Entrepreneur Success # Franchising
The Business Model
The existing real estate franchises are mainly brand franchises, whereby the name is the main selling point and not the systems. Those systems are not necessarily followed.
In Queensland, a vendor will pay a 2.5% commission rate or $14,245 (inc. GST) on a $500,000 house.
Listings belong to an agent and are not shared by other sales staff in the office.
Think Different- Be Different The Key: Finding a way to generate listings more easily than the traditional way, so that more time can be spent with the vendors and the buyers.
The Solution: A capped commission of $5950 (just gone up to $6950)- This means very significant savings for the seller, which makes the offering very attractive. Break down barrier to signing up listings.
The Franchise Model: A highly structured franchise, where you have to stick to the system. Very strong back office processes. Decided to stay away from Master Franchisees.
The Business Model: High sales volume. Very lean cost structure with lean and efficient office space in secondary locations and a lean salesforce to ensure everyone in the office would make money. Listings become the office listings and everyone shares in the office successes.
The Business Name: GoGecko, a name designed to be memorable.
The Branding: Purple and orange colours, designed to break the real estate conservative branding mold. The Launch: 2006
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