Wallace Property Management Group
Wallace Property Management Group simplifies the complex world of residential property management for franchise owners throughout the country! This is a great opportunity for the right franchise owner. Regardless of your background or experience, our well-established business model, combined with the guidance and support from our team of experts, makes this a great opportunity.
Facts & Figures
Liquid capital required
Net worth required
$51,000 - $72,000
Units in operation
Mission Statement: Through our professional commitment to excellence, we strive to exceed franchise owner expectations every time without exception.
A True Commitment
We are committed to supporting each and every Wallace Property Management Group franchise owner to the fullest extent. We understand the challenges of starting a business with no experience or direction. We also understand how risky, lonely, stressful and time consuming the process of starting your own business can be.
Our property management franchise system affords you the ability to be in business for yourself but not by yourself. We have already dealt with most of the blood, sweat and tears associated with starting a business so you don’t have to. All of us here at Wallace Property Management Group are commit to making the complex world of property management simple and easy for all of our franchisees.
Wallace Property Management Group understands the importance of industry affiliation. These memberships enable us to maximize our brand exposure and they also provide a venue to meet and share ideas on the following subjects:
- Sales and Marketing
- Franchise Development
- Technology Solutions
- Leadership Opportunities
National and International memberships include, but are not limited to, the International Franchise Association (IFA), National Association of Residential Property Managers (NARPM) and VetFran. Local market memberships include the Chamber of Commerce and the Better Business Bureau (BBB). These organizations provide local networking opportunities and brand recognition.
Wallace Property Management Group simplifies the complex world of residential property management for franchise owners throughout the country! Our franchise support staff takes away the non- revenue producing busy work and administrative task, which enables franchise owners to maximum business growth.
We are a professional property management organization offering a time tested property management system. This property management franchise opportunity focuses and specializes on mid to upper-end residential homes. It is this specialization and our full time franchise support center that makes Wallace Property Management Group what it is today.
Top 10 Reasons Why You Should Consider Wallace Property Management Group
Buying a Property Management franchise can be a life-changing experience. There are many reasons why you should fulfill your dream of being your own boss and open a franchise. The following 10 reasons to buy a Property Management franchise will help you to better understand why it is a great investment opportunity for you and your family.
- Established Business Systems & Processes
- Low Start-Up
- Higher Likelihood of Success
- Brand Awareness
- Easier To Obtain Financing
- Ongoing Support
- Protected Territory
- Own Multiple Locations
Wallace Property Management Group simplifies the complex world of residential property management for franchise owners throughout the country! Our franchise support staff takes away the non-revenue producing busy work and administrative task, which enables franchise owners to maximum business growth. Listed below are a few of the other benefits of our property management franchise system.
- Strong industry no matter the economy - be a part of the 48 billion dollar property management industry
- Full-time Franchise Support Center - Allows you to maximize business & revenue growth
- Home Based Business
- Established, time tested business model
- State-Of-The-Art Technology - web based, day to day management software
- Personalized, local market website
- Large Protected Territories
- Low start-up & ongoing costs
- Superior start-up and on-going training
- Strategic sales and marketing support
- Flexible Lifestyle - enjoy your personal freedom
Franchise Support Center
The support that we provide our franchise owners is our number one priority. We understand that if we do a good job of supporting out franchise owners, the franchise owners will be in the best position to provide the highest level of service possible to their property owners and tenants. This dedicated support helps maximize the efficiency, effectiveness and growth of all our franchise locations.
Some of the administrative services offered through our Franchise Support Center includes Property Advertising, Prospect Phone Calls, Tenant Screenings, Maintenance Request, Rent Collections, Accounts Receivable, Lease Agreements, Management Agreements, Owner Statements and Owner Tax Documents.
As part of the Wallace Property Management Group property management franchise system, you will benefit from training designed to assist and teach you every aspect of running an efficient and productive business. As a Wallace Property Management Group franchise owner, you will receive the following training:
- Pre-Opening Set-Up & Training:Prior to commencing operations, we will provide each franchisee with a pre-opening set-up and training package. The completion of this thorough set-up and training package will ensure that we spend quality time during the one week on-site training focused on systems, processes and procedures versus office, administrative and device setup. This pre-opening training is designed to take you step-by-step through the process of setting up your company, work space, insurance, phones, computer software & hardware, website, bank accounts, just to name a few.
- On-Site Market Training:The second phase of training is the on-site opening assistance and market training. The duration of our on-site training is approximately 5 days. This on-site training will focus on all aspects of the Wallace Property Management operations manual. Other areas that we will cover during this training will be current real estate trends, market development, sales strategies, territory analysis, systems training, property owner and tenant relations just to name a few.
