1851

Brands across all industries are being forced to adapt to the unprecedented situation of COVID-19, leaving some business owners feeling uncertain about the future. However, franchise brands like <a href="https://propertymanagementincfranchise.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-property-management-inc-franchisee-lowell-richardson-expanded-into-long-term-residential-rentals-2713210" target="_blank" rel="nofollow">Property Management Inc.</a> offer franchisees a built-in support system designed to help them navigate uncharted waters.When the COVID-19 crisis began, <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;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. actively began taking steps to help franchisees diversify their portfolios</a>. One of the biggest advantages that comes with being a Property Management Inc. franchisee is the fact that there are <a href="https://propertymanagementincfranchise.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-property-management-inc-franchisee-lowell-richardson-expanded-into-long-term-residential-rentals-2713210" target="_blank" rel="nofollow">four pillars of the business</a>—residential, commercial, association and short-term rental. Now, 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;For example, 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;Lowell Richardson, a <a href="https://www.estesparkvacationmanagement.com/rental-program?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-property-management-inc-franchisee-lowell-richardson-expanded-into-long-term-residential-rentals-2713210" target="_blank" rel="nofollow">Property Management Inc. franchisee in Estes Park, Colorado</a>, found himself in a difficult position when COVID-19 hit. Since Estes Park is a summer destination community adjacent to Rocky Mountain National Park, Richardson primarily worked within the short-term rental pillar.“Initially, when the COVID-19 pandemic was declared a national emergency, we had to completely shut down operations and evacuate all guests that were staying here with us,” said Richardson. “We lost all revenue throughout April and May, so this crisis has had a huge impact on us and our owners.”&nbsp;Luckily, Property Management Inc. had already encouraged Richardson to expand his horizons even before COVID-19. “When we got back from the new franchisee workshop in December 2019, one of the things that corporate had really ingrained in us was the importance of joining a networking organization,” he said. “We joined the local board of realtors for Estes Park and as a result of that, we had realtors coming to us on a regular basis asking us about managing long-term rental properties. Eventually, one of our vacation owners came to us and told us he also owned three long term rentals and needed property management, so we got creative and dipped our toe into that pre-COVID, taking care of the property and tenants.”<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">When the COVID-19 crisis began, Property Management Inc. approached all franchisees and suggested that they consider expanding into a second pillar.</a> For Richardson, who was struggling with the short-term rental pillar, the opportunity to expand into long-term residential was a perfect solution.&nbsp;“After adding the second pillar, we had a potential client come to us and ask us to do a proposal for a long-term rental property, which represented 48 doors,” said Richardson. “Given what was going on with COVID-19, the timing was perfect. Plus, Property Management Inc. waived the $5,000 fee for adding another pillar to encourage franchisees to go out and initiate new business, which was a huge help.”&nbsp;Since deciding to expand into the long-term residential pillar, <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">Richardson notes that Property Management Inc. has been extremely supportive</a>. Property Management Inc. has provided him with a robust suite of virtual support on the learning processes and software systems that are significantly different than those associated with short-term rentals. To date, the Estes Park franchise has signed contracts on 53 long-term residential doors and is starting to see a profit.“Prior to Property Management Inc., I worked for an independent property management company, and this experience has really shown me that value of a franchise system,” said Richardson. “The availability of resources and support that Property Management Inc. has provided is amazing, and I don’t know if we would have been able to navigate the waters of COVID-19 without them. When I joined Property Management Inc., I was looking for a company that <a href="https://1851franchise.com/propertymanagementinc/how-property-management-inc-is-shaking-up-the-property-management-industry-2709287#franchisor">had a history of operating with integrity</a>, <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">offered a strong support infrastructure </a>and <a href="https://1851franchise.com/propertymanagementinc/property-management-inc-celebrates-a-successful-2019-2712791#franchisor">had been successful and experienced significant growth</a> — the brand has truly proven its value during this difficult time.”&nbsp;The initial start-up investment for a Property Management Inc. franchise ranges from $21,250 to $106,800 and has a franchise fee ranging from $15,000 to $62,900. To learn more about franchise opportunities with Property Management Inc., visit <a href="https://propertymanagementincfranchise.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-property-management-inc-franchisee-lowell-richardson-expanded-into-long-term-residential-rentals-2713210" target="_blank" rel="nofollow">https://propertymanagementincfranchise.com/</a>.

How Property Management Inc. Franchisee Lowell Richardson Expanded Into Long-Term Residential Rentals 

1851 Franchise

The leading property management franchise is working closely with its local owners to ensure that they emerge stronger on the other side of the current economic downturn.


