In this FDD Talk post, you’ll learn the following:
- Section I – Background information on the Real Property Management franchise opportunity, including relevant news updates
- Section II – Estimated initial investment for a Real Property Management franchise, based on Item 7 of the company’s 2021 FDD
- Section III – Initial franchise fee, royalty fee, marketing fee, and other fees for a Real Property Management franchise, based on Items 5 and 6 of the company’s 2021 FDD
- Section IV – Number of franchised and company-owned Real Property Management outlets at the start of the year and the end of the year for 2018, 2019, and 2020, based on Item 20 of the company’s 2021 FDD
- Section V – Presentation and analysis of Real Property Management’s financial performance representations, based on Item 19 of the company’s 2021 FDD, including information on the:
- 2020 average and median number of units managed per franchise and annual revenue per unit for reporting franchises more than 1 year and less than 3 years old, reporting franchises over 3 years old, and all 261 reporting franchises that were operating for at least 12 months as of December 31, 2020
- 2020 average and median rent for all 261 reporting franchises that were operating for at least 12 months as of December 31, 2020
Section I – Background Information
14 Things You Need to Know About the Real Property Management Franchise
Reaches Milestone with 350th Franchise Opening
1. At the beginning of March 2021, Real Property Management reached 350 locations open across the U.S. with the opening of its newest franchise in St. Louis, Missouri. Entrepreneur Sara Tatham, a prior owner of a cleaning business for property management companies for 10 years, is franchising with Real Property Management to open this 350th location as her first franchise business. She chose RPM because she felt like she could provide greater service than other property managers in the area, and she considered the RPM franchise model to be the most effective way for her to do so.
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3. Since becoming a member of the Neighborly family of brands in 2018, RPM has grown its network nearly 20% including the addition of 29 new locations in 2020, earning the brand a spot on Entrepreneur magazine’s Franchise 500 ranking of the top franchise brands worldwide.
4. Mike Bidwell, president and CEO of Neighborly, added, “When we acquired Real Property Management, we knew the brand had tremendous potential for growth. Even throughout this pandemic, RPM and other Neighborly brands have continued to expand and provide essential services to customers nationwide. We look forward to more growth from RPM in the coming year, as we continue our strategy to ‘Own the Home’ with our family of home service brands.”
Franchise Owner Named to HousingWire’s Annual Ranking of Housing Industry’s Most Influential Women
5. In early September 2020, Real Property Management announced that franchise owner Joni Wolfswinkel was selected as one of just 100 women named to HousingWire’s 2020 list honoring extraordinary women who are shaping and propelling the real estate industry. Wolfswinkel was selected to join this 10th annual ranking from HousingWire, the most influential source of news and information for the U.S. mortgage and housing markets, based on her professional achievements within the Real Property Management network, along with her contributions to the overall industry, community outreach, client impact, and personal success.
6. The Women of Influence are selected by HousingWire’s Editorial Selection Committee based on their professional achievements within their organizations. Contributions to the overall industry, community outreach, client impact, and personal success also factor into the committee’s decision.
7. Jeff Pepperney, president of Real Property Management, said, “Through her tireless commitment to excellence, Joni represents the best of what our franchise network has to offer. Not only have her leadership skills paid off in the form of business success, but they have earned her well-deserved industry recognition. We could not be more proud to have a woman like Joni leading the continued growth and success of Real Property Management.”
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9. Wolfswinkel is a vocal advocate for the continued entrepreneurial success of women everywhere, as conveyed by the mentorship she offers through her podcast Inside The Wolf’s Den, An Entrepreneurial Journey with Shawn and Joni Wolfswinkel, and in the book she is currently authoring on the importance of empowering women across all industries. In addition to her Real Property Management franchises in Houston and Albuquerque, Wolfswinkel is also the franchise owner of Mr. Rooter Plumbing of Albuquerque, Mr. Rooter being another Neighborly company.
10. Wolfswinkel said, “I am honored to receive this recognition in an increasingly competitive industry and from a source as esteemed as HousingWire. As a female entrepreneur-turned-CEO, empowering other women to pursue their dreams of business ownership just as I have is of the utmost importance to me. I look forward to continuing to apply the leadership skills I have been recognized for to help further the success of my franchise businesses, and I hope I can inspire other women to do the same along the way.”
