The Rudd Government's decision to increase the First Home Owners Grant has helped propel three mortgage broking franchisees to the top of a new satisfaction survey from marketing firm 10 Thousand Feet.
Ian Krawitz, head of intelligence at marketing firm 10 Thousand Feet and the founder of the firm's franchising website topfranchise.com.au, says the ranking of three mortgage franchisees in the survey's top 10 shows the Government's economic stimulus has helped rebuild the reputation of mortgage brokers with their franchisees.
"One of the interesting things in this survey is the presence of the mortgage sector. It's interesting because we saw a dip in the last six to 12 months in franchisee satisfaction in the mortgage sector, and now we are seeing that pull up. I think it shows the economic measures from the Government have had an impact at least in the short-term."
The survey, taken from results given by franchisees, ranks Smartline Personal Mortgage Advisors as the top franchise in the country for satisfaction, followed by confectionary retailer Mrs Fields and automotive support chain Car Care.
Mortgage Choice comes in at fourth, followed by coffee provider Xpresso Delight. A third mortgage franchise, ANZ Mobile Lending, ranked seventh while the Fernwood Women's Health Club chain ranked 10th.
Krawitz says the top 10 have shown high levels of franchisee satisfaction due to an increase in communication and support from their franchisors.
"We've seen an improvement in the mentoring side of things. In the full report, to be released in the next few months, we've seen clients taking more time and effort to invest in mentoring programs. Franchisors realise that word-of-mouth is the biggest driver of franchisee enquiries, so they are wise to put more support in their models to drive satisfaction up."
Krawitz says franchises are performing much better than other formats, but prospective franchisees should do their research to see which franchises offer the most support and communication. It is these businesses, he says, that will be the most successful.
"Franchisees are right on the basics. I think the franchise sector is placed well, and while it does vary from business to business, we are seeing some excellent performers here. But if I was a prospective franchisee, I would be doing my research to see how well the different franchises support them and what type of lifestyle you could expect. But overall, it's a great opportunity because this business model is