Industry Profile - Focus on Estate Agency
According to a Survey published on the BBC, the third most hated profession is Estate Agents, behind 'Traffic Wardens' and 'Bouncers', yet there is something about being an Estate Agent that makes it overwhelmingly attractive for many would-be entrepreneurs. 
Perhaps it is the feeling that the service offered or focus on customer services could be improved if you ran the show; or the lovely feeling of recognition in your local community that you are the person behind a brand that is recognised in most households. Maybe its the variety of the work and the constantly changing nature of the housing stock available that gives estate agency its edge, or perhaps the sheer enjoyment of working with many people and helping them find their dream home that makes this industry so rewarding and the challenge so worthwhile.
What is for certain though, is that Estate Agency is an industry thrives upon customer satisfaction and delivering and maintaining a standard that makes brands recognised throughout the country. It is somewhat surprising then, that only in the last few years have there been significant growth in the number of brands franchising their operation, and passing on the secrets to their own successful operations for other to replicate across the land, when franchising and Estate Agency, are tailor made for one another.
In 2006, the size of the UK estate agency industry was estimated to be £6.80 billion*. Average net profit margins are 9% (though up to a third of estate agents make a loss each year).* A small number of top performers enjoy net profit margins in excess of 25%*
One of the UK's fastest growing Franchised Estate Agents is Enfields, based in Southampton. Enfields was founded by Rob Mott and Elliott Trodd – two experienced and successful executives from the corporate sector. Both of them worked at regional director level for General Accident (now Your Move) and each have over 15 years industry experience. Enfields started trading in January 2000, and quickly rose to prominence as the market leader for the mid-priced market in Southampton. By 2005, the decision was taken to expand nationally via franchising.
Paul Maguire is Enfields Franchise Development Manager and he is quick to point out the benefits of a franchise model "By buying into a leading franchise system, the individual is “short-cutting” their route to success. Without estate agency experience, it would be very difficult for an individual to really benchmark where they need to be with their business." comments Paul, "Also, because most franchisees come straight into franchising from being employed, they have no experience of running a business, managing cashflow and so on. With a good franchise, they will not only gain a leading system and brand, but they will also receive support in all key areas to give them the best chance of building a successful and profitable business. "
Estate Agency has a wide range of services involved within it including:
- Sales
- Lettings
- Financial Services
- Land and New Homes
- Foreign Properties
- Surveying
- Conveyancing
- Home Information Packs
"Most full-service estate agents will offer some or all of these services (although many independents just focus on sales or lettings). However, Enfields differentiates itself based on building a strong brand identity around world-class customer service. This has been proven to pay dividends – we are the clear leader in our “home” market of Southampton and have been named Estate Agency of the Year for both 2005 and 2006. " adds Paul
Part of the beauty of franchising, is that full training and support is given for every aspect of the business, from training staff, to selling. All aspects of the business operation are contained within Operational Manuals too, and support and additional training on an ongoing basis ensures that the franchisee stays fresh and focussed on their goals, helping the franchisor to achieve its.
This is a key part of the reason why franchised Estate Agents are often the most recognised brands, as well as some of the most profitable. Paul confirms that franchised networks have a real edge "Many towns and cities in England and Wales already have significant numbers of estate agents operating within their boundaries. However, very few of these companies provide a high-level of customer service or have developed distinctive brand identities. Enfields has raised the bar in estate agency for the 21st century – meaning franchisees will have all the tools, methodologies and support to enter any market in the UK and quickly make an impact. "
Franchising is a partnership of ongoing commitments between the franchisor who shares its successful operation and systems, and a franchisee, who uses their skills, energy and enthusiasm to recreate the success in another location, so it is vital that a good relationship is maintained, and that means being the right partners from the outset.
Paul firmly believe that the right person as the franchisee will determine how successful that branch is capable of being, and this also means that the franchisee has a large degree of control of their own operation, in accordance with the franchisor and the support they give. "The franchisee will need to be trained in all aspects of estate agency. However, the role the franchisee will adopt is that of branch manager. This enables the franchisee to maintain control of the business whilst ensuring that members of staff are meeting the requisite customer service levels."
So what type of person could fulfill this role? Paul is confident in his view...."Strong communication skills are paramount, and franchisees need to be comfortable managing people for performance, and providing leadership. Good selling ability is also key to success. Franchisees do not need experience from the property services industry, but to be successful, strong commercial acumen and a desire to succeed are essential. "
To request more information about Enfields Franchise Opportunity, click this link, or to see all the Property based franchise opportunities available click here.