Company History
11. Real Property Management was founded in 1986 by Kirk McGary in Salt Lake City, Utah. McGary first became involved with the industry while he was still a college student. Some friends asked him to join them in their property management work. After graduating from college, McGary initially went into accounting and software development, but decided to return to property management and launched Real Property Management.
12. Over the next few decades, McGary grew Real Property Management around Utah. Then, in 2005, McGary partnered with another entrepreneur named Doug Oler – who had extensive business experience managing multi-unit companies – to franchise the Real Property Management concept. Within a few years, Real Property Management grew to more than 100 locations and by 2017, this number had tripled.
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Entrepreneur’s Franchise 500
14. Real Property Management ranked No. 245 on Entrepreneur’s 2021 Franchise 500 list.
Section II – Estimated Costs
- Please click here for detailed estimates of Real Property Management franchise costs, based on Item 7 of the company’s 2021 FDD.
Section III – Initial Franchise Fee, Royalty Fee, Marketing Fee, and Other Fees
- Please click here for detailed information on Real Property Management’s initial franchise fee, royalty fee, marketing fee, and other fees, based on Items 5 and 6 of the company’s 2021 FDD.
Section IV – Number of Franchised and Company-Owned Outlets
Franchised
2018
- Outlets at the Start of the Year: 276
- Outlets at the End of the Year: 298
- Net Change: +22
2019
- Outlets at the Start of the Year: 298
- Outlets at the End of the Year: 315
- Net Change: +17
2020
- Outlets at the Start of the Year: 315
- Outlets at the End of the Year: 336
- Net Change: +21
Company-Owned
2018
- Outlets at the Start of the Year: 8
- Outlets at the End of the Year: 0
- Net Change: -8
2019
- Outlets at the Start of the Year: 0
- Outlets at the End of the Year: 0
- Net Change: 0
2020
- Outlets at the Start of the Year: 0
- Outlets at the End of the Year: 0
- Net Change: 0
Section V – Financial Performance Representations (Item 19, 2021 FDD) and Analysis
- Every month, Real Property Management requests that all franchise owners provide certain financial and other information relating to the operation of their Real Property Management franchise business during that month.
- As of December 31, 2020, there were 240 franchise owners who operated 336 Real Property Management franchises.
- This Item 19 includes data from 261 franchised businesses, which were all in operation and reporting sales for the entire calendar year 2020.
- The information provided in this Item 19 does not include data from (a) 28 new franchised businesses that opened during the calendar year 2020 and therefore were not in operation for the entire reporting period, (b) 22 franchised businesses that transferred ownership to new owners and therefore were not in operation for the entire reporting period, and (c) 25 franchised businesses that failed to report sufficient or reliable data to Real Property Management for the entire 12-month reporting period.
- Seven franchised businesses closed during the 2020 calendar year and so they did not report data to Real Property Management for the entire reporting period and therefore their data is also excluded from this Item 19. Of the 7 franchised businesses that closed during calendar year 2020, 2 businesses closed after being open for less than 12 months.
- “Annual Revenue” as used in the following charts means the sum of the Gross Sales and Maintenance Revenues for each franchisee during the fiscal year ended December 31, 2020. Also, because these are Annual Revenue results only, no costs or expenses are taken into account.
- Gross Sales include the total revenues and receipts from whatever source (whether in the form of cash, credit, agreement to pay, barter, trade, or other consideration) that arise, directly or indirectly, from the operation of or in connection with a Real Property Management Business whether under any of the Marks or otherwise, including, without limitation, all proceeds from any business interruption insurance, minus Maintenance Revenues.
- Gross Sales exclude sales taxes collected from customers and paid to the appropriate taxing authority and any other bona fide refunds, rebates, or discounts that Real Property Management authorizes in writing.
- Maintenance Revenues include all gross revenue derived from repairs and maintenance services to real property or equipment, such as, but not limited to, painting, lawn care, preventative maintenance, cleaning, plumbing, and general repairs to real property or equipment, whether such gross revenue is generated by (i) the franchisee; (ii) any business entity that controls, is controlled by, or is under common control with the franchisee; or (iii) any person or family member of any person with an ownership interest in the franchisee.
- Pass-through expenses, such as costs of outside vendors, may not be deducted from Maintenance Revenues without prior approval from Real Property Management, and must be accounted for through your trust account.
