To many, the recession in the late 2000s would not have been considered the right time to build a business. Joseph Heckel saw it differently, however; something that ultimately worked out in his favor.
The Peoria resident is now celebrating his 10th anniversary at Property Management Incorporated. Its first franchisee to hit the 10-year market, he has renewed the business for another decade.
“It feels amazing that I have made it through. I started close to that recession time, but that was one of the main reasons for it,” Heckel said. “It feels good.
Heckel opened his business right after the housing market crash. Obstacles aside, he was able to grow it, however. He now manages 125 single-family homes, 50 vacation homes and commercial real estate and has hired 15 local agents.
“We saw Property Management being the future. Even 10 years down the road, it is pretty much embedded now, and it is going to be the future of America,” Heckel said. “Everyone is one big rental market now. So, that is why we choose it.”
Heckel started his real estate career several years earlier, by flipping houses with his brother in 2002. He obtained his license to buy and sell full-time the next year. When the market tanked in 2008, many of his investors said they wanted to buy in bulk. So, he decided he needed a property manager, which led him to obtain his broker’s license and open PMI.
“To operate out here, you have to have your license with a broker. It makes sense to be a broker instead of having someone else that I have to pay,” Heckel said. “I became a broker. I am in charge of my realtors, properties and so forth.”
When Heckel started at the corporation, it focused mostly on commercial property. That was ultimately one reason for him coming on board.
“Originally, we were residential and we wanted to go commercial,” Heckel said. “In 2009 they were commercial-based, but now, today, the reason why I renewed was that they are in every pillar of managing real estate.”
Whether it is selling or buying, or HOA, residential or commercial management, Heckel explained the company touches upon every pillar of real estate outside of development.
“It means we have five companies working under one umbrella of the company,” Heckel said. “You can run them all individually; they all have different aspects to them.”
Now looking forward, Heckel said the next decade will be marked with growth around the Loop 303, as well as a commercial and residential base. Also noting growth within the city of Peoria, Heckel sees that development isn’t limited strictly to old or young; rather, all ages are in the market.
“That is what keeps your check and balances for your cities. I see the growth is far north up in the mountains up there — residential and commercial,” he said.
For more information, visit 1851franchise.com/propertymanagementinc/info/index.