The UK property market remains tumultuous due to Brexit and the continued legislative changes facing the industry. Recognising the challenges faced in property sales, Winkworth has continued to invest in the lettings side of the franchise operation.
In 2013 Winkworth’s lettings and management income made up 35% of total overall revenue. In the last five years lettings and management has grown some 15% and at the end of 2018 accounted for almost half of Winkworth’s total network revenue.
To support this encouraging growth in lettings throughout its network of circa 100 offices, Winkworth has enhanced its centralised support services in the head office. At the end of 2018 Winkworth appointed Claudia Green as Head of Lettings, moving her from her previous position held as Winkworth’s Head of Corporate Services. Claudia’s role is to support the offices in legislative changes in the sector and offer guidance on how to successfully grow their lettings businesses and management portfolios effectively and efficiently.
Winkworth’s in-house training academy has also increased its course offering to support the lettings staff across the network further. Emma Hogan, Head of the Academy explains, “Over the last few years we have really tailored some of our courses specifically for the lettings and management staff. We offer all kinds of training including legislation and the lettings process, lettings law, and raising and sticking to fees.” As well as introducing tailored lettings seminars which are run throughout the year by outside industry experts, in 2015 Winkworth bought ARLA training in-house, and since then over 140 of the network’s lettings staff have become ARLA qualified.
Dominic Agace, Winkworth’s CEO comments, “We’re now closer than ever to hitting one of our long-term goals of achieving a 50:50 sales to lettings business ratio and, with many changes coming up within the industry, it was vital for us to build on the solid support framework we have in place for our offices when they need it.”
Winkworths lettings growth since 2013
“Only 8% of the Winkworth network don’t offer lettings,” comments Gina Piper, Winkworth’s Operations Manager. “We understand that lettings can be a daunting business offering for a franchisee who has no experience in the sector but staff at head office are on hand to train, educate and help recruit experienced lettings staff so that the franchisee feels comfortable enough to offer this vital estate agency service in the current difficult market.”
Although lettings in 2019 will see a major change with the tenant fee ban coming into effect on the 1st June, Winkworth will continue its long-term strategy of working towards a 50:50 sales and lettings ratio.
If you would like to know more about becoming a potential Winkworth franchisee and the support you can receive, then get in touch with the new franchising team today.
N.B. Winkworth’s full year financial results are expected to be released on or around the 3 April 2019.