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Success Stories - Richard Taylor

From redundancy to running his own Martin & Co business

The main reason for me wanting to join a franchise was to benefit from the backup and support. You just wouldn’t get that if you were setting up by yourself.

After being made redundant from his previous job, Richard Taylor began to look for a new opportunity that would be secure and support his family of six for the long term.

Having had a job in supporting people back into employment before joining Martin & Co, Richard didn’t have any experience in estate agency but he wasn’t going to let that stop him from building a business.

Richard took over the Preston branch as a resale business in February 2015 and he’s been building a successful business for himself and his family.

I originally came across Martin & Co three or four years ago when I had first started looking for a new opportunity. I went to a franchise exhibition and liked what I saw but it wasn’t until I was made redundant a few years ago that I decided to take the leap

MartinCo Group operates one of the UK’s largest property franchise business with nearly 300 offices and five franchise brands Martin & Co, C J Hole, Ellis & Co, Parkers and Whitegates. The Group’s franchise owners manage approximately 43,000 properties on behalf of private clients. The Group added an estate agency service to its lettings service in 2013 and offers this service at 240 of its offices.

MartinCo is a multi-award winning business and the directors and senior management have over 100 years combined lettings and estate agency experience.

“I joined Martin & Co because property’s something that really interests me. I’m a landlord myself so it’s a good insight into the property market for me. I didn’t even look at any other franchise opportunities. I had enquired with Martin & Co before so I was already on their database. I received an email from them about the resale opportunity in Preston so I decided to enquire further. I liked what I’d seen before so I just went for it.”

“After I was made redundant from my last job, I knew that I needed to do something that was more secure. If you have your own business you can be in control of your own fate to a certain degree and there’s no risk of being made redundant. The added support of the franchise makes it even more secure. With a large family to support, I need to know that my job isn’t at risk when the company makes financial cuts.”

The training that Martin & Co provided was great. It consisted of going through the legal side of things and looking at how you handle viewings.

"The training was really helpful because it helps you with things that you don’t necessarily think about but you definitely need. The training gives you focus and gives you some ideas about how to improve in certain areas."

"In terms of support, I met with the Regional Franchise Manager who talked to me about the different departments at head office that can help me with elements such as accounting and recruiting. This support will be extremely valuable to me.”

Franchise owners like Richard take market share in their dedicated franchise territories through the marketing, media and public relations support provided by Martin & Co who have also developed a sound understanding of best practice in the property industry.

On income generated from lettings and estate agency fees, average Martin & Co franchise owners who are high-street based turnover £275k in year three and you can expect to build your business to in excess of £415k in just five years.

“With my business being a resale it’s more of an advantage for me because the foundation of the business is already there and there’s also a reputation in the local area. It’s not a cold start so it won’t be as difficult as it would be to start anew. However, you do really hit the ground running and there will be things I’ll have to get up to speed on pretty quickly because we already have an established customer base who will be expecting a good service.”

“I’m feeling a mixture of excitement and nervousness about growing my business because it’s all on me. If it goes wrong, it’s all my fault but if it goes right then I will reap the rewards! It’s make or break time for me."

My advice to anyone thinking of buying their first franchise would be to investigate properly and look at the support that’s available behind the scenes. Some franchises promise the earth and deliver nothing

“Just go for it if you’re thinking about doing it and think the opportunity suits you.”

“My plans for the future are to grow the business and look at potentially moving into the surrounding territories. We’re also looking to make the most of the geographical area and the potential market.”

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