3 Types of Property Owners Who Will Benefit from Your Property Management Franchise
There are many different kinds of property owners, each with unique goals. Some own properties as a primary residence, while others own properties they don’t use as their primary residence and either plan to sell or rent out for income. Some owners use these secondary properties as a long-term rental while others prefer to benefit from using the property as a short-term rental. It’s this last group that an iTrip rental property management franchise caters to. But within this group, there are several kinds of rental property owners, each having become an owner in a different way, and each with their own needs. Your iTrip franchise will be able to help all of them! Here, we look at three types of owners.
The Intentional Investor
The intentional investor is the person who has made the deliberate decision to invest in properties as a way of generating income, and indeed, owning properties may be their sole source of it. These property owners tend to own between two and five units, and many of them are planning for growth; in fact, a recent industry survey of small-portfolio rental owners found that 38% of them plan to increase their holdings within the next two years. Many of these owners will oversee their properties themselves, of course. But many others won’t have the time or energy to do so, and the bigger their portfolio grows, the more inclined they’ll be to seek out an industry leader like iTrip to help them manage their units.
Intentional investors who are looking for outside help are counting on professionals to oversee their short-term rental properties. Your iTrip rental property management franchise will keep their homes in front of the most prospective customers, driving the most bookings and allowing them an uninterrupted cash flow, which is their most important goal. Furthermore, our ongoing research and development will keep you in the know and on top of the many changes in market performance, rental trends, and regulations that can often overwhelm many multi-unit property owners.
The Unintentional Investor
The unintentional investor is the person who has come to own property by circumstance — for instance, by inheritance — but who now wishes to build on that circumstance by slowly investing in more properties. According to the above-mentioned industry survey, 43% of these types of owners plan to add new properties to their portfolios in the next two years. Many of them have full-time jobs separate from their responsibilities as property owners, and they’ll want the help of professional management. Your iTrip rental property management franchise will be a valuable resource for a wide array of services, including marketing the property, interacting with rental guests and taking care of the real estate itself, allowing these owners to worry far less about upkeep and occupancy.
Furthermore, many will still be learning about the ins and outs of accounting and bookkeeping. Our proprietary software will let you to stay on top of all of that for them, allowing you to assure these owners of their properties’ profitability and worth.
The Absentee Landlord
An absentee landlord is just that — they are not around to look after and manage the property they own. Absentee landlords don’t want to get rid of their property, but they don’t want to acquire new ones, either. They simply want to be able to trust a professional to manage the rental and upkeep of their second home.
Absentee landlords benefit most directly from everything your iTrip rental property management franchise has to offer because they aren’t around to oversee any aspect of a property’s rental, management, or maintenance. They’ll require the on-site expertise of a professional to handle all of it — and that’s where you’ll come in!
To find out more about an iTrip rental property management franchise, get in touch today!