FILING · MN · 2026 FDD
REAL PROPERTY MANAGEMENT FDD (Franchise Disclosure Document) — 2026
The FDD is the 23-item legal disclosure every U.S. franchisor must hand you at least 14 days before you sign or pay anything (FTC Franchise Rule, 16 CFR 436). REAL PROPERTY MANAGEMENT's most recent FDD tracked here is the 2026 FDD, a multistate filing. Registration-state filings are public records, so you can read it free, with no sign-up.
PUBLIC RECORD · FILED 2026 · SOURCE STATE MN
| ITEM 5 | Initial franchise fee | $69,900 |
| ITEM 7 | Total initial investment | $99K–$244K |
| ITEM 3 | Disclosed litigation matters | 6 |
| ITEM 4 | Item 4 bankruptcy disclosure (franchisor, predecessor, affiliate or officer — see filing) | Yes |
| ITEM 19 | Earnings disclosure (FPR) | Yes — financial performance representation made |
| ITEM 20 | Outlets (fiscal 2025) | 450 franchised at year end · 28 exits (exit rate 6.3%, fiscal 2025) |
| ITEM 21 | Franchisor financial statements | Unmodified (clean) opinion — Ernst & Young LLP |
The headline figure is Average Annual Revenue per Unit (per managed property unit) for Calendar year 2025, for 421 of 450 units, leaving out opened during 2025, closed during 2025 without full-period data. It is not an annual per-outlet figure, so we don't treat it as unit revenue. It shows no costs, so it says nothing about what an owner keeps.
Graded on three things the filing states: coverage (2 points if the figure covers at least 75% of the units it is compared with, 1 point for 50–75%), centre (2 points if it prints both a median and a mean, 1 for one of them), and costs (2 points for costs through a profit line or full cost detail, 1 for some cost items). 5–6 points = More complete, 3–4 = Partial, 0–2 = Limited. The grade describes the disclosure, not the business.
| What is measured | Average Annual Revenue per Unit (per managed property unit) (revenue; not an annual per-outlet figure) |
| Period | Calendar year 2025 |
| Whose results | Franchised outlets |
| Units included | 421 of 450 Real Property Management franchises at Dec 31, 2025 |
| Left out |
|
| Average (mean) | printed, but not an annual per-outlet figure |
| Median | printed, but not an annual per-outlet figure |
| Met or beat the average | 191 (45%) |
| Costs shown | None — sales only |
| Where | p. 78 (Item 19 runs pp. 76–79) |
| The filing's words | “This Item 19 includes data from 421 franchised businesses, which were all in operation and reporting sales for the entire calendar year 2025.” |
Ernst & Young LLP gave an unmodified (clean) opinion on the statements in the 2026 FDD; revenue rose 4% from FY2024 to FY2025.
Revenue · FY2025
$480.8M
p. 174 · matched to statement
Net income · FY2025
$154.1M
p. 174 · matched to statement
Where FY2025 revenue came from
74% royalties
initial-fee share not extracted
- Fiscal years covered: FY2024, FY2025 (2026 FDD, statements from p. 174)
- Statements are for: Neighborly Assetco LLC and Subsidiaries
- Parent / owner: not identified in the statements
| Fiscal year | FY2024 | FY2025 |
|---|---|---|
| Total revenue | $461.7Mp. 174 · matched to statement | $480.8Mp. 174 · matched to statement |
| Royalty revenue | $321.2Mextracted · not cross-checked | $353.9Mextracted · not cross-checked |
| Net income (loss) | $159.4Mp. 174 · matched to statement | $154.1Mp. 174 · matched to statement |
| Equity (deficit) at year end | $3.03Bp. 173 | $2.95Bp. 173 |
| Cash at year end | $2.5Mp. 173 | $4.2Mp. 173 |
How to read this: royalties recur as long as franchisees trade; initial and development fees arrive only when new franchises are sold. A franchisor whose revenue leans on initial fees is funding itself by selling territories, and that revenue stops when sales slow. Under ASC 606 most franchisors recognize initial fees over the agreement term, so the line understates the cash collected in a strong selling year. Ad-fund revenue, where reported, is included in total revenue as the statements present it.
Each figure links to its page in the filed PDF. “Matched to statement” means our extraction and a second, rule-based read of the statement page agree; “extracted · not cross-checked” means the statement page is a scanned image or could not be read as text. Figures we could not place on a consistent scale are withheld, not guessed. Spotted an error? Report a correction.
Every figure above was extracted by software from the 2026 REAL PROPERTY MANAGEMENT FDD as filed (figures are not individually checked by a person) and links back to that document. Fields that could not be extracted are omitted; no figure here is estimated. Extraction errors are possible: the filing controls, and FDDs are reissued annually; verify against the current issuance before relying on any number. Spotted an error? Franchisors and owners can report it via the contact on our Terms page.
REAL PROPERTY MANAGEMENT FDD questions, answered
Where can I download the REAL PROPERTY MANAGEMENT FDD for free?
REAL PROPERTY MANAGEMENT's 2026 Franchise Disclosure Document is a public record. It can be downloaded free from the source link on this page — no broker form, no email signup required.
What year is REAL PROPERTY MANAGEMENT's most recent FDD on file?
The most recent REAL PROPERTY MANAGEMENT FDD tracked here is the 2026 FDD. Franchisors must update their FDD annually; confirm you are reading the current issuance before signing.
Does REAL PROPERTY MANAGEMENT's FDD disclose earnings (Item 19)?
Yes — REAL PROPERTY MANAGEMENT makes a financial performance representation in Item 19 of its 2026 FDD. Read the basis fine print: franchisors choose which units and metrics to include.
What does REAL PROPERTY MANAGEMENT's FDD Item 20 show?
In fiscal 2025, REAL PROPERTY MANAGEMENT ended with 450 franchised outlets; 28 of 447 open at the start of the year left the system (exit rate 6.3%, fiscal 2025) through terminations, non-renewals, and "ceased operations — other reasons".
The REAL PROPERTY MANAGEMENT validation checklist
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