WEICHERT REAL ESTATE Franchising Guide
The Weichert Real Estate Affiliates franchise was founded in 1969 by Jim Weichert. Initially having its operational base located in Chatham, New Jersey, today Weichert Real Estate Affiliates has its corporate headquarters located in Morris Plains, New Jersey.
This franchise opportunity started franchising in the year 2000, and has Denise Smith as its current CEO. Weichert Real Estate Affiliates specializes in the provision of real estate services as well as the delivery of mortgages and title insurance to its esteemed clients.
Presently, Weichert Real Estate Affiliates is spread across 36 states within the United States and prides itself as one of the most visited real estate websites in America. This franchise opportunity has also been named among the fastest growing franchises within the United States by Entrepreneur magazine and currently has 236 units in operation within the United States.
Franchisees help clients in the purchase and sell of both residential and commercial real estate, including title insurances and delivery of mortgage.
Financial Requirements Weichert Real Estate Affiliates Franchise
Before owning a Weichert Real Estate Affiliates franchise, certain financial requirements need to be met. To qualify for ownership of this franchise opportunity, these requirements are mandatory.
Meeting these requirements qualifies the prospective franchisee to operate under the Weichert Real Estate brand name, logo, and the use its business formula and model. Some of these financial requirements include an Initial Investment within the range of $50,000 to $364,700, and a Net-Worth requirement of $150,000.
Weichert Real Estate Affiliates Franchise Ongoing Fees
All Weichert Real Estate Affiliates are under obligation to pay certain ongoing fees to the franchisor. Some of these ongoing fees include an Initial Franchise fee of $25,000, an Ongoing Royalty fee of 6% and an Ad Royalty fee of 2%.
Weichert Real Estate Affiliates Franchise Training for Franchisees
All new franchisees of Weichert Real Estate Affiliates undergo a period of mandatory training. Although the franchisor allows for absentee ownership of its franchise, franchisees are required to attend this training program to give them a total understanding of the business procedure and processes involved.
They are required to come with their franchise managers who will also be benefitting from the training program, to successfully supervise the franchise in the absence of the franchisee.
The period of training lasts for 5 days at the franchisors corporate headquarters in New Jersey. The franchisor offers an additional 2 days of on-site training to help in giving new franchisees and their managers a hands-on job experience.
However, the training process is not limited to the 5 day training received at the franchisors corporate headquarters and the 2 days on-site training alone. The franchisor conducts additional training in the form of annual conferences, and locally organized quarterly workshops.
All Weichert Real Estate Affiliates franchisees enjoy robust support that helps in ensuring that all its franchisees succeed with their franchises. The franchisor provides support in areas that cover grand opening events, periodic meetings, and field operations.
Others include the provision of internet services, a toll-free line and periodic newsletter releases aimed at enabling all its franchise keep updated with industry trends.
Apart from the provision of support in the above listed areas, the franchisor also provides franchisees with marketing support that cover areas such as the use of regional media and national media to advertise/market, and also the use of cooperative advertising for effective marketing results.
Financing Options/Veteran Incentives Program
The financing options franchisors offer their franchisees are to reduce the attendant stress occasioned with having to raise investment funds. For Weichert Real Estate Affiliates franchise, information on available financing options is not disclosed.
However, it is expected that all would be adequately disclosed within the Franchise Disclosure Document (FDD) presented to the franchisee by the franchisor.
Under its Veteran Incentives program, no disclosure is made about that. It is believed that information on the question of if there are benefits enjoyed by veterans will be found within its Franchise Disclosure Document (FDD).
How to Open Weichert Real Estate Affiliates Franchise?
Joining this franchise opportunity is hinged on meeting all the franchisor’s set requirements. Among these requirements are financial requirements. To own a Weichert Real Estate Affiliates franchise, first carefully fill the “indication of interest form” or the online application form as commonly known.
This online application form is found in the franchise section of the franchisors website. The information supplied will undergo a screening test to determine if the prospective franchisee is qualified for ownership or not.
If qualified, the franchisor contacts the prospective franchisee through a representative, and is invited for further discussions. During the course of investment discussions, the Franchise Disclosure Document is given to the franchisor to last a period of 10 days in his/her possession as required by law.
This is to give ample time to seek legal advice and guidance on the terms of the contract contained within the Franchise Disclosure Document (FDD). It is advised that the services of a franchise lawyer be engaged for proper guidance on the process of application and to avoid or address grey areas that might lead to conflicts between the franchisor and franchisee in future.
This article has focused on the Weichert Real Estate Affiliates Franchise. Providing basic details on the procedures involved in joining and the requirements to be met by all prospective franchisees. It is believed that with the information supplied, franchise candidates will be able to make informed investment decisions that will ensure their interests are adequately considered.