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A property business focused on people
CEO Gemma Goodson doesn‘t particularly like the word ‘success‘. It smacks of being lucky. She prefers to talk about the achievements of her Northwood GB team – ‘achievements‘ better reflecting their hard work and personal skills that have created one of the UK‘s leading residential letting groups; a Solent company that has 87 UK-franchised offices, 500 employees nationwide and gives 15,000 landlords complete peace of mind
Northwood was founded by Gemma‘s father Andy Goodson in 1995 in Portsmouth, based on the sound business principles of professional knowledge, honesty and clarity – and importantly a guaranteed delivery of rental income for its landlords.
Having proved the viability of his Guaranteed Rental Income Scheme (GRIS), Goodson began franchising his concept in 1999 as Northwood GB. Gemma joined the family firm in 1996 as an office assistant, and worked her way up to take on the CEO role in 2007, when Andy effectively retired.
Well-trained by her father, Goodson understands that as a service provider Northwood is only as strong as its people, and the company focuses on those people integral to its core business – staff, franchisees, landlords and tenants.
“What drives me is doing something I love, with people I enjoy working with. We franchised our company so that like-minded people can share our goals and values. It‘s all about creating something people can believe in. If you can do that, and empower your people, they will succeed.“
Goodson is proud that Northwood remains independently owned with a different entrepreneurial approach to residential letting.
“We are not a faceless corporate, ours is a people business,“ adds Goodson, who admits to often making ‘people‘ decisions on personal gut-feel.
“This people focus is also highlighted by the leading-edge confidence and competence- boosting courses provided for franchisees by Northwood at its Pearsons Training-accredited centres in Bolton and Fareham head office.
“We teach professional skills, but we also bring them into our ‘family‘; fire their passion to achieve.“
While actively campaigning for a recognised minimum level of professional qualification within the industry, Northwood helped found the successful SAFEagent initiative in 2013 to highlight agents who operate with Client Money Protection Schemes.
“We are very proud to be doing something that is leading the industry and changing for the better the way agents are perceived.“
As it has grown, Northwood has retained THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – MARCH 2015
beneficial family business traits: friendly teamwork, quick decision making, adaptability, good communication and involvement of its UK ‘extended family‘.
Regional ‘in the field‘ managers, regular business updates and feedback meetings with franchisees ensure issues are tackled early.
Northwood‘s management team provides franchisees with training, marketing, legal, administrative and business backup. Northwood also encourages franchisee involvement and support within their local communities.
Work incentives are provided through staff share option schemes, also childcare support and flexible hours.
It all seems to work. Some staff and franchisees have been with Northwood since day one; turnover is very low.
It‘s not Northwood culture to hype its business activities. Even its head office signage is minimal. Not that Northwood doesn‘t celebrate its achievements. When we interviewed Goodson, staff had just returned from Disneyland Paris – reward and recognition for achieving a £65 million turnover.
While people-focused, Northwood‘s business model has risk at its hub – or more accurately the control of risk that underpins GRIS contracts individually agreed with landlords.
“We assess all the risks of the letting, and underwrite those risks for the property owner.
This is the latest in a series of profiles and articles on entrepreneurship supported by Coffin Mew, lawyers to entrepreneurs. Coffin Mew is a leading South Coast firm providing legal services and advice to owner-managers and business founders across the region
www.businessmag.co.uk
Effectively, we become the paying ‘tenants‘ of the landlords, then we sub-let the properties through our franchisees,“ explained Goodson.
Northwood‘s GRIS model is popular with ‘let it and forget it‘ property owners – accidental landlords by inheritance, or risk-averse investors wanting a ‘buy-to-always-let‘ option.
The UK‘s strong rental market, created by economic and social changes such as unaffordable mortgages, job insecurity, career mobility, property-owning downsizers and low savings returns, has assisted Northwood‘s recent progress.
Even so, Northwood very carefully selects its franchisees, landlords and tenants. Its underpinning control of risk is mirrored by its pace of growth. “We get 30 franchising enquiries a month, but last year opened just five new offices. “It‘s all about finding the right people. We could be four times our size if money was our driver.“
Goodson says her greatest (and saddest) business achievement was “keeping Northwood‘s family going“ after the untimely death of MD Nick Cooper. The company began a charity foundation in his memory and Goodson has climbed Kilimanjaro and run marathons to fundraise.
Like many entrepreneurs, Goodson doesn‘t waste many minutes of her life.
Apart from controlling Northwood she provides business mentoring, enjoys regular fitness classes, rides and feeds her two horses every day, competes in triathlons and is a self-confessed ‘adrenaline-junkie‘. “Being slightly scared is good. That‘s when you achieve great things. You never achieve when life is dull.“
Work-life balance doesn‘t resonate with Goodson. “It‘s all your life, just aim to enjoy everything you do.“
Details:
Northwood
www.northwoodfranchises.co.uk
Coffin Mew Richard Swain, associate solicitor, corporate
RichardSwain@coffinmew.co.uk www.coffinmew.co.uk
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