All County by Hon Wong: The Definitive Guide to Real Estate 2024
Jack: Today, we’re here with Hon Wong from All County Property Management. Very excited to learn more about All County and the space in general. We know many potential franchisees are super interested in real estate. And for that reason, All County is a very interesting option. Hon, thank you so much for joining, and we’d love to kind of hear more about you and All County.
Hon: Thank you, Jack. I want to start by disclosing I am a franchise owner within the franchise system. And I own multiple locations and I don’t do the day-to-day for the office. I enjoy recruitment and that’s why I’m here. And some of the big reasons that I got into this industry, and it’s provided a good lifestyle for my family, is number one, it’s service-based.
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All County: More than 30 years in Real Estate Management
Hon: I started looking for a business that didn’t involve inventory or special equipment to run it. And that led me to the property management industry. And the reason I chose All County was a couple of different factors:
Number one, they have experience within the industry. They’ve been doing property management for over 30 years. Number two, we are dealing with the most basic of needs, which is having a roof over your head, and that need never changes.
Additional Training and Support for E2 Visa Applicants
Hon: One of the great advantages of our franchise system is the training. When you come into a business, you are given training. But with an E-2 applicant, we provide additional support because you’re coming into probably a different culture. And how you deal with working within that environment can be difficult and at times, daunting.
At All County provides additional support as an E-2 Visa applicant to help you navigate through those trials of who to call or what to do. We do quite a bit of education on the culture within the different states that we operate in, or that you decide you want to start your new life and new business. We provide that.
The institutional knowledge of those 30 years, we apply and provide to you so you can compress the timeline of building the business quickly and making it the foundation for your future.
What is the Primary Revenue Stream for the Franchisor in All County?
Hon: Is the royalties. For All County is 7% of your revenues. And what we consider to be your revenue is let’s say you’re managing a house and the rent is $1,000, and you’re charging 10% a month to manage that property.
When the $1,000 comes into the system, it will take your cut or 10% right off the top, which would be $100. All County Franchise Corp will get 7% or $7. So you would get $93 and we would get $7. There is an additional 1% for the national ad fund. So an additional dollar is taken out.
About the Franchise Fee
Hon: The franchise fee is $75,000. We recommend you have an additional $50,000 to $75,000 in operating capital to run the business and provide support while you’re in the country.
In addition, we are available 24/7. If you have questions, we help you get your real estate license by making sure you apply and you do the online test. And even help you find a broker to qualify your business. Most states require you to be a licensed real estate agent, as well as have a realtor broker qualify the business. We will help you do that as well, as part of the services.
Property Management Industry by All County
Jack: How difficult is that for someone obtain the license?
Hon: The real estate exams they’ll take about 30 days. They’re online, which is a great option. You can do a self-paced course, but most of them will take about 30 days. Usually, that’s all you need.
Jack: How would you define the property management industry?
Hon: The property management industry is encompassing all aspects of management. The standard renter that rents the property long-term, that would be for 12 months, that’s the main part. But there are also other parts of the property management industry. There are vacation rentals where people rent out the properties for a vacation. There’s also what some of us know as Airbnb. Rentals that are rented for a short period. There is an increase in that.
The great aspect about All County is we don't limit what you can do. What we believe you should do is find out what services are in demand in your area, and then offer those services. We'll provide the assistance and the training to do that.
One other part about this industry is that it will allow you to gain access to real estate sales. In a lot of our offices, the offices do sales between the investors that they manage for.
All County: A Business Model that Provides Big Commissions
Hon: Usually, one investor is looking to sell and another investor is looking to buy, and we usually put the two together. We handle the transaction and make a commission. It is icing on the cake.
Jack: It’s a great business model once the relationships are all set up. And you have residential property management and then also vacation property management. What does All County focus on? Do they permit their franchisees to do one or the other?
Hon: In the beginning, we recommend that they focus on the residential side just because it’s a good foundation for the business. After that, you can do the vacation rentals. You can even do commercials. We recommend doing light commercial versus industrial. That’s a specialty and we don’t recommend that.