This brand page has been paid for by 1851. Content within this page that is paid will showcase a Sponsored icon. This means the brand has engaged 1851 FRANCHISE to write the content. Content without the Sponsored Icon is aggregated media placements the brand earned. Questions can be sent to editorial@1851franchise.com

how-property-management-inc-franchisee-lowell-richardson-expanded-into-long-term-residential-rentals

Onigilly Japanese Kitchen

Unlocking the Potential: How Much Can You Earn as an Onigilly Franchisee?

unlocking-the-potential-how-much-can-you-earn-as-an-onigilly-franchisee

Filta Environmental Kitchen Solutions

DeWitts Ignite New Chapter for Filta Environmental Kitchen Solutions in Reno 

Grease, Grit, and Growth: DeWitts Ignite New Chapter for Filta Environmental Kitchen Solutions in Reno, Nevada

grease-grit-and-growth-dewitts-ignite-new-chapter-for-filta-environmental-kitchen-solutions-in-reno-nevada

Layne's Chicken Fingers

Layne's Chicken Fingers-50 Unit-Wendy's-Franchisee-June-2025

Why This 50 Unit Wendy’s Franchisee Is Betting on Layne’s for His Next Big Move

wendys-franchisee-expands-with-laynes-chicken-fingers-texas

CapitalSpring

CapitalSpring’s Jim Balis Talks Growth, ROI and the Future of Fast Casual on “Rock My Restaurant”

capitalsprings-jim-balis-talks-growth-roi-and-the-future-of-fast-casual-on-rock-my-restaurant

Children's Lighthouse

Children’s Lighthouse Ramps Up Growth in First Half of 2025 With Strategic Expansions, Franchise Signings, and New Headquarters

childrens-lighthouse-ramps-up-growth-in-first-half-of-2025-with-strategic-expansions-franchise-signings-and-new-headquarters

Buying a Franchise Masterclass

 Franchise Opportunities

Get Support Buying a Franchise

How to Buy a Franchise White Paper

How to Buy a Franchise

How to Sell Franchises

How to Grow a Franchise

Find a Franchise Supplier

1851 Franchise Opportunities

Franchisor News

Franchisor Power Rankings

FranCamp Mastermind Summit

Franchise Development Website Builder

Franchise Resources

What ALEC-Laffer's Report Means for Franchising

Website Awards

Power Rankings

About 1851

Advertise on 1851

Contact 1851 Editorial

Terms of Use

1851 Login

GROWTH CLUB LOGIN

facebook

instagram

twitter

linkedin

youtube

What June’s Jobs Report Means for the Franchise Industry

what-junes-jobs-report-means-for-the-franchise-industry

Drone Delivery Takes Flight in QSR: The Future of Franchise Operations?

drone-delivery-takes-flight-in-qsr-the-future-of-franchise-operations

Chick-fil-A Tops Customer Satisfaction Rankings for 11th Year as Challenger Brands Gain Ground

chick-fil-a-tops-customer-satisfaction-rankings-for-11th-year-as-challenger-brands-gain-ground

Technomic Releases Annual Ranking of the Top 15 Fast-Food Chains in the U.S.

technomic-releases-annual-ranking-of-the-top-15-fast-food-chains-in-the-us

Rising Jobless Claims Could Signal Challenges — and Opportunities — for Franchising

rising-jobless-claims-affect-franchising

How Vishal Juneja Turned a Family Tradition Into a Paris Baguette Franchise

How Vishal Juneja Turned a Family Tradition Into a Paris Baguette Franchise Built on Heart and Community

paris-baguette-franchise-rockaway-new-jersey-vishal-junjea

How This Franchise Consultant Turned a Love for Dogs Into a Business with Dog Training Elite

How This Franchise Consultant Turned a Lifelong Love for Dogs Into a Growing Business with Dog Training Elite

how-this-franchise-consultant-turned-a-lifelong-love-for-dogs-into-a-growing-business-with-dog-training-elite

Franchisee spotlight graphic with photo of Ricki Oberoi and Layne's Chicken Fingers logo

Multi-Unit Wendy’s Operator Signs 12-Unit Deal With Layne’s Chicken Fingers

ricki-oberoi-laynes-chicken-fingers-growth

Franchisee spotlight graphic with photos of Danielle Rosemond & Usman Khan & TruBlue logo

Family Members of Local Physicians Bring TruBlue Franchise to North Central Nassau, Long Island: A Health Care-Inspired Approach to Aging in Place

family-brings-trublue-franchise-to-north-central-nassau

The Ultimate Guide to Selling Franchises: How To Create a Strong Incentive

how-to-build-strong-incentives-to-attract-prospective-franchisees

Top 25 Franchise Marketing Leaders: Kelsey McManemin — Vice President of Marketing, HTeaO

top-25-franchise-marketing-leaders-kelsey-mcmanemin-vice-president-of-marketing-hteao

How Property Management Inc. Franchisee Lowell Richardson Expanded Into Long-Term Residential Rentals

MORE STORIES LIKE THIS