What Do I Need to Start a Property Management Business?
If you’re ready to join the short-term rental property management industry and have asked yourself — what do I need to start a property management business? — you should know that becoming an iTrip Vacations franchise owner requires certain commitments and dedication to personal growth. Our franchise team wants to make it possible for as many qualified candidates as possible to join our franchise family, leverage our proven business model, and launch a successful career, so we welcome all inquiries. It’s also important to note that all our franchisees have met certain benchmarks, and many of them demonstrate characteristics that help them build their business. Below are a few examples.
Financial Resources to Get Started on Your Property Management Franchise Journey
Opening an iTrip short-term rental property management franchise requires financial resources, and the numbers are laid out completely in our franchise disclosure document. Feel free to request a copy.
- An initial franchise fee: Investing in an iTrip franchise requires you to pay an initial franchise fee of $75,000 to get started. This payment grants you the right to do business under the iTrip Vacations® name – a registered trademark – and gives you access to our time-tested business model, trademarks, logos and other important resources.
- Net worth and liquid capital: Additionally, we require franchisees to have a net worth of $250,000 and access to $200,000 in liquid capital. Financial stability is essential, as it can provide the flexibility and peace of mind you need to navigate the challenges of new business ownership.
These are just a couple of the financial considerations you need to make as part of our investment. In total, new franchisees can expect to pay between $129,075 and $148,375 for startup costs.
A Big-Picture and Can-Do Mentality
Starting a small business means managing multiple tasks at once and adopting a big-picture mentality. iTrip franchisees know it takes time to establish their new businesses, while they address daily demands as they arise, as well as plan for future ones. Fortunately, we’ve developed a proven business model that allows our franchisees to build their brand while overseeing day-to-day operations. The model includes award-winning technology that lets them manage their properties through the convenience of their phones, which also improves operations and helps streamline processes. This gives new franchisees everything they need to begin structuring their business from day one, with less stress trying to figure out the details.
A “People-Person” Personality
When asking yourself — what do I need to start a property management business? — the ability to connect with people is important. This is a business based on relationships. Therefore, being able to naturally gravitate to others is a great trait to have as an iTrip small business owner, because it shows you’re comfortable approaching people and you’re approachable yourself. During social gatherings and networking events, talk about your iTrip franchise to others as a way to market your business. Additionally, if a potential short-term rental property owner wants to learn more about your iTrip franchise, they need to feel comfortable engaging with you. In other words, franchisees should be open to informative interactions with others, and be ready to forge relationships.
Our Relationships Mean More Property Management Business for You
On the topic of relationships, iTrip has established meaningful partnerships with over 80 national and international listing sites, such as Airbnb, Vrbo, and Trip Advisor. These long-term industry relationships mean the properties our franchisees manage are seen by more potential customers every day. So, what do you need to start a property management business? It’s pretty simple: iTrip.
To find out more about an iTrip Vacations franchise opportunity, contact our franchise team today to learn the steps to franchising with our property management franchise!