- Remote Training:Once the on-site market training is completed, you will experience the benefits and convenience of remote training. We will agree on a communication plan that is convenient for both parties. This is your time to tell us what you need in terms of additional training. The remote training is important and informative because it will be tailored to your training desires and needs. Even after all the pre-opening, on-site and remote training is complete, our staff is committed to always being available to assist you. Supporting you is our number one priority!
- Operations Manual Training:A confidential operations manual will be provided to you, complete with detailed documentation pertaining to our exclusive property management business model and system. Topics covered include effective property management policies and procedures, use of our customized software programs, and much more – the operations manual will be broken down and explained in easy to understand language for your convenience. This manual will serve as your most valuable guide to running an effective property management business.
- Ongoing Training & Mentoring:Once business operations have commenced, we will arrange quarterly field support visits to ensure your business is running as proficiently as possible. In addition, we offer refresher training courses and organized team meetings designed to keep you and your staff current with any changes that have occurred to our business model and the property management industry.
This is a great opportunity for the right franchise owner. Regardless of your background or experience, our well-established business model, combined with the guidance and support from our team of experts, makes this a great opportunity. Our Franchise Support Center is designed to help make running your own property management business an exercise in simplicity.
If you are a great communicator, organizer, and salesperson who is willing to work full time as a franchise owner to grow your own local business, we encourage you to learn more about this life changing franchise opportunity.
Answers To Some Frequently-Asked Questions
Q. Why buy a franchise?
A. Operating a Wallace Property Management Group franchise is an exciting way to go into business for yourself but not by yourself. Wallace Property Management Group provides support every step of the way. You don't have to be an expert at real estate, management, marketing or finance because WPMG can teach you all you need to know. There has never been a better time to own a WPMG franchise. In addition to its brand recognition and proprietary management systems, one of the primary reasons many individuals purchase a WPMG franchise is to minimized risk of failure.
Q. Why buy a property management franchise?
A. In the world of business and real estate there is one sector that always seems to grow consistently, Property Management. The property management industry is one of the fastest growing industries in the nation. Virtually all non-owner occupied residential space and investor owned properties requires a property manager. The industry that we provide services to is enormous and the growth potential for the property management industry is considerable. Regardless of whether or not the real estate market is strong or weak, non-owner occupied or investor owned properties require a knowledgeable and capable property management company. There has never been a better time to own a WPMG franchise.
Q. What will I receive as part of the WPMG franchise system?
A. Wallace Property Management Group simplifies the complex world of residential property management for franchise owners throughout the country! Our franchise support staff takes away the non-revenue producing busy work and administrative task, which enables franchise owners to maximum business growth. Listed below are a few of the other benefits of our franchise system.
- Franchise Support Center - Allows you to maximize business growth
- Home based business
- Established, time tested business model
- Confidential Operations Manuel – All the secrets to include all process & procedures
- State-of-the-art technology - web based, day to day management software
- Personalized, local market websites
- Large protected territories
- Low start-up costs
- Superior start-up and on-going training
- Strategic sales and marketing support
- Flexible Lifestyle - enjoy your personal freedom
Q. Do I need experience in real estate or need a real estate license?
A. No, you do not need experience in real estate to own a WPMG Franchise. A property management license or property manager in charge license may be required depending on your state laws.
Q. What type of prior experience do I need to have?
A. No matter your previous work history or experience, with the right qualifications and motivation, the Wallace Property Management Group franchise opportunity could be the right choice for you! Although previous business experience, real estate experience or sales experience is certainly beneficial, it isn’t a requirement. We provide the training, support and proven business model for success. The WPMG franchise opportunity is suited for resourceful, motivated individuals, who are willing to make a fairly small initial investment, follow the business plan and then work very hard to grow your own independent business. The ideal candidate will work full time in the business, must have sales ability and good communications skills, and should be organized and disciplined. We also prefer franchise owners who will be directly involved in the operations and growth of their Wallace Property Management Group franchises. In turn, we’ll provide the support franchisees need to run their businesses.
Q. Will I be assigned an exclusive territory?
A. Yes, as a WPMG business owner you will get an exclusive territory within the United States. Before we award a franchise opportunity, we consult industry mapping experts and utilize territory mapping services to determine the most viable territories for our business owners.
Q. How much training and support will I get once I become a franchise owner?
A. As part of the Wallace Property Management Group franchise system, you will benefit from training designed to assist and teach you every aspect of running an efficient and productive business. From property management policies and procedures to legal notifications and housing rent assessments, our knowledgeable staff will be here for you every step of the way. As a Wallace Property Management Group franchise owner, you will receive Pre-Opening Training, Marketing Training, Remote Training, Technology Tools Training, Operations Manual Training and Ongoing Business Operations Training.
