The property sector in the UK is booming, and homes are bought and sold speedily and enthusiastically. With such high demand, investing in an estate agent franchise is an almost totally surefire way to build a successful, profitable business. Here’s how you can do exactly that.
Starting an estate agent franchise just makes business sense. It stands to reason that the sector will continue to grow and thrive, and if you want to invest in a place where a return is extremely likely, property is a good bet. If you have the desire to become an estate agent and connect people with their dream homes, and you also have the desire to profit and thrive, keep reading. This article is absolutely for you.
What is an estate agent franchise?
An estate agent franchise is an estate agency that you can franchise with, finding people their forever homes while working alongside an established business with a proven business model.
Should I become an estate agent?
Running your own business can be hard work, but it can also be very rewarding. And running your own business in the estate agency sector will come with many different rewards. Think about it like this: People will always need properties, meaning the industry will always be in demand. Between 2016 and 2018, 63% of households in England owned their homes, and the number of first time buyers was (and continues to be) on the increase [GOV.UK]. Here are just a few of the advantages to becoming a franchisee with a real estate business:
- You’ll have the chance to help people find their dream homes
- You’ll be able to grow and diversify your options
- You’ll be working in a thriving, in-demand market
- You’ll be able to work flexibly
- You’ll benefit from the existing reputation and customer base of your franchise
- You’ll be your own boss without all the risks of going it alone
>> Read more:
Five top tips for starting your own real estate franchise
1. Do your research
There are many different franchising opportunities in the real estate industry, and that means that, from the perspective of a prospective franchisee, there’s plenty to choose from. The process might feel a little overwhelming when you’re first starting out, but you’ll quickly get to grips with the real estate landscape if you do your research, and look at everything that’s out there. Some of the best estate agency and property franchise opportunities are waiting to be discovered, and among them, there’s bound to be something that suits you.
2. Assess your skills
Many franchise opportunities will be available to you without any sector experience. Each franchise will list its individual requirements, and most will let you know what they picture their ideal franchisee to be. As a general example, here are a few transferable soft skills that you might have which would make you a good estate agent:
- Ambition and passion
- Confidence and charisma
3. Create a business plan
When you’re meeting with a potential franchisor and applying for funding, in many cases you’ll need a detailed franchise business plan, containing key elements such as:
- An executive summary
- A business description
- Product descriptions
- A management summary
- Market analysis
- Operational rules and guidelines
- Sales and marketing rules and guidelines
- Financial projections and needs
4. Gain any necessary qualifications
While specific qualifications aren’t always necessary, if you’d like to put yourself ahead of the competition, you can gain an Estate Agent Diploma or complete an Estate Agent & Personal Development Training Course.
5. Seek legal advice
When you connect with a franchisor and become a franchisee, you’ll be required to sign a franchise agreement. This is a legally binding contract between two parties, and you should have it checked carefully by a legal professional before signing, in order to ensure that everything is above board.
>> Read more:
- Franchising 101: The Official Franchise Start Up Checklist (Part 1)
- Franchising 101: The Official Franchise Start Up Checklist (Part 2)
- New Year, New Career: No Better Time Than Now to Start a Franchise Today
- Franchising 101: 8 Signs You're Ready to Start a Franchise
- Starting a New Business Doesn't Always Lead to Immediate Success: Here Are 5 Ways to Change That
- It's Never Too Late to Start a New Business
Great opportunities in the real estate sector
Here are just a few of the wonderful opportunities on offer in the real estate sector today, giving you a taste of what could be out there for you...
EweMove specialises in sales and lettings. Founded in 2013, EweMove has grown substantially in the past eight years, and was recognised by The Sunday Times as the Best Estate Agency Franchise between 2014 and 2016.
- Becoming a EweMove franchisee: The ideal EweMove franchisee has a can-do, people-centered attitude and works hard. They don’t need any previous experience in the sector.
- How much you need to invest: To become a EweMove franchisee, you’ll need to make a minimum initial investment of £19,995.
- What you get for your investment: In return for your investment, you’ll receive a week-long induction training programme, a day of business training, an invitation to two national conferences, and a ten-day “Success Summits” training programme. You’ll also have access to a full starter pack, ongoing support, and professional property photography training.
2. Platinum Property Partners
Platinum Property Partners is a property investment franchise that specialises in helping people build portfolios. Established in 2007, the franchise has worked with over 380 franchise partners, who in turn own more than 1,000 properties across 200 towns and cities.
- Becoming a Platinum Property Partners franchisee: To become a Platinum Property Partners franchisee you need to be determined, driven and motivated, always striving for better.
- How much you need to invest: You’ll need to make a minimum investment of £300,000 to become a Platinum Property Partners franchisee, with franchise fees of £32,970. After two years, your expected revenue is £150,000.
- What you get for your investment: In return for your investment, you’ll receive access to an intensive and ongoing training programme, along with multiple mandatory training days and avenues for accessing support.
3. Agency Express
Agency Express is the UK’s largest provider of estate agency board services. Founded in 1998, the franchise has grown substantially since this time, establishing a network of 117 successful franchisees and designing and erecting estate agency boards across the UK.
- Becoming an Agency Express franchisee: To become a franchisee with Agency Express, you’ll need to be hands-on, motivated and energetic. You won’t need any prior experience, as any knowledge gaps will be covered in your training.
- How much you need to invest: To start a franchise with Agency Express, you’ll need to make a minimum initial investment of £12,500, with total investment costs of £24,500. After two years, your revenue as a franchisee is predicted to be around £40,000.
- What you get for your investment: In return for your investment, you’ll receive eight days of comprehensive training and support, along with many different types of ongoing training and support.
Running an estate agent franchise combines reward and profit
Becoming a real estate franchisee is an exciting opportunity, and if this sector feels right to you, discover how to make a career change with an estate agency franchise, or find out how the real estate sector is making a comeback post-COVID.
Lily Sweeney, Point Franchise ©