CRYE-LEIKE Franchise Startup Cost, Profit & Opportunities
The Crye-Leike Franchise was founded in the year 1976, offering franchising services in the real estate sector of the economy. With its corporate headquarters located in Brentwood, Tennessee, this franchise opportunity has grown to be a brand to be reckoned with among real estate brands.
Providing only the best real estate services spanning a period of several years, it went into franchising in 1999, and has as its current CEO, Harold Crye.
GUIDE: COLDWELL BANKER REAL ESTATE FRANCHISE
Crye Leike Franchise Financial Requirements
To be able to own a part of this franchise opportunity, all interested franchise candidates are required to meet up the franchisors financial requirements. Failure of which disqualifies their applications, as such applications are not considered. These financial requirements consist of the following; an Initial Investment starting from $59,100 to $160,300. This is a compulsory requirement.
Crye Leike Real Estate Franchise Ongoing Fees
There are several ongoing fees required to be paid to the franchisor by the franchisee. This is binding on all Crye-Leike franchisees. Under this arrangement, these payments follow a specified period of time as set by the franchisee. In other words, the ongoing fees may be paid annually or monthly as the case may be.
For this franchise, the ongoing fees consist of an Initial Franchise fee ranging from $13,500 to $25,000 and an Ongoing Royalty fee of 6%. The franchisee is duty-bound to abide by this payment arrangement, failure of which may result in the franchisor taking disciplinary measures.
Crye Leike Franchise Training and Support
New franchisees benefit from a compulsory training period lasting a period of time determined by the franchisor. However, this training is not only limited to new franchisees, as there are ongoing trainings in the form of update courses and refresher courses.
These are aimed at ensuring that existing franchisees are updated with current happenings in the real estate sector, thus ensuring that they are not left out in the fast changing world of real estate. For new franchisees, there is a varying training period. In other words, it is never fixed.
Support to new and existing franchisees covers the following areas, periodic newsletter releases, provision of internet services, a toll free line, a grand opening event, periodic meetings, and field operations. These supports are enjoyed by all new and existing franchisees.
Crye Leike Franchise Application and Terms of Agreement
These are agreements reached during the signing of the franchise contract agreement. However, this differs from franchise to franchise. For some, renewal is dependent on having met specific expectations or even exceeding such expectations. While for others, there is a pre-existing decision by the franchisor not to renew the franchise term. Whatever the case, the franchisee is at liberty to either walk away at the end of the franchise term or to remain if the franchisor allows.
For the Crye-Leike franchise, this is not disclosed, but is believed that all the details will be revealed in the franchise disclosure document during the period of registration.
The Veteran Incentives Program
This program rewards veterans for their service to their nation. Hence, discounts are mostly given to show appreciation. However, for the Crye-Leike franchise, this is not available at the moment, but is believed that the details will be revealed to the franchise candidate in the Franchise Disclosure Document (FDD) given during the process of registration.
Crye Leike Franchise Financing Option
Although not currently disclosed, the financing option provides payment cover for certain aspects of the business, and is only determined by the franchisor. These options are usually in the form of an in-house financing arrangement that finances certain aspects of the business such as the franchise fee, the startup cost, or both.
The other is a third-party relationship the franchisor maintains with financing sources that offer financing also covering certain aspects as may be chosen by the franchisor.
This too is determined by the franchisor. In this case, the territory is given so that there is an avoidance of unnecessary competition between franchisees. The operational territory status for the Crye-Leike franchise is also not disclosed, but should be available in the Franchise Disclosure Document to be presented to the franchisee.
How to Open Crye Leike Franchise
To join this franchise opportunity several steps need to be taken, the first of which involves visiting the website of the franchisor. In the franchise section of the website, there is an online application form made available for the purpose of application. This form is to be carefully filled and submitted by the prospective franchisee.
After the submission of the online application form, the information given are screened for eligibility. If qualified, a representative from the franchisor establishes contact, using the contact details supplied by the franchise candidate.
Detailed investment discussions are made through meetings organized either physically or virtually with the CEO of the franchise. The Franchise Disclosure Document is presented to the franchise candidate as required by law. This document will be in the possession of the franchise candidate for a period of 10 days to enable him go through it carefully.
However, it is advised that the Crye-Leike franchise candidate does not do so alone, but should seek the services of a franchise lawyer to guide in the process. If the terms are satisfactory, then the signing process and eventual payments are made.