03 Dec Franchise Business Plan – RE/MAX
RE/MAX Holdings Inc. (RE/MAX) is a real estate company that has franchise operations worldwide. Headquartered in Denver, Colorado, the company provides real estate services in both residential and commercial markets. According to IBIS World, RE/MAX offers residential and commercial buy-side and sell-side assistance, which often includes preparation of the real estate in addition to marketing and closing services. Company franchisees operate under the RE/MAX brand name, which includes more than 7,000 offices located across more than 100 countries.
All franchisees must meet the various standards related to relevant experience, education and licensing, background and past record of compliance with laws, financial capacity, skills, and integrity. Franchisees or their principal owners and managers must complete a compulsory four-and-a-half-day training program at the RE/MAX headquarters in Denver, Colorado. Franchisees may also be required to complete the RE/MAX 501: Maximizing Your Office Potential course or other training or courses required by the franchisor. RE/MAX also organizes annual conventions and training conferences designed to enhance the RE/MAX image, help franchisees in recruiting potential sales associates, and provide an international exchange of ideas on managing RE/MAX offices. Joorney Business Plans has extensive experience in creating long-term employee plans and matching the proposed employees’ knowledge, skills, and training to their designated roles.
Franchisees are granted the right to operate an office at a specific location that must be approved by RE/MAX. However, franchisees do not receive an exclusive territory or any other type of territorial protection. They may face competition from other franchisees, from outlets that the franchisor may come to control, from franchises in other channels of distribution that the franchisor operates, or from additional channels of distribution or competitive brands that the franchisor may come to own or control. Therefore, Joorney Business Plan Writers help clients develop in-depth competition and local market analyses with the expected local economic and demographic trends.
Franchisees should at all times hold a valid real estate broker license or other state licenses required to act as the managing or designated broker of record. If the franchisee or a principal owner does not directly supervise the office or have a valid real estate broker license, the franchisee should secure the services of a validly licensed real estate broker. Joorney Business Plans has experience helping RE/MAX franchisees create a timeline of activities, including obtaining licenses, with a particular focus on the initial year, as per requirements of the investors and immigration services.
All franchisees are to submit a business plan upon applying for a RE/MAX franchise. It is up to the franchisees to determine what unique services, location, culture, management style, support personnel, values, and market strategy will set their office apart from competitors. Business plan development is also a part of the RE/MAX Broker 101 training. As the business plans are generally revised multiple times, Joorney Business Plan Writers help franchisees develop high-quality first draft business plans.