Real Estate Franchises on the Rise in Canada
Real estate is something people always need, and although the market is subject to ups and downs, a real estate franchise in Canada can be the right way to go. Learn a little more about this industry and its offerings so you can get your search off on the right foot.
A wide scope
The real estate franchise industry in Canada is not limited to brokerages alone. There are a lot of smaller services and goods related to real estate, including moving firms, property management companies, renovation firms, storage facility providers and cleaning/maintenance providers. The main segment is leasing, property management and brokerages, with a further division in brokers between commercial real estate and residential real estate, although some may do both.
According to the Canadian Franchise Association's 2018 Franchising Trend Report, real estate is one of the top franchise categories in terms of growth in the country. Although many factors are at play, innovative approaches to the real estate market in Canada may be one particular driver. With people being as busy as they are these days, convenience is a big factor for many consumers, and many real estate brands in Canada are tapping into that need.
Narrowing the field
If the Canadian real estate franchise industry interests you, the first thing you will want to do is decide which area of the industry is ideal for you. Do you want to sell, buy, lease, manage or get into a tertiary business? Once you've answered those questions, you should get to know your local market. If you can't find a brand you're interested in there, you may need to research nearby markets so you can get a location with the brand you've decided on.
Buying and selling real estate franchises is usually self-explanatory, but property management and brokerages are different. Property managing is similar to other types of management, so that's an angle to consider for this type of franchise. Starting your own brokerage is more complicated as you will likely need to become licensed.
Regardless of which type of Canadian real estate franchise you decide to join, you will still need to make sure you do your due diligence. A franchise is one of the biggest investments and commitments you will ever make, so you will want to know just who you're signing on with and what you can expect.