Is setting up your own independent estate agency and becoming your own boss just a dream, or is it, perhaps, a reality that is within reach? The franchise system is a good way to start on the path to independence, especially for those who have little experience in management, or even in property and estate agency, without being left entirely to their own devices. Furthermore, as you benefit from your franchisor's experience and their recognised brand, the risks associated with entrepreneurship are reduced significantly. But how exactly do you go about setting up your own property franchise and achieving success in Belgium? Engel & Völkers presents the six steps you need to follow to set up a successful franchise in Belgium.
1. A passion for property
Without passion, there is no marriage! And this applies as much in your professional life as it does in love. First and foremost, be sure you have a genuine passion for the property market, and that the profession of estate agent genuinely appeals to you. As an independent, you will have sole responsibility for your business and it will be your motivation and passion that determine your estate agency's success.
2. Find your perfect partner in Belgium!
In Belgium, franchises are based on the collaboration between the franchisee, the independent estate agent and the franchisor, a major estate agency business. The franchisor will always be there to assist and support you in your enterprise, and especially during the business start-up phase, and so will also make an important contribution to the success of your franchised agency. So you need to find your perfect match: a company you feel comfortable with, and with which you can see yourself working over the next few years.
3. Determine the rules governing the franchise
Every franchise has its own formula and therefore its own policies and conditions. As a result, your franchise experience may be very different, depending on your choice of franchisor. So always find out in advance about the terms of the franchise system: what assistance does the franchisor offer, what initial or continuing training will be provided, etc.? Also pay particular attention to all legal documents, such as the contract, and do not hesitate to seek professional help and advice.
4. The Belgian market
Once you have determined your strategy, it's time to go in search of the market for your estate agency! Your franchisor can help you find the best place for your new franchise. Ask yourself this question honestly: can I really make money in this location? Will my business become profitable quickly here? You will have to take into account many factors such as demand, competition, and the soundness of your offer, as well as the costs of the premises, renovation, transport, etc.
5. Pay attention to the money side of things
This may be stating the obvious, but be careful with your money. Make sure you have a clear financial overview of your Belgian franchise venture, including a business plan. A good business manager must know how to manage the financial aspects of his or her franchised agency and this knowledge will not only help you to apply for a loan from the bank but also keep you in a position to make the best decisions about your business.
6. Let's get to work!
Those are the five steps to setting up a franchised estate agency in Belgium. Now, you only need one thing for your company to succeed: your hard work. Indeed, as an independent estate agent, the success of your business will also reflect how much you are prepared to invest in it personally. This may not be easy, but there is nothing more satisfying than knowing that you have succeeded thanks to your own hard work, perseverance and business acumen.
Engel & Völkers have broad international experience, and encourage you to make your dreams come true by setting up your own estate agency franchise. Their support is recognised worldwide. Are you ready to take your first step towards independence? Then you can find more information by clicking on the link below.