Frequently Asked Questions
What is Keyrenter’s niche?
Keyrenter specializes in the management of single family homes. We also manage small multi-family properties such as condos, duplexes, fourplexes and small apartment buildings.
Am I limited to managing only residential properties?
No. Specialization enables us to stay ahead of our competitors.The training we provide is geared to residential single family homes.
What are the duties and responsibilities of an off-site property manager?
Prospect for new clients, close deals, set rent rates, post property ads, screen tenants, secure lease agreements, collect rent, move-in and move-out inspections, coordinate maintenance, disburse rental income, and send monthly statements.
How much money can I make?
Keyrenter’s business model offers numerous recurring revenue streams. Potential income depends on average rent values in your territory, market share, services offered, personal attributes and work ethic. Some Keyrenter franchise owners are content with an owner operated business and zero employees. Others dominate major market areas and are building a virtual empire.
Can I start this business from my house, or do I need an office?
You must maintain a small office space, although technology and software enables you to access certain information from your smartphone
What is the estimated capital investment?
It ranges from $55,140 to $122,395 depending on the size of your territory, your personal qualifications, and more. Click here for an itemized list of start-up expenses. We’re happy to discuss variables and review our FDD with you.
What is the initial franchise fee?
$35,000 for a standard market territory. $20,000 for a small market territory. If you are a military veteran with an honorable discharge, a 10% discount will be applied to the initial franchise fee.
What if I already own a property management business?
Brand conversions are welcome. If you are a bona fide existing property management firm, the initial franchise fee will be reduced to $20,000 for a standard market territory and $12,500 for a small market. Some rules apply.
What territories are available?
We are expanding in most major metro markets and some rural areas. Very few are sold out.
How are territories defined?
A standard market territory has a population greater than 300,000 and is defined by zip code. Small markets are typically rural areas with populations less than 100,000.
How many territories can I purchase?
Your initial franchise purchase is limited to one territory. Expansions and additional territories may be purchased after your first franchise is well established.
Are master franchises available?
No. We do not offer area development agreements or master franchises.
Does Keyrenter offer financing?
We may finance up to 50% of the initial franchise fee.
Does Keyrenter assist in third party financing?
Yes. We work closely with financial groups who offer small business funding solutions including SBA loans, 401K rollovers, a combination of both, or other commercial financing. Ask us for a referral.
Am I financially qualified?
You must be credit-worthy with a FICO of 675 or higher. You should have a minimum net worth of $150,000 and at least $50,000 in liquid assets. A second income source to survive the ramp-up stage is also necessary to succeed.
What personal attributes should I have?
The ideal candidate is a relationship builder who shares Keyrenter’s core values. Excellent communication, organization, and interpersonal skills are important. You must have an entrepreneurial spirit, yet be willing and to follow proven systems.
What business skills and experience is required?
You’ll need a basic knowledge of standard business practices. You must be computer savvy and comfortable with technology. Sales, management, and customer service skills are essential to our business. Some experience with real estate (either selling, owning, managing, building, or coordinating maintenance) is very helpful.
What licenses and certifications must I have?
Most states require a real estate license for activities associated with property management. If you don’t have a real estate license yet, don’t let that be a deterrent. Obtaining licensure is part of the onboarding process.
How soon can I open my business?
If you’re a licensed real estate broker, onboarding usually takes 4-6 weeks. If you are not a licensed realtor, you must complete a state-certified c to complete . To It can take up to 4-6 months to obtain proper real estate licensing and open your doors.
When will I start making money?
Bringing on your first property is the hardest part. Most Keyrenter franchisees agree that having 20 to 25 properties under your belt is a good indicator that you’re well on your way to success.
How do I get leads?
Nothing is more valuable than your own sphere of influence. But internet marketing is the next best thing. Your local Keyrenter website, social media, and PPC advertising, are also valuable lead generation tools. Most new franchisees purchase their first few leads from proven sources.
We’ll show you how to get them.
Is marketing assistance Included?
Yes. YoGrow Marketing works behind the scenes to develop, maintain, and analyze your local website. They’ll set up an online marketing strategy specific to your territory and budget. Other services include PPC management, social media postings, blogs, ad design and review responses. Most services are included in the monthly marketing fee while A la Carte services are available as needed.
What other help can I expect from Keyrenter?
One-on-one coaching, ongoing training, and software support from our KeyAssist team are just a phone call away. Data entry, tenant screening, bookkeeping, monthly trust account reconciliations, and other ancillary services enable you to focus on revenue producing activities.
What is the term of the franchise agreement?
What happens when the franchise agreement ends?
You can renew your agreement for another ten years. Or you can sell your franchise.
How do I obtain a franchise disclosure document?
Complete the Contact Us form at the top of the page.