By Seth Lederman
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01 Oct, 2024
“Some people look for a beautiful place, others make a place beautiful.” ― Hazrat Inayat Khan High prices and interest rates have deterred many homeowners from buying a new home. With many experts predicting the Federal Reserve will lower interest rates sooner rather than later, the hope is that mortgage rates will also shift downwards. But even if they drop, they are still far from their lowest of 2.65% in January 2021. A recent survey conducted by Discover Home Loans found that 84% of U.S. homeowners say interest rates have impacted their decision to buy a new home. As a result, many Americans who may have intended to buy a new house that would better fit their needs and personal style have chosen to renovate their current property. Additionally, a 2023 conducted by Angi showed consistently strong spending across all three categories of home services: improvement, maintenance, and emergency repairs, with homeowners spending more than $13,000 on average. These spending levels showed a slight increase compared to 2022 and reinforced the trend of heightened spending on home improvement that began in 2020. Homeowners may be adjusting their expectations as a result, but this news promises exciting opportunities for budding entrepreneurs, particularly for anyone considering a property services franchise. Now is the time to learn more about the options in this category and how it may be the answer to your dreams of being your own boss. Types of property service franchises Property service franchises provide a variety of services aimed at maintaining, repairing, and improving residential and commercial properties. These services cater to both homeowners and businesses, helping them with tasks that keep their properties in good condition. Common types of property service franchises include: Cleaning Services— residential, commercial, and specialty such as carpet, window, and gutter cleaning, as well as post-construction cleanup Maintenance and Repair— handyman services, HVAC services, and plumbing and electrical Landscaping and Lawn Care— lawn maintenance, landscaping, and seasonal services such as snow removal and leaf clearing Restoration Services— water damage, fire and smoke damage, and mold remediation. Pest Control—residential and commercial pest management Home Improvement and Remodeling— renovations, floor installation, and roofing and siding Property Management Services— rental property management or HOA (Homeowners Association) management Inspection Services— home inspections and energy efficiency audits Security and Smart Home Services— home security system installations and maintenance, and smart home integration Painting and Surface Services— interior and exterior painting and power washing This franchise category offers many possibilities for entrepreneurs. Property service franchises often specialize in one or more of these areas, providing essential services that keep properties well-maintained and attractive. Why choose a property service franchise A property services franchise provides the benefit of a recognized brand and a proven business model, reducing the risk that comes with starting a new business. Franchises often come with established customer bases, operational strategies, and market-tested services. The property services sector is consistently in demand, driven by ongoing maintenance, renovations, real estate trends, and property management needs. With an increase in housing and commercial property development, the need for services like cleaning, maintenance, landscaping, and renovation continues to grow. Property services often offer recurring revenue streams, as customers frequently require ongoing services, such as cleaning or maintenance. This provides a consistent source of income and customer retention. A property services franchise offers the opportunity to scale the business by expanding to multiple locations or adding services. Franchisors often provide tools and strategies to help franchisees grow their businesses effectively. Many property services franchises allow for flexible working hours, making it appealing for individuals who want to maintain a work-life balance. This type of business can often be operated from a home office or on the go, depending on the specific services offered. Property services are essential to maintaining and enhancing the value of homes and businesses, positively impacting the community. Franchisees often build strong local networks with homeowners, property managers, and real estate agents. Considering these factors, a property services franchise can be a lucrative and fulfilling opportunity, combining the independence of entrepreneurship with the support of an established business model. Transforming an industry—Cabinet IQ Cabinet IQ is a cutting-edge cabinet and countertop company transforming a traditionally outdated, fragmented industry. Their vision is to become the nation’s largest and most respected brand for cabinets and countertops while they focus on eradicating the fear of home remodeling for homeowners. A full-service provider, Cabinet IQ delivers a seamless, five-star experience in kitchen and bath remodeling, covering everything from design to installation. Cabinet IQ was created to address these issues in an industry often plagued by outdated systems, low-tech showrooms, poor communication, and subpar installation. Their approach prioritizes the customer’s unique project needs, ensuring Cabinet IQ consistently delivers on our quality promises. While many contractors fall short in communication and customer service, Cabinet IQ stands out with a dedicated platform that ensures continuous engagement from project start to finish. This streamlined process fosters clear communication and collaboration between contractors and clients, resulting in a consistently exceptional experience. Thanks to Cabinet IQ’s proven model focusing on smart kitchen design, trusted contractors, and significant financial potential, franchisees don’t need a design or construction background. The home renovation industry is ripe for new business owners to capitalize on local market demand, and Cabinet IQ franchise owners can meet this growing need by providing the first-class service competitors often neglect. Have you been considering investing in yourself? Now might be the right time for you to explore the entrepreneurship options available to you. Frannexus can help. Our proven franchise matching process gives you the confidence to decide whether you invest in a franchise or not. Reach out today to see how we can make your franchise search easier. About the Author Seth Lederman, CFE, a Franchise Acquisition and Development Specialist, is a multi-faceted entrepreneur with over 30 years of experience in small business success, including ownership and sale of his business enterprises. He is a frequent contributor to The Franchise Journal and is on the exclusive Forbes Business Council. Contact Seth at seth@thefranchiseconsultingcompany.com .