Q. Is financing available?
A. WPMG does not offer financing but there are a number of other financing options available to qualified individuals. Keep in mind that selecting the right funding strategy is very important. Here are a few suggestions.
- Franchise Funding Specialists How do you know which finance options might be best (or even available) for you? Companies such as FranFund or Guidant can explain potential strategies you can use in your financing efforts. These companies typically have established relationships with various lenders that specialize in one or more types of franchise financing. They may also offer equipment-leasing options, signature credit lines, 401(k) rollover products, SBA lending, conventional lending, etc.
- Veterans Programs For our country's veterans, the government has established a program called the Patriot Express Pilot Loan Initiative. This is an SBA-guaranteed loan program for military veterans and/ or their spouses designed for those currently in the military who are close to retirement. The SBA will guarantee up to 85 percent of the loan. That means the lender only is at risk for 15 percent, which makes such loans more attractive to the lender.
Q. Do you offer a military discount?
A. Yes. Qualified active military personnel and veterans can purchase a franchise for two thirds of the then-current initial franchise fee.
Q. What is the term of the franchise agreement?
A. The initial term of your franchise agreement is five years, with three subsequent successor terms of five years each.
Q. When would I have to pay the franchise fee?
A. Once your franchise application is approved and you meet our team, the franchise fee is due in order to lock in your desired territory. This is the final step in owning and operating your own WPMG business.
Q. How much is the franchise fee and what do I get in exchange for this fee?
A. The franchise fee is $30,000. This is the initial cash investment required to buy and open a Wallace Property Management Group franchise business. This estimate includes the franchise fee and other initial start-up costs, but doesn’t represent the total cost of operating the business.
Q. What are the ongoing advertising and marketing fees? What are these fees used for?
A. Franchisees will be required to spend a minimum $800 per quarter on local marketing in their first year of operations. (The franchisor will reserve the right to increase this amount by up to 10% annually.) Franchisees will also contribute up to 2% of gross revenues into the system marketing fund (this may increase to up to 3%). Collected funds will be used to develop marketing strategies to promote the Wallace Property Management Group brand and fund the creative costs to develop any local franchise marketing materials, websites and other marketing campaigns.
Q. What is the estimated total investment for a Wallace Property Management Group franchise?
A. The total investment required ranges from $51,000 - $72,000. This is the estimation of the amount of money needed by a franchisee to start a Wallace Property Management Group business, including the initial fee, the working capital, and the cost to set up the business which may include, equipment, inventory, marketing and advertising, and most (but not necessarily all) items considered necessary to create a fully operational business.
Q. What are your royalty fees for a WPMG franchise?
A. WPMG royalty fee is 6% of gross revenue each month, which covers a number of specific items. Royalties are ongoing payment made by franchisee made throughout the term of the franchise agreement for things such as the Wallace Property Management Group name, trademark, business model and operation’s manual. Royalty fees are also used to fund other things including the franchise support center, updated marketing and operating materials, processing fees and ongoing training and mentoring costs.
Q. Can I expect assistance choosing my territory?
A. Yes. Our web-based territory mapping software platform and the industry experts that we consult enables us to dynamically aggregate, compare, rank, and map thousands of preloaded attributes…all this is done in an effort to make sure we define territories that gives our franchisees the best opportunity for long term growth.
Q. Are there opportunities to expand with WPMG into other territories and own multiple locations?
A. Yes. Acquiring multiple territories is possible. Additional territories are available at a discounted franchise fee and we also offer and allow potential franchisees to increase their territory for an extra fee as disclosed in the FDD.
Q. As a start up business, how many people should I expect to hire?
A. The number of people required to assist you with running your business should be minimal because of all the support provided by our Franchise Support Center. You will make all the hiring decisions for your business, but part of our training will be to assist you and to make recommendations on headcount based on your business plan and growth forecast.
Q. Can I work out of my home or do I need a store front?
A. This franchise opportunity is unique because a store front isn’t needed nor is it a requirement. Our Franchise Support Center affords our franchisees the ability to work out of their homes. Our business model allows you to work out of your home without sacrificing quality of service that you provide to your property owners and tenants. Our home office concept has also proven to be a huge cost savings for our business owners.
Q. How do I get started?
A. Fill out our Confidential Information Request Form (CIRF) and submit it for consideration. Once we have reviewed and approved your application, we will contact you about setting up a face-to-face meeting to talk in more detail about the franchise program.
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