LSL boss reveals what’s next for franchised agents

Attention is turning to acquisitions and growth among LSL’s newly-franchised brands.

It has been a year since LSL Property Services announced that its agency brands including Your Move and Reed Rains would become franchise partners.

Speaking to Estate Agent Today, Paul Hardy, managing director at LSL Property Franchising, said the decision has released the “entrepreneurial spirit” of its estate agents.

He said: “These guys are now motivated and driven as it is their business.

“The management teams have a share in the business and in most circumstances they have skin in the game.

“You are driven to make that the best it can be.

“That’s not to say corporate estate agents don’t deliver good results, but everyone is an employee in that structure.

“Every bit of growth and success is more valuable when franchising.

“It allows the release of an entrepreneurial drive that is sometimes what holds back corporate estate agency.”

Asked if the decision to franchise was a result of the growth of self-employed brands such as eXp, he said there is no comparison, adding: “Franchising is an entrepreneurial way of operating.

“Brands such as Keller Williams and eXp are easy entry and exit ways for those looking to operate a lifestyle agency.”

Hardy said LSL is now embarking on large scale growth programme for its franchisees and would support acquisitions.

He said: “A lot of work over the past year went into converting the business franchisees and supporting them.

“We now have a foot on the gas with growth.

“We will actively be driving for growth to bring in more revenue for franchise partners and to attract new franchisees.”

He said there isn’t a target number, adding that even its biggest competitor in The Property Franchise Group has 900 territories and has headroom.

LSL’s franchisees have 308 territories in comparison.

Hardy said: “We have good national coverage through Your Move and Reed Rains.

“The idea will be to fill space around that.

“There will be pockets around the North West of England.

“We haven’t got specific regional targets, it will be where there is space and where our brands are strong.

“LSL is well capitalised, it is looking at all options to support growth from both on the ground support alongside attractive funding. We are looking at all opportunities and there are some regional players that we will assess over time.”