How Does Franchising In Spain Work?
What to expect from your real estate process
Comaskey Properties have three stand alone property offices working profitably on the Costa Blanca already but this is a new departure for the Spanish real estate sector.
Many people ask us how the application process works and so, here are the bones of the story. Initially you can expect to hear back from Ian, our CEO, by phone if you are outside of Spain or we’ll arrange a very informal meeting if you are anywhere close to La Zenia. We provide the coffee! In return we want you to fill in your enquiry form and to be as honest as possible.
We will ask questions which may sound slightly unusual for normal day to day business but not for this process. We want to find out if we are a good fit together. Please don’t be put off when we discuss your life experience, motivation, your wins and losses in every aspect of life, your financial situation, your personal situation etc. It is all vital for us to discover if we are going to work out together or not. This is not a normal business relationship like we are just selling you an office and we can only sign up franchisees who we feel are going to make this work by following our system.
Our discovery days are the next stage after the initial enquiry has been received. We run these here in La Zenia, not unlike a regular inspection trip really, except that you will be meeting our team to discuss the structure of the business, the sales process, who we are, why our business model works so well etc. We strongly advise you to take a significant other with you at this stage. We always say that every business is a family business and real estate in Spain is no different. They need to know what is involved and how this new life you are signing up for will affect them. You need to think schools, medical care, social outlets etc. Don’t worry – we will arrange as much of this for you as possible. We may need as many as three one-to-one meetings, depending on how easy it is for you to get to Spain. Again you have to remember we are protecting ourselves here too. We need this business to work for you or it won’t work for us. We will only recruit people we think can do it – and people who understand the potential value of our proposal.
All through the process you need to be doing your own due diligence. We will provide you with as many details as we can but please do your own research too. We’ll give you details of collaborators, developers, solicitors and builders we work with – Arrange to speak to them and ask if what we are saying is actually true. Check out the facts on the Spanish property market online. Who is buying, is the market really as hot as we claim? Do our figures add up?
There is a huge amount of legal documentation associated with franchising in Spain. It’s taken us the best part of a year to get this prepared to go to market! You must have a lawyer look at everything that we will want you to sign. Ideally if you can find a franchising lawyer, that’s a huge help. Always ask us why we need a certain document signed – you must be aware what the significance of everything is. For example, early in the relationship we’ll ask you to sign a non disclosure agreement. So much of the information we are sharing with you, like our financial situation, market analysis of the Costa Blanca, our projections etc is private and cannot be shared with the general public. Your solicitor will be fine with this – just check in advance.
The Franchising Information Memorandum is long and detailed – both you and your lawyer will need to go through it to ensure you get a feel for the business and understand what we are going to do to help ensure your success. We intend to build our relationships with our franchisees in Spain on open and honest communication.
The success of Comaskey is totally dependent on your success so we are doing all in our power to make sure your move into the Spanish property sector is smooth for you and your family. If you follow the steps outlined in our offer, if you put an effort in, if you trust us and agree to become a Comaskey Franchise, we really will have a lot of fun on this new journey.
Do you feel like starting your new life in Spain today? Why not get in touch with head office today.
