We will prepare and send you your franchise “agreement in principle”, allowing you time to discuss the content with your professional advisers, and if after this professional advice you decide not to proceed, your reservation fee will be refunded in full with absolutely no quibble.
You will then be invited to pay the second part of the franchise fee of £10,000 (high-street) or £6,000 (home-start), which must be paid at least 10 days before your training starts, allowing us time to deliver the stationery pack and assist you in arranging local accommodation for your stay during training if applicable.
Once you have completed the training and we have provided the contents of the franchise package, you will then be equipped to run a fully functional Lettings Agency from the location of your choice. Any outstanding fees must be paid at this point, or no later than three months after signing the contract or otherwise by agreement.
If you are a Landlord, or already manage other property we may be open to discuss a more tailored arrangement subject to the circumstances.
Set up Costs of a Lettings Agency Franchise
Unlike some Franchisors, we do not believe that you need to spend tens of thousands of pounds setting up an office to run a successful lettings agency franchise. However, we believe this can be done just as successfully from a well-planned operational office with good access. As in any business this will involve some additional overhead investment which must be factored in to your finances and considered once your location has been agreed.
Once you start achieving the targets we recommend, you will see from the financial forecasts we have prepared that you will be running into profit within nine months, and have your initial franchise investment back within 18 months, we discuss this in more detail during the formal Lettings Agency Franchise meeting day.
As we work with many high street banks we are able to introduce you to a bank who may consider an application for funding from you, subject to your suitability. We can provide you with a pre-prepared Go Direct Lettings business plan template consisting of cash flow forecasts and projected profit and loss accounts based on your target projections, our finance team can assist you make any final preparations needed before presenting this to the bank.
We are also always open to considering your circumstances and seeking ways in which we can assist you achieve the above, so if this is something you would like to research further, we would be pleased to hear from you and discuss the possibilities.
Banks often prefer a franchise business model to lend against because of its proven track record and success rate. In 2013 the turnover of the UK franchise market rose two percent to a value of £12.65 billion, showing and proving that franchising is an area of growth. There are currently approximately 1000 franchise models in the UK, employing about 500,000 people with an annual turnover, according to NatWest Bank’s 2013 report, of £13.7 billion.
If you want support to secure bank funding, the Go Direct Letting partners have a special relationship with NatWest Bank and can discuss options.
We are very proud to be associated with Franchise Finance who will assist you with raising finance to support your application with us if needed.
I started with 0 properties and a laptop – not even a desk! In under 4 years I have just moved into my second and bigger shop and have 2 employees.Jane
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