valuable property management services to communities and offering franchisees a viable business opportunity that would thrive in any economic climate. Today, PMI offers four pillars of property management solutions — residential, commercial, association and short-term rental properties — across more than 260 locations. The brand also offers a business conversion model for independent property management business owners who desire additional revenue streams and the type of solid corporate support a brand like PMI can provide.

Harris has been with PMI for five years and has worked with both franchisees who joined the brand via the traditional franchise route and those who already had property management businesses and converted to the PMI model.

“I’ve seen some of the most common mistakes people make that can really put their business in jeopardy if they were audited,” Harris said. “I’ve also helped people become compliant throughout my career and help them pass their audits. I’ve never failed an audit. I can help business owners really identify what they’re doing wrong and help them grow from the experience.”

When Harris joined the brand five years ago, she headed up the accounting department and helped develop a program called PMI Books. She noted that, often, franchisees are not accountants, so they run the risk of doing certain things incorrectly without the appropriate support or guidance.

“For this reason, the leadership team developed a program called PMI Books, where we step in and take over the accounting for franchises when it is related to trust accounts and owner and tenant money,” she said. “Essentially, it takes that particular workload off of the franchisees and allows them to focus on growing their business. Today, we have 20 full-time PMI Books employees who do the accounting for our 130 franchisees.”

In addition to accounting support, other benefits for PMI franchisees include vendor negotiation support. The corporate team works directly with vendors and negotiates with them in order to ensure franchisees get the best possible rate. Thanks to the brand’s four pillars of business, PMI franchisees also benefit from multiple revenue streams, which can be a boon in any market during any economic climate.

Harris has seen many success stories of business owners who switched to the PMI model. Harris noted that the brand even developed a system to help business owners convert their existing property management company software into that of PMI.

“PMI can help business owners who convert with automation, processes and cutting costs while also helping them boost revenue,” Harris said. “The leadership team does this by studying how their existing business model works and what processes are in place and then giving them new processes to improve the business.”

Thanks to innovative offerings such as the webinar series and a thriving business conversion program, PMI proves why it is on track to becoming an industry mainstay.

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/.