Franchising has a lot of jargon. If you're new to franchising and want to learn a little more, below are some key terms and their meanings that you will need to understand.
- Franchisor – The parent company that permits individuals to use their name, brand and trademark for a period of time. In this case, Winkworth.
- Franchisee – You, the individual, seeking to use the name and systems of the franchisor to run your business under.
- FA (Franchise Agreements) – The legal documents that act as contracts between the franchisor and the franchisee. Winkworth has separate sales and lettings FA’s.
- Royalty Fee – This is an ongoing fee that is paid to the franchisor by the franchisee. Winkworth charge a set 8% royalty fee across the network.
- MSL (Management Services Licence) – Winkworth will grant licences to certain offices to perform property management when the correct infrastructure is in place.
- Defined territory – Unlike some other estate agency franchisees the Winkworth offices are assigned defined territories to trade within. These are contractually bound into the FA’s and are areas that the office they’re assigned to can operate in. Another office is not permitted to operate within a defined territory that is not theirs.
- Cold start – This is a term used for the opening of a new office from scratch.
- Conversion – This is a term used for a rebranding of another estate agency to Winkworth.
- NDA (Non Disclosure Agreement) – We will ask you to complete a NDA in the first instance. This is a legal agreement that will allow us to share confidential information with the knowledge it will not be passed on.
- CRB (Criminal Record Bureau) – All potential franchisees are asked to complete a CRB check. Winkworth doesn’t bring anyone on board if they have any sort of criminal convictions.
To find out how you can become part of Winkworth contact our New Franchising team
James Campbell | Gina Piper
email@example.com | 0207 355 0200