If you’re interested in working in an exciting, recession-proof industry that’s currently seeing record levels of demand, running an estate agency franchise could be perfect for you! Here are 5 tips for running a successful estate agency business
Lots of businesses have found it tough over the last 18 months, but as a franchisee working in the estate agency sector, you’ll be operating in an industry that’s recession-proof, and to a business model where survival rates are higher than independent businesses.
Why start an estate agency franchise?
Now, more than ever, you need a real estate professional who knows their local market inside and out to help navigate that process. — Mike Miedler, Century 21.
Working in the property and estate agency industries can feel like hitting the jackpot. Not only are these sectors immensely profitable and competitive, they have also been one of the few sectors to avoid economic turmoil. In fact, many estate agency franchises are currently seeing record levels of demand.
In the year leading up to March 2021, the UK house price index recorded a 10.2% increase in house prices, which is the fastest increase since August 2017. As a franchisee in this fast-growing industry, you can expect to be on the front line of this sector.
But as a franchisee, there are a number of benefits you’ll enjoy that some of your more independent competitors won’t be able to. These include:
- Exclusive territories and properties
- Advantageous pricing and economies of scale
- A trusted brand name
- The freedom to diversify and grow
- The ability work flexibly and from home
- Be your own boss
>> Read more:
How to run a successful estate agency franchise
Before starting your own franchise business, you should look to brush up on your personal skills. When you work in this sector, you’ll need to make sure that you are:
- Good at communicating
- Capable of establishing a trusting relationship
Once your soft skills are in order, you can then look towards putting these 5 key tips into practice.
1. Make use of the training given to you
One of the biggest benefits of working for a big franchise is that you’ll be able to benefit from the tried-and-tested experience of your franchisor. In fact, it’s more than likely that your franchisor will have been in business for some years already and in that time, will have picked up plenty of experience.
That experience will be shared with you in the form of both pre- and post-opening training, as well as ongoing support and advice. Make use of this support, as many of your independent competitors won’t have this degree of additional training.
As a franchisee, your franchisor will already have plenty of tradespeople, maintenance contacts and landlords that will have been working with your franchise already. While on the one hand this means that you’ll have an extensive list of third party contacts to call on when you need any kind of service, it also suggests you’ll have a great network through which to grow your business.
Remember that in the last few months, many of the tradespeople who would normally have been working closely with your franchisor have also lost a lot of business. This means that not only will you be in the process of bringing life and jobs back to your local high street, but you’ll also be boosting the businesses of local tradespeople as well.
It’s well worth keeping on good terms with these individuals, as they’ll help spread your estate agency business through word of mouth. They may also be able to lend you favours and discounts as you move forward together.
3. Insist on the right premises
Even if you follow every other piece of advice in this article, putting your business in the wrong place can have a detrimental effect on your business. As an estate agency, it’s important that you’re as close to your market as you can possibly be. Firstly, to be within easy reach of the properties you’ll be working with, but also to be within easy access of your customers.
Your franchisor will be able to help you a lot when it comes to finding the right premises. Many franchisors, such as Century 21, will help you set up your business in a premium location, helping you attract the perfect customers. Even then, franchisors have onboarded many franchisees before you and will continue to onboard others into the future. These franchises are very experienced at finding the right property and this experience will prove invaluable.
You should also feel free to recommend any potential locations in an early draft of your business plan. This will show that you know the market, the area and that you have the right entrepreneurial mindset to succeed.
>> Read more:
- 5 Tips for Developing Your Employees into Future Franchisees
- Being a Successful Franchisee Means Adopting an Entrepreneur Mindset
- 7 Common Habits of Successful Franchisees
- Mythbusters: Common Misconceptions About What Makes a Successful Franchisee
- Five Tips for Boosting Your Self-Confidence as a Business Owner
- Traits of an entrepreneur
4. Invest in a marketing strategy
The estate agency sector is highly competitive and though this can be an exciting industry to work in, you should also be fully aware of how to make your business stand out where others don’t. To do this, work with your franchisor to put together a sharp marketing strategy.
There are plenty of ways to market your real estate business. You could consider advertising your agency on social media, putting up posters, posting leaflets and maybe even knocking on doors. The more creative you can get, the better, as initiative is what will make you stand above the competition. Your franchisor will also certainly have a tried-and-tested strategy that you can use.
5. Prioritise customer service
Customer service is the most important area for any business yet, sometimes, it can be forgotten. In the real estate sector, establishing trust with good service is one of, if not the most important thing you can do. You’ll be helping people to find their dream homes and, as you’ll be working with big sums of money, having a reassuring and trusting relationship is essential.
Establishing trust will also help you earn repeat customers. As word of mouth spreads about your new business, it’ll be your good service that made it all happen.
Run your own business in the estate agency sector
Working in the estate agency and property industries can be very profitable. On top of this, you’ll have a lot of job satisfaction as you help people find their dream homes. If you’re thinking of making a career change and were wondering what it takes to run a successful real estate business, you now have a good idea of what it takes.
If franchising sounds like the right business model for you but you would rather work in a different industry, you can see more about the state of the property industry in 2021, or, see a full list of franchising options in the UK franchise directory.
Elliott Fudge, Point Franchise ©