With the rise of vacation rental sites like Airbnb and VRBO, interest in property management companies also has grown. For many property investors, it’s easy to see the return potential, but they don’t always know how to set up their property for success. By Kelsi Trinidad
With the rise of vacation rental sites like Airbnb and VRBO, interest in property management companies also has grown. For many property investors, it’s easy to see the return potential, but they don’t always know how to set up their property for success.
Grand Welcome specializes in bringing a boutique management feel to its wide network of properties. The company’s exceptional services are provided to both property owners and their traveler clients, making the process seamless and enjoyable from start to finish.
Grand Welcome’s franchise model offers entrepreneurs an opportunity to get in on the rise in rental properties with immense growth potential. The brand has new franchisees in Branson, Missouri, for example, who have signed over 200 properties, and they’re just coming up on a year, said Kevin Drudge, senior vice president of franchise development. Grand Welcome has awarded over 60 franchises and is looking to grow across the nation, especially in tourist destinations.
“There are big-time opportunities,” said Drudge. “People are using properties listed on sites such as Airbnb wherever they go when traveling. It used to be just for vacation, but now with remote work, if they have a phone and internet, they can work from wherever, and they’re taking advantage of it and traveling more.”
This year, the brand looks to boost its number of franchises to 150 and has bumped its corporate team to over 100 employees to help service the franchise growth. The corporate office takes on the back-office tasks, including revenue management, reservations and any technology services, so franchisees can focus on building relationships with real estate agents and property owners and scaling their businesses.
Many franchisees have been able to grow their roster of properties to over 50 rentals within several months of starting up – a positive sign for prospective franchisees, according to Drudge.
“There’s a market available in every state,” he said. “Again, your vacation-prone destinations are going to be more desirable, but you know, it’s not just the beaches and the mountains. It’s cabins, it’s lakes, it’s all kinds of areas – even some city destinations.”
Kelsi Trinidad