- Maintenance Revenues exclude sales taxes collected from customers and paid to the appropriate taxing authority and any other bona fide refunds, rebates, or discounts that Real Property Management authorizes in writing.
- Monthly reports from franchise owners provide Real Property Management’s only visibility into the financial results of the individual franchise owners’ operations. Neither Real Property Management, its predecessor, or its independent certified public accountants have audited or independently verified any of the data submitted by franchisees. Franchisees are not required to use generally accepted accounting principles when reporting these figures.
- The following charts represent the average and median number of units and average and median revenue per unit being managed by Real Property Management franchisees. The data is broken down according to the age of the franchise, based upon the year the franchise was opened.
- The average and median annual revenue per unit data was drawn from the franchisee reports described above. No adjustments, including adjustments for geographic location, have been made to these reported sales.
- All calculations are based on financial and unit data for the year ended December 31, 2020. This report does not include information about previous periods or any future periods.
- In the early months of 2020, the COVID-19 pandemic impacted local, regional, and national economies. New laws, rules, and governmental orders were issued in response to the virus outbreak. The Real Property Management businesses were generally deemed essential businesses under such governmental orders and were therefore able to continue operating.
- None of the Real Property Management businesses closed during the pandemic, even temporarily. As of the date of the current Disclosure Document, no Real Property Management business permanently closed due to the impact of the pandemic.
- As of the date of the current Disclosure Document, Real Property Management does not intend to make any changes to its business model as a result of the COVID-19 pandemic.
Part 1 – Reporting Franchises More Than 1 Year and Less Than 3 Years Old
- Total Number of Reporting Franchises: 25
- Average Number of Units Managed Per Franchise: 78
- Median Number of Units Managed Per Franchise: 43
- Average Annual Revenue Per Unit: $4,829
- Median Annual Revenue Per Unit: $4,545
- There are 25 reporting franchises included in this analysis. The actual range of the Annual Revenue per Unit was $422.98 to $15,075.78.
- 13 franchises (52%) achieved or exceeded the reported Average Annual Revenue per Unit.
- 14 franchises (56%) achieved or exceeded the reported Median Annual Revenue per Unit.
Average Source of Revenue breakdown:
- Owners (property owners who pay franchisees fees to manage the property): 43%
- Residents (tenants who pay franchisees for background checks, application fees, lease renewal fees, resident benefits packages, setup fees, etc.): 7%
- Maintenance (maintenance done on the property): 50%
Part 2 – Reporting Franchises Over 3 Years Old
- Total Number of Reporting Franchises: 236
- Average Number of Units Managed Per Franchise: 312
- Median Number of Units Managed Per Franchise: 245
- Average Annual Revenue Per Unit: $3,084
- Median Annual Revenue Per Unit: $2,965
- There are 236 reporting franchises included in this analysis. The actual range of the Annual Revenue per Unit was $245.67 to $15,204.99.
- 110 franchises (42%) achieved or exceeded the reported Average Annual Revenue per Unit.
- 115 franchises (49%) achieved or exceeded the reported Median Annual Revenue per Unit.
- Average Source of Revenue breakdown: Owners 44%; Residents 6%; Maintenance 50%
Part 3 – All Reporting Franchises
- Total Number of Reporting Franchises: 261
- Average Number of Units Managed Per Franchise: 277
- Median Number of Units Managed Per Franchise: 199
- Average Annual Revenue Per Unit: $3,183
- Median Annual Revenue Per Unit: $3,006
- There are 261 reporting franchises included in this analysis. The actual range of the Annual Revenue per Unit was $245.67 to $15,204.99.
- 114 franchises (44%) achieved or exceeded the reported Average Annual Revenue per Unit.
- 132 franchises (51%) achieved or exceeded the reported Median Annual Revenue per Unit.
- Average Source of Revenue breakdown: Owners 45%; Residents 7%; Maintenance 48%
Part 4 – All Reporting Franchises
- Total Number of Reporting Franchises: 261
- Average Rent: $1,231
- Median Rent: $1,183
- Rent is calculated as total rent charged on leases/active units managed (including vacancies). Local market rental rates may vary.
- The actual range of the rent was $251.11 to $3,145.46.
- Number (and percentage) of franchises charging the Average Rent or greater rent: 137 (52%)
- Some outlets have earned this amount. Your individual results may differ. There is no assurance that you will earn as much.
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