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During the past few months, brands across all industries have been forced to adapt to the unprecedented situation of COVID-19 in different ways. While many business owners remain concerned about the future, franchise brands like <a href="https://propertymanagementincfranchise.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-property-management-inc-encouraged-franchisee-nicole-guidi-to-expand-into-long-term-residential-rentals-2713387" target="_blank" rel="nofollow">Property Management Inc.</a> offer franchisees a built-in support system designed to help them adapt to the changing economic landscape.From day one of the crisis, <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;Since being founded, Property Management Inc. has stood out in the industry by offering franchisees access to <a href="https://propertymanagementincfranchise.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-property-management-inc-encouraged-franchisee-nicole-guidi-to-expand-into-long-term-residential-rentals-2713387" target="_blank" rel="nofollow">four pillars of the business</a> — residential, commercial, association and short-term rental. Now, 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. is actively taking steps to help franchisees diversify their portfolios</a>.&nbsp;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;Many 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;One of these franchisees, Nicole Guidi — <a href="https://www.propertymanagementinc.com/locations?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-property-management-inc-encouraged-franchisee-nicole-guidi-to-expand-into-long-term-residential-rentals-2713387" target="_blank" rel="nofollow">owner of a Property Management Inc. franchise in Summit County, Colorado</a> — found herself feeling validated about her decision to partner with PMI when COVID-19 hit.&nbsp;“Back in 2010, I moved to my ski condo in Keystone, Colorado full-time and was introduced to the property management industry,” said Guidi. “I purchased a resort property management franchise — <a href="https://bookbyowner.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-property-management-inc-encouraged-franchisee-nicole-guidi-to-expand-into-long-term-residential-rentals-2713387" target="_blank" rel="nofollow">Book by Owner</a> — which featured 19 properties, and within 3 years, I had over 100 clients.”Book by Owner, the original franchise that Guidi invested in, was eventually sold to PMI in 2018. Guidi was flown out to the brand’s headquarters to meet the new team and was offered the opportunity to join the network.“I was astonished at the depth of expertise in all areas of the Property Management Inc. team,” said Guidi. “Although I already had a successful short-term rental business, PMI had much more to offer in the residential and association segments of property management. The biggest thing that came across to me on my initial visit was the genuine atmosphere created by the entire PMI staff. Everyone is open and friendly and willing to help and listen to what franchisees need to be successful. PMI allows me to enjoy business ownership while also taking advantage of the team’s support — today, our location serves approximately 200 clients.”Unfortunately, when the COVID-19 crisis first hit, short-term rentals were shut down and Guidi lost 25 clients right away. When <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">Property Management Inc. approached all franchisees and suggested that they consider expanding into a second pillar</a>, the opportunity to expand into long-term residential was a perfect solution for Guidi.&nbsp;“Luckily, I was able to start up the additional long-term residential pillar and add on new real estate to diversify my portfolio,” said Guidi. “I am always looking for other revenue streams, and PMI offered <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">the expertise, systems and training to help me jump-start in the new long-term management division</a>.”&nbsp;According to Guidi, that support includes weekly Zoom meetings held to discuss financing as well as resources the company offers to make sure that all the franchises understand what programs are available and how to access them. “Adding the long-term residential pillar to my portfolio was pretty simple,” said Guidi. “I worked with PMI’s VP of Operations and VP of Residential in order to make sure I was prepared to take on the new business. We continue to have weekly and daily training available for all pillars.”With the PMI team’s guidance, resources and high level commitment to franchisees, Guidi felt confident in her decisions during this difficult time. Guidi also notes that members of the PMI leadership team have been personally available to work through ongoing issues.&nbsp;“The ability to communicate directly with the VP of Operations or the Directors of Short Term and Residential about the business is tremendous,” she said. “<a href="https://1851franchise.com/propertymanagementinc/property-management-inc-celebrates-a-successful-2019-2712791#franchisor">Being able to access those individuals and their support teams is excellent, but even better than being heard are the actions they take to make our business and PMI better</a>. Plus, the network and comradery that is created amongst the other franchisees is invaluable.”Looking ahead, Guidi’s plan is to build a strategy for achieving her long-term goals. With the help of PMI’s growth support and business development, she knows she is well-prepared to emerge from this crisis stronger than ever before.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/.&nbsp;

How Property Management Inc. Encouraged Franchisee Nicole Guidi to Expand Into Long-Term Residential Rentals 

1851 Franchise

The leading property management franchise is working closely with its local owners to diversify revenue streams and implement new strategies for success.


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How Property Management Inc. Encouraged Franchisee Nicole Guidi to Expand Into Long-Term Residential Rentals

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