Frequently Asked Questions
Is the application deposit refundable?
Yes, the application deposit is fully refundable at any stage in your recruitment process. Once approved as an Unlock real estate business partner, your deposit will cover the legal costs incurred with the creation of your Unlock RE business legal documentation. Please note that the $2,200 application deposit is included in the purchase price of your business.
How much does your business opportunity cost, what does this price include and what other costs will be incurred in addition to this price?
Your own Unlock Real Estate Business costs $30,000 + GST. This contract covers the purchase fee, marketing templates, tech set up and your training. In addition to this, you will need to budget for working capital, start-up stock and local area marketing.
How much working capital do I need?
We recommend you seek external financial advice on this figure, however as a rough number to work with is $20,000 to $50,000
Do I need cash or equity towards the purchase of an Unlock Real Estate Business?
Yes, you will have access to at least 25% of the purchase price of the business. The balance can be paid as a payment plan over your first 12 months of business. You may have this in actual cash, funding from family and friends, equity in your home/ investment properties or a combination of all of these. Please be aware that we will request proof that you have access to these funds throughout the business recruitment process.
What kind of returns can I expect from running an Unlock Real Estate Office?
Due to a significant number of variables when operating a business, we can’t provide you with concise figures before you start. Once we receive your application form and your initial telephone interview is complete, you will receive a Confidentiality Agreement. Following the execution of this agreement, we will provide you with the historical sales figures from within our network and a financial planning guide to assist with your preparation of a business plan. It’s imperative that you seek independent financial advice as a part of your due diligence and that you create your own forecasting and business planning documentation.
Do you train me? Who pays for my training? Where do I go for training?
We have a comprehensive training program in place for all new partners entering our network. Our comprehensive training is inclusive of front and back of house operations. You will also be provided with support in your new business by the Learning & Development team in your first days of operation. You will feel confident to step into your new business understanding all facets of running that business after working closely with our dedicated Learning & Development team!
Do I need previous business or real estate experience to open my own Unlock office?
You will need a minimum of 12 months real estate experience and your full real estate licence. You don’t need any business experience. You must have a hunger for success, love property, helping people and have an unmatched enthusiasm for your business. This is all achievable without prior business ownership experience! A genuine appreciation for great customer service is also integral to growing as a successful business owner. We will supply you with all of the tools, systems and process to assist you in reaching your business aspirations.
What costs am I likely to incur once owning the business?
For more information on this, please refer to the profit & loss document
Royalty – 15% of sales
which is paid at settlement for each sale or when sales commissions are received
There will be other costs that you will incur as a business owner. We will inform you of these as you work through the application process.
What ongoing support will I get from Unlock Real Estate?
Unlock Real Estate has a large network of professionals and support locally and around Australia to assist our business partners. Our support teams cover areas such as Marketing, IT, Finance, Leasing, Product & Supply and Accounting just to name a few. You will also enjoy support from our dedicated team of operations professionals on the ground to assist you with your day to day needs and to mentor you as a business owner.
What if I want to own more than one Unlock office?
At Unlock Real Estate we have a policy that all new business partners must own and operate their first business for a minimum of 12 months before being considered for additional locations. As long as you have proven yourself as a strong operator, you have the financial ability to acquire additional businesses and you have a plan as to how you wish to operate multiple businesses we will happily discuss multi-siting opportunities with you.
Do I need to work in the business full-time or can I run my franchise under management?
At Unlock Real Estate, our experience is that the most profitable business are owner-operated. For that reason, we have an expectation that our partners are working in their businesses. Ideally, we are looking for full-time owner-operators.
Do I have to be an Australian Citizen or Permanent Resident of Australia to operate a business with Unlock Real Estate in Australia?
Yes, you will need to hold either Permanent Australian Residency or be an Australian Citizen to purchase an Unlock RE business.