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New Franchise Owner - How To Select A Territory

Keys To Selecting A Location For Your Property Management Business.

 

My name is Lyndsey Pachon, I am a co-owner of Nexus Property Management Fall River. My husband and I have followed the growth of Nexus since before its name. Our decision to purchase a Nexus franchise was easy because of our long friendship with Nick D’Agnillo, the founder of Nexus. Going into business with Nick was an idea that my husband, Jose, and I had floated numerous times in recent years so when Nick was officially ready to franchise we were eager to sit for a more serious conversation. This opportunity seems to have everything we were looking for; low overhead, low start-up cost, scalability, we trust that Nick will provide support when we need it, and eventually we can step back to let a general manager handle day-to-day operations.

 

Researching Demographics For Franchise Territory

 

After learning about the business model it became clear that our location could either provide an upper-limiting factor or a seemingly limitless clientele. At Nick’s advice, I consulted data on United States’ Census Bureau website[i]. I used this data to generate a few spreadsheets which helped me to compare housing demographics of prospective cities to the demographics of the territory where Nick has had his success. One of these spreadsheets is below. On the spreadsheet, the cities in red correspond to Nick’s territory. While not fully inclusive of his territory, the major areas covered by Nexus Providence are represented.  My objective was to find a  territory that closely resembles Nick’s.

 

Rental Unit Density

 

My office is located in Fall River, and my territory includes a few smaller surrounding cities and towns that, collectively, have a housing demographic that closely resembles Nick’s. In selecting our territory, I was looking for an area with lots of multi-unit, residential structures and lots of renter occupied structures. I was primarily looking for structures that have between 2 and 19 units. Even though Nexus regularly services much larger properties, the bulk Nexus’s business comes from these smaller structures. The census bureau does not provide a data point for structures with 2-19 units but it was easy enough to add a few rows and come up with a number I could use to compare cities to one another. Also, it is worth noting that we were looking for a territory that was within a reasonable commute of our home in Providence.

 

Census Data Review

 

It is my hope that this blog entry will provide prospective Nexus franchisees with a jumping off point for identifying viable territories. I am still in the early stages of opening our Fall River office but I look forward to answering any questions about the process and sharing my experiences moving forward.

Fall River Franchise Territory Research 1Fall River Franchise Territory Research 2Fall River Franchise Territory Research 3Fall River Franchise Territory Research 4

[i] www.census.gov

 

Lyndsey Pachon is the owner of Nexus Property Management Fall River MA. Nexus Property Management® advises and represents investors looking to purchase rental property and provides professional property management for all types of residential property, from single family homes to large apartment buildings or communities.

 

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