The first Martin & Co franchisees to operate purely as online letting agents have now launched.
They cover Crystal Palace, London; Lichfield, Staffordshire; and Stowmarket, Suffolk, and have no shop premises.
Martin & Co launched its online letting franchise model earlier this year after seeing the number of online searches for lettings overtake those for sales for the first time ever. An estimated 94% of those searching for properties to rent now start their search on the internet.
The costs of setting up one of Martin & Co’s franchise businesses is described as ‘dramatically’ lower than the high street model.
The organisation has brought in an online sales director, and invested in email, web and social media marketing tools.
Martin & Co will be launching three more online agents before the end of the year in Ely, Cambridgeshire; Pontefract, Yorkshire; and Romford, Essex.
Comments
Expressed myself badly Steve I should have said "now" and probably for about tyhe past three years during which time M&Co and Belvoir and Knightwood for example have been doing the same thing.
Have all your compatriots succeeded and survived? Or more to the point built as well as you have, which obviously depends on many factors.
The key is the word "gradually" which unless by acquisition if only organic growth I would guess has probably taken you 5 years, maybe a bit longer.
Question is if you were starting from scratch now how do you think you'd get on?
I'm a Martin & Co franchisee. In a market with about 60 competitors of one sort or another on my patch I've gradually built up a business which has two high street offices and 14 staff. I cover my costs and make a decent profit.
Industry Observer says "Given the competition you cannot succeed so Martin & Co have been selling franchises based on a flawed business model for years"
So how does that work then?
So how does this work then?
Is it simply a home based letting agent who only advertises on the web and not in local press or any other medium?
Rather than a brilliant new launch based on a spectacularly successful business model what M&Co is admitting here is that if you pay them £25K+ for a franchise and are forced to set it up in high street premises (as they always have done) ane incur the extra costs of rental and business rates, plus staff costs, you add another £60K+ to your first yerar costs.
In effect given the competition you cannot succeed. So M&Co have been selling franchises for years based on a flawed business model?
Isn't that what this article says? Who is interested anyway what a company that opposes SAFE and has dishonest franchiosees in it thinks anyhow?
Plus 'Jupix' is certainly an odd name, almost un-PC!
@Oliver Gleave
Did you pay much that, irrelevant to this news item, advertising 'puff'?
Not the best of starts Oliver.
We're letting agents not estate agents.
If you want me to buy your software you can start by convincing me that you know what business I'm in, and we can take it from there :-)
We are delighted that Martin & Co have selected Jupix as their preferred software supplier for both their on-line and high street franchises.
Martin & Co join 750 other estate agency branches that rely on Jupix every day to improve their efficiency and drive their business forward.
If you are a Martin & Co member then please visit our stand at your national conference on 26th November 2011.
online letting agents sounds really cool.
working from spare room does not.
urr..."online letting agents"
Presumably they will have an office of some sort!