A successful franchise will present opportunities for people to work with other franchisees. This is especially pertinent in the real estate industry, as location of properties between offices poses a risk for conflict.
Franchising has been embraced by the real estate industry because it is a strategy that helps small offices expand their offering, customer base and network of quality vendors and buyers. So we’re all sold. But what exactly should you be looking for in a franchisor?
Solid systems
Franchisees invest their assets into an existing business system that supports the small business through branding, centralised operating systems and ongoing support. Therefore, anyone looking to join a franchise would do well to ensure there are solid systems in place. This will not only enable a smooth transition into the brand, but also ensure joining franchisees can take full advantage of the brand’s shared resources.
An established brand
In the aisles of the supermarket, you pick the brands you recognise or someone has referred to you, right? It’s the same when our customers are looking for an agency. Brand recognition plays a crucial role in customer trust. Becoming a franchisee of a long-standing brand can help small businesses to make an impact on the quality of their customer base. An established franchise gives you access to a wider territory and client base and a well-respected brand will resonate with the broader market more than a relatively unknown proprietor.
Support in numbers
Healthy competition will always play its part in good business, however a great franchise will nurture a feeling of cooperation and teamwork across all of its franchisees. A successful franchise will present opportunities for people to work with other franchisees. This is especially pertinent in the real estate industry, as location of properties between offices poses a risk for conflict. However, a franchise that enables cooperation between branches is more likely to succeed over a brand that fosters competition between its franchisees.
Franchisors have established marketing strategies, and therefore franchisees receive immediate benefits; avoiding the upfront costs of developing a new brand, utilising centralised franchise systems and lower the entry costs into a broader market.
Approaching the right brand that represents the same values of your individual business stands at the forefront of your decision.