Category Archives: Franchising

Redstones Residential Sales

9 Signs Of A Successful Franchisee

For potential entrepreneurs or anyone currently employed considering the idea of going into business the options can sometimes be overwhelming.  I’m often asked what it takes to be a successful business owner with Redstones. In my experience, the following traits are common to the majority of successful franchisees:-

Ability to follow a system that works : A franchisee is happy following a proven system to build a successful business.  If you are an overly independent character who likes to experiment with different ways of running a business, franchising may not be the best option.

Self motivated : You like to focus on meeting your goals and working effectively to achieve the result you need.  You constantly evaluate your progress and performance to ensure you are meeting your own high standards and are keen to take on board to the advice of others, such as your franchisor’s business development managers.

Thinking big : You are always looking at the bigger picture, even when you’re working long hours to get your business up and running. You are confident it will pay off in the long term.  You focus on your long-term potential for your business, knowing that the actions you take today all represent steps along the path to take you there.

The glass is always half-full : You’re a born optimist, always looking for the positive in every situation You learn from your mistakes rather than dwelling on them, aiming to create solutions to each challenge you encounter.

Leadership skills : Ideally you possess a combination of life and business skills.  In running a franchise like Redstones, you will need to manage and lead your own team as well as encourage and motivate your staff with your outstanding communication skills.  Industry specific experience isn’t essential as all of our franchisees undergo a comprehensive training programme to equip them with the skills to build a successful business.

Excellent people skills : As the owner of a Redstones franchise you are on the front line, dealing with tenants, buyers and property owners on a daily basis.  An ability to build and maintain relationships with potential clients is vital to your long-term success.

Resilience : Starting your own business is an exciting yet challenging time.  A high level of resilience will ensure you overcome any early hurdles, keep any setbacks in perspective and continue to build on your successes.

Financial management : As a business owner you must have access to the financial investment essential to any franchisee agreement.  Furthermore, when running your own franchise – as with any business – careful financial and cashflow management is essential.  Your franchisor will work with you to ensure you achieve both your short and long-term financial objectives.

Investing in a franchise is not for everyone but offers an ideal opportunity for an ambitious individual to build a successful business.  If you recognise yourself in the above mentioned traits and you would like to learn more about becoming part our successful network at Redstones, please don’t hesitate to get in touch.

If you’d like to find out more about life as a Redstones franchisee, get in touch today. You can call the Redstones team on 01922 235 350 or email us at franchise@redstones.co.uk

Or visit www.redstonesfranchise.co.uk for further information.

Day in the life of an agent

Day In The life of a letting/estate agent

As a Redstones Lettings franchisee you work as a self employed person responsible for running and controlling the major aspects of your own business.

Your work and normal daily routine in a busy Redstones Lettings office would entail most of the following:
• Networking, marketing and advertising your business to attract new clients (landlords, property owners, would be tenants, etc) using Redstones marketing systems.
• Taking property descriptions, measurements and images to a high standard to market the property.
• Building a database by recording all client names and contact details. They might not do business with you at the time but you will be able to give follow up calls or send flyers that may result in future business.
• Replying to enquiries by telephone, email and/or in writing.
• Meeting landlords and providing advice how your business could maximise their income and minimise their risk by letting via you.
• Setting appointments to meet new landlords, carrying out market apprasials and follow ups.
• Processing landlord agreements and ensuring properties to be let and managed by you comply with all certification, legal and safety requirements. Ensuring they are aware of their obligations.
• Marketing the properties under your management and arranging and/or conducting viewing appointments for would be tenants.
• Vetting and selecting of suitable tenants, monitoring tenancies, utilising the Redstones back office systems.
• Processing tenancy agreements. Ensuring they are aware of their obligations.
• Maintaining an office diary to ensure you always keep your appointments and meetings.
• Payments, receipts, rents, banking and office administration, basic accounting.
• Communication with Head Office to keep abreast of industry developments.

Strive to develop a strong position and presence in your local business community, with networking and writing articles on your blog.

Redstones Internal Office

Redstones Internal Office

If you’d like to find out more about life as a Redstones franchisee, get in touch today. You can call the Redstones team on 01922 235 350 or email us at franchise@redstones.co.uk

Or visit www.redstonesfranchise.co.uk for further information.

