The Winkworth new franchising department gets a high number of applicants wishing to know more about becoming a franchisee. Many of the queries are similar, so we have compiled a list of frequently asked questions and answers to help fill the gaps in your knowledge.
I have no previous estate agency experience - does this matter?
The majority of our current franchisees are experienced estate agents, having been managers or area directors for Winkworth or other recognisable brands.
"We consider all applications that come through. If you have entrepreneurial spirit or have owned your own business in another industry that does help. However some very strong franchisees have joined the network with no estate agency experience. In these cases we not only offer a wide range of training days through the in-house Academy, but we can also assist in recruiting talented managers and staff in the office to help gain those all important instructions." - James Campbell, New Franchising Executive.
What areas are available for me to open in?
Currently the Winkworth network stands at 100 offices with over 60 within the M25. This means that most of central and greater London is already taken, however there are some available areas pushing out to zones 4 and 5.
There is a greater opportunity to open Winkworth offices outside the M25 and the new franchising team will consider most areas that complement the existing and established Winkworth offices.
How much will it cost me?
There are many factors to consider that will impact the cost of setting up and ensuring substantive cash flow until the office starts to make a profit. This is largely down to the area, costs of rents on premises and the initial refurbishment of the office. Typically a Winkworth office will need an initial budget of Â£125,000 to Â£200,000.
The upfront Winkworth franchise joining fee is Â£20,000.
How long is the process?
All progressed applicants go through a due diligence process. This typically takes 6-8 weeks to complete. The part that usually takes the longest amount of time is the sourcing of premises in the decided area. Once a site is found and negotiated, the refurbishment can take up to a month, depending on the size of the unit and scope of works needed. On average the process from initial phone call to office opening takes 4-5 months.
To find out how you can become part of Winkworth contact our New Franchising team
James Campbell | Gina Piper
firstname.lastname@example.org | 0207 355 0200