How would you define your brand?
Our brand is very much identified as being customer and community-focused with our network of franchisees respected for their integrity and professionalism.
How old is the company and when did you start franchising?
The Mortgage Gallery is a well-established mortgage broking company. It was founded by John Bignell in 1992 and evolved into a franchising style operation in 2004.
How many franchises do you have? 42 franchise offices throughout Australia. We were recognised by BRW as the fastest growing financial services franchise in 2007.
How are you going to grow the business in 2008? Having successfully built The Mortgage Gallery franchise network throughout Western Australia, 2008 will see the company continue growth along Australia's east coast - capitalising on the growing residential market opportunities and strengthening the company's franchise network of
mortgage brokers in both metropolitan and regional locations.
Where do you expect the business to be in 2010?
By 2010, The Mortgage Gallery will have strengthened its position as one of the country's leading mortgage broking organisations.
What do you expect from a franchisee? Franchisees are expected to display commitment, motivation and enthusiasm, with a desire to learn and develop their businesses. They must embody a professional attitude, provide an informed service and be genuinely interested in meeting customers' financial needs and service expectations. Most importantly, our franchisees should be keen to represent The Mortgage Gallery's brand in their local community.
What are the start-up costs for a franchisee and what working capital should they have? The Mortgage Gallery's start up package is $22,500 including one-on-one training, sales coaching, development of a full business plan as well as ongoing support and marketing assistance. Potential franchisees should allow 8-12 months worth of working capital as they establish their position in a new industry and business venture.
What is the length of the agreement?
Five years with renewal options.
What sort of hours will the franchisee have to work to get the business established and how long should that take?
A new franchisee should expect to work at least 45 hours a week, but preferably up to 60 if they realty want to speed up their growth. The average franchisee should anticipate to be reasonably established after around 18 months.
What revenue can a franchisee reasonably expect to make after two years? After two years, franchisees should expect to be writing about 1015 loans per month. The level of income does depend in part on the territory from which they operate. A unique feature of a mortgage broking franchise is that it provides two income streams: an upfront commission as well as an ongoing trail commission.
Thsi article appears courtesy of Franchising Magazine.
15-Jan-2008