Semi-retired after 30 months!
With an established national network of 37 offices, Northwood's comprehensive screening programme ensures that only the highest calibre people with the attributes and determination to be successful are considered to become franchisees. By adopting this philosophy, the long-term growth, stability and profitably of the company as a whole is ensured.
By becoming a franchisee you will be able to offer Northwood's unique Platinum Service to customers, enabling you to have an edge over the competition and become the leading agent in your territory.
Semi-retired after 30 months!Graham holden, Northwood Edinburgh franchisee, tells his story...
Having worked for many years as a Regional Director of a leading international removal company I decided to take the plunge and run my own business. As most people's personal wealth has been created by the inflation on their home, property seemed the logical business opportunity but with so many different property franchises to choose from and each one purporting to be the market leader, selecting the right one seemed a daunting task.
My first step was to ask them all for their franchise prospectus and was dismayed by the quality of the marketing literature I received from some of the franchises. After discarding the franchises that created such a poor first impression, I was left with three - Northwood being one of them.
From my past experience I knew that to have the best chance of being successful in business it was vitally important to not only have a strong brand image, but more importantly a product that would differentiate itself from its competitors and give a compelling reason for prospective clients to pick up the phone and call. In short a strong USP (Unique Selling Point), and Northwood certainly had that with the brilliant Platinum Guaranteed Rent Scheme.
I then booked a flight from Scotland to Southampton and was met at the airport by Northwood's MD Andy Goodson, who devoted the whole day to me explaining in great detail the Northwood business opportunity. We also visited other local Northwood offices, offering the chance to see the business in reality.
Whilst I was very encouraged, I had to make sure I wasn't just being caught up in the euphoria of the day so I later made appointments to visit three existing Northwood franchisees to see if this 'too good to miss opportunity' really did work. To my delight, I was not disappointed.
The next few weeks were spent finding a location from which to run my new business and recruiting staff. Once those challenges had been met I then embarked on Northwood's comprehensive six-week training programme along with my staff who also had full training although it was a shorter training programme compared to mine. With Northwood's excellent turnkey franchise package my office was equipped with desks, computers, software and signage, in fact everything right down to pencils, pens and paperclips. I was at last ready to launch my new business.
For me 'D Day' was August 4th 2003 and thanks to Northwood's strong marketing material it wasn't long before the phones were ringing and my business started to build, a true testament as to the strength of the unique Platinum Scheme, which now accounts for 94% of my business.
Most letting agents charge a commission, normally between 10% and 15% making them on average an annual gross profit of around 12.5%. I achieve a staggering 33% Gross Margin which means, having paid the monthly royalty fee, I'm left with 29.7%. This is over double that of other Letting Agents and it's what Andy Goodson describes as a 'Win Win' situation - I am happy to agree with him!
Here are some facts that may interest you. After only 30 months of trading, my business has been so successful that I have been able to reduce my personal input to just two days a week. I have a dedicated team of 6 staff, a portfolio of over 300 properties and a Gross Margin of in excess of 50k per month.
In my first 12 months of trading I generated a gross income of £95,734, the next 12 months the GP rose to £271,491 and in this current year (10 months) my GP stands at £370,487, which puts my 3rd year of trading at a potential GP of around £450k.
Something else worth considering is that Northwood are now Estate Agents as well, providing another huge income potential without a substantial rise in overheads. I am looking forward to launching this in Scotland.
I am so delighted with my business that I have recommended Northwood to two of my ex-business colleagues, both of whom have invested in this exciting business opportunity.
As they all say, I wish I had discovered this rewarding opportunity sooner!
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