10 Reasons To Choose Redstones As Your Franchisor

Making the decision to invest in a franchise business allows you to operate under a recognisable brand name using a proven business format.  This enables you to get your business up and running – and more importantly profitable – in the shortest possible time.  The dilemma potential franchisees often face is which franchisor they should choose. 

If you’re considering running your own estate agency business, here are ten reasons to choose Redstones:-

  • A strong, recognisable brand name : Redstones focuses on customer service and integrity in a market which is sometimes notorious for lacking both.
  • Excellent value for your investment. We allow our franchisees to open as many offices and high street branches as they wish within their territory at no additional cost.
  • Comprehensive training : All of our franchisees undergo two weeks of comprehensive training covering all aspects of how to successfully operate a Redstones franchise. The training takes place at our head office in the West Midlands.
  • Extensive ongoing support : On completion of your training we spend a minimum of two days on-site with you.  We believe this is invaluable as you begin to market your business and meet potential landlords.  On top of this we offer a telephone helpline, additional training modules and local marketing promotion and PR support, together with regular networking meetings and an annual conference.  We are confident that our support ranks among the best in the franchise sector.
  • Redstones’ Platinum Total Care : Recently launched as a key element of our new Landlord Services Packages our Platinum Total Care gives Redstones the edge on its competition.  This unique service guarantees that the landlord’s rent is paid on time, every month, regardless of whether or not their tenants have paid.
  • Redstones’ ‘Switch Agent’ programme : Specially designed to ensure our franchisees secure business from other lettings agents providing a poor service to property owners.
  • An optional rent collection and credit control : This enables our franchisees to become more efficient in winning new clients. Our unique offering allows you to focus on developing your business rather than worry about paying landlords.
  • Up-to-date on-line marketing strategies : From SEO to social media, Google to PPC and your own micro site, Redstones is at the forefront in developing online marketing strategies that work.
  • Outstanding service for residential sales clients : Our service includes 3D floor plans and walkthrough software solutions utilised on property websites such as Zoopla and Rightmove.
  • 0% Commission Fees :  We are confident that the recent launch of our zero commission fees for vendors through Redstones’ auctions service will increase opportunities for winning new business.

With a proven track record in a competitive market place, Redstones offers an outstanding franchise opportunity.  We look forward to welcoming you to our network.

Manjit Virdi

My thoughts, why blog, why I set up Redstones?

Landlord, Letting Agent,Property Expert,  Managing Director of Redstones Property and Redstones Franchise.

My path into the estate agency/lettings market has been far from straightforward.  After graduating from Wolverhampton University with a degree in IT and software, I took up my first position with energy giants Eon working in software development.  While I enjoyed my time with Eon, the allure of running my own business proved too much to resist.

In 2000 I made my initial steps into the property market investing in my first ‘buy to let’ properties working with a lettings agent to locate a suitable tenant and manage the property while I continued to expand my property portfolio.  My decision to set up Redstones evolved directly from my disappointing experience with lettings agents. Whenever a problem arose with my first property my tenant called me directly, although I was paying a management fee ostensibly to avoid these issues.

Realising that the market that was crying out for better customer service, I decided to manage my own portfolio, eventually offering a property management service to family and friends.

Finally, in 2003, I launched Redstones to fill the yawning gap in the market for a reputable lettings agency and I’ve never looked back. Seven years later, we launched our first high street outlet offering a customer focused service covering residential sales, lettings, property management and auctions. Building on our successful foundations in the residential market, we’ve recently extended our service into the commercial sales and lettings sector.

Click here to view the first flagship office  http://www.redstones.co.uk/office-locations/walsall

Having personally established a track record which demonstrates my expertise in the property market over a number of years, 2014 seemed the perfect time to launch my blog.

My aims with this blog are:-

  • To offer a ‘go-to’ source of advice and guidance for property owners and landlords in what can be a stressful market sector. 
  • Provide insight into the Redstones brand for potential franchisees and entrepreneurs exploring the world of franchising.

My vision has always been to establish a national network of offices trading under the Redstones banner and franchising offers the most natural route to achieve this.  A Redstones franchise gives ambitious entrepreneurs the opportunity to develop a successful business within a respected network.

As we build on our reputation and expand our client base we look forward to welcoming new franchisees into our network and continuing to offer our clients a superlative property sales and lettings experience.

Franchise security

7 Essential Questions To Ask A Franchisor

For would-be entrepreneurs thinking of investing in a franchised brand, the range of businesses on offer may seem overwhelming.  First of all, you need to decide on the type of business that’s right for you, whether it’s a retail franchise, ‘man and van’ business, professional services, estate agency and so on.

Secondly, once you’ve decided which sector you want to operate in, you are then faced with choosing the right brand.  To help you, we’ve compiled a list of essential questions to ask your potential franchisor with a brief explanation as to why you need to know.

What is the owner’s background? Do they have a successful track record in their business sector or in franchising?

If the owner doesn’t have a successful track record either in their business sector or franchising or has not successfully operated a pilot business, they will not be able to help you in running your own business.

Are you members of the British Franchise Association?

The British Franchise Association is a voluntary association which vets its members to ensure their compliance within stringent ethical standards. We would strongly advise all potential franchisees to proceed with caution if considering a non-BFA member. Redstones is proud to be a member of the BFA.

Have you worked with BFA accredited franchise consultants and lawyers in drawing up your franchise agreement?

Franchising is a specialised business and most ethical franchisors work with accredited lawyers and consultants when setting up their franchise.

How will I be trained and what ongoing training is available?

Comprehensive training in all aspects of running the franchised business, together with ongoing support, is essential for long-term business success.

How long is the franchise agreement for?

The franchise agreement is a legally binding agreement. It is important to know the length of time you are committing to and whether or not you can sell the business or renew the agreement when it comes to an end. Franchise agreements typically run for five years depending on the sector.

What additional capital or working capital will be required to set up the franchise?

You must be clear on exactly what the initial franchise fee covers and how much additional working capital will be required to get your business up and running.

What are your ongoing fees?

Franchisors typically charge royalties or ongoing fees on a franchisee’s turnover which is reinvested back into the marketing of the brand and support of the franchisee. Understanding the exact level of ongoing fees will enable you to produce a viable business plan.

For additional advice we recommend the BFA website.  

Blue Sky

Franchise vs Start-up

Franchising : Your Business Advantage

Setting up in business alone can be a daunting prospect. Where do you begin, how will you establish your brand, what are you chances of success? What happens when you encounter a glitch in your business plan?

Investing in a franchise business provides the answer to all of these issues. For would-be entrepreneurs, franchising is becoming an increasingly popular way of setting up their own business under the banner of a tried and trusted brand name.

Franchise success in the UK

Natwest Bank’s 2013 Survey in association with the British Franchise Association reveals that the UK franchise industry is growing, contributing around £13.7bn to the UK economy in the past year.  What’s more, 90% of franchisors are confident that growth will continue during 2014 – and Redstones is one of them.

The advantages of franchising

For a budding entrepreneur, setting up in business as a franchisee offers the following distinct advantages over a ‘stand-alone’ start-up business:-

Increased chance of success : While statistics vary, guidelines suggest that only 7% of stand-alone businesses are still trading after three years, compared to 90% of franchised businesses.  Natwest’s survey supports these figures, with 92 per cent of franchisees reporting profitability and one in four running multiple outlets.  Among new franchisees (less than two years in business) 80% are already profitable.

A competitive edge : Being part of a recognised brand gives a franchisee more visibility. Potential customers know what to expect and will be more confident in working with them. In the competitive lettings market this is especially important.

A proven business system : A franchisor’s business model is tried, tested and proven, removing the often steep learning curve that most stand-alone businesses face.

As the Chairman of the BFA, Brian Smart states ‘The fact remains that franchising provides a business owner with the means and methodology to set up and run their own business with an increased rate of success when compared with traditional stand-alone methods’.

With Redstones, our franchisees are comprehensively trained in all aspects of running an estate agency business, including marketing, accounting and sales.

We also provide ongoing ‘hands-on’ support to ensure our franchisees become profitable in the shortest possible time. As members of the British Franchise Association, we are committed to excellence in our franchise business.

Franchising is open to anyone from all walks of life, provided they have sufficient capital and the right attitude.

Contact us today to discuss how you can become a franchisee of Redstones and owner of your own successful lettings business.