How much will it cost me?
The franchise fee for ‘Home Start’ is £10,000. You will of course need working capital in addition to this, although it’s difficult to be precise about the level of working capital you will require as everyone’s personal circumstances are different. The level of finance you require, as well as the extent of any drawings or income you need to take from the business in the early days, will make a difference.
How long will it be until I see a return on my investment?
Our projections foresee that you should be seeing a return on your investment by the end of the first year of trading, if not sooner.
What other costs will I incur?
All initial set up costs such as software, stationery, ‘To Let’ boards, launch event and some marketing are taken care of by us in your franchise package. There will be on going monthly costs to pay such as advertising, additional marketing, office utilities and staffing costs.
Can I get any help with funding?
Yes, there are many funding options open to you including, Finance for Franchise and we would be delighted to introduce you to them. They will assist you in developing a specific business plan to use in any funding application, they make a charge of £750 + VAT for dealing with this and looking for the appropriate funding options and lodging that enquiry, If you are successful in joining the ‘Go Direct Lettings’ team we will refund this charge back to you.
What is the long term potential growth?
This franchise opportunity offers fantastic future growth, with the UK rental market on the increase and showing no signs of slowing down. We anticipate that by the end of year five your net profit could be in the region of £300,000 per year, but you have the opportunity to make it much more than this with the additional income streams, supported with hard work and dedication, so much so we are confident in saying.
“Where else in business can you guarantee this sort of growth”
How long is the training period? What is involved in the training?
If you opt for the ‘High Street’ package the initial training is 10 days in house at our Head Office and five days in territory training at your office premises. This covers a comprehensive training programme that will teach you about all aspects of the lettings industry from legal requirements to on the job training and administration practice.
By the end of your training, you will be well equipped and competent enough to run your own agency, all the rest is ongoing experience with lots of support.
Will I have ongoing training?
Our training and support is infinite! We will continue to provide training for you on a regular basis so that you are always kept abreast of any new regulation changes and can continue to provide the best service to your landlords. As well as structured training we will always be on hand to offer advice, training and support on any individual needs you may have.
What if I can’t make the 10 days in-house training?
Our training is very comprehensive and aimed at getting you started as soon as possible so you can start seeing a return on your investment, but we also understand the need to be flexible so we will always try to accommodate a training package around you.
What if I need more hand holding?
That is absolutely fine! We are with you throughout your journey with us and will always be on hand whenever you might need us.
If I am not located close to Head Office how do I keep in touch?
We are always at the end of the telephone, or by email and Skype. Of course, you will have our direct contact details should you need an urgent response.
How will I find landlords?
There is no magic answer to this question; however, as part of our training programme we will cover all aspects of landlord marketing and recruiting, and show you several routes to market using our trade secrets and techniques, plus our years of experience.
How will I find tenants?
This again is covered extensively in our training programme; we will share marketing tips and ideas based on years of success and experience.
Will I be given help with my marketing? Will it be on going?
Our marketing team will set you up with your own branch website as well as branded social media accounts. You will be given training in the best use of these platforms and marketing support.
Do I have to go High Street?
No, not at all! Some of our home-based franchises have promoted to a high-street location within three years due to the success and continual growth of the business.
Will you help me to find High Street premises?
You will of course know your chosen area very well and may have a location or area in mind but we will work with you to find the ‘perfect’ premises within your territory, as well as assisting in the negotiation process.
How many hours a day does it take?
Your business will be most successful the more time and energy you dedicate to it. We recommend that your business is operated on a full-time basis as both landlords and tenants will expect to be able to contact you during office hours. We do appreciate however that you may only be able to commit to the business part-time which is why our ‘Home Start’ package is available to give you much more flexibility.
Is working from home in this industry feasible? Does it work?
Yes! More people look online for property now; therefore, your online presence and Zoopla licence will get you seen!
Do I need to have lettings experience?
Experience in any sector is helpful, but as we train you in all aspects of the business, you do not need to have any previous lettings experience as we will teach you everything that you need to know.
Do I need a licence to become a letting agent?
There are various professional associations that you can join although this is good industry practice, there is no legal requirement to join these schemes. Given that you are able to comply with relevant legislation and act honestly and fairly with your clients then you are free to become a letting agent without any laws being broken. The only requirement is that you sign up to one of the three Property Redress Schemes, we will of course guide you through this application.
What happens about the daily administration of the business?
The day to day administration of the business is your responsibility to carry out and manage, supported by market leading software system. Some branches find that having a member of staff to specifically carry out the administration side of the business works very effectively, leaving you to manage the promotion of your business and enable you to work on your business, not just in it.
How long does it take to get started?
You can be up and running with the Home Start Franchise Opportunity within ten days.
The High Street franchise opportunity can take a little longer due to added work involved in securing a suitable premises, but with some planning and foresight, we can have this opportunity up and running for you within a month.
Timescales will vary, depending on your personal circumstances.
Is becoming a Letting Agent worth it?
Yes definitely. The lettings industry is one of the very few recession proof markets to be in delivering residual income on a month by month basis and growing at a rapid pace. The role of a Letting Agent will offer you an exciting, dynamic work life balance with lots of opportunities.
It offers new challenges and the opportunity to meet new people on a daily basis and no two days are ever the same. The financial rewards are excellent, there are no dead ends or closed doors! You are in complete control of your own future and success. The rest is up to you.
What happens after the five years are up?
You will be offered the opportunity to sign a new contract, hand over to a family member, such as adult children, or alternatively you are free to sell your business to a third party, this gives you the flexibility to say, retire whist maintaining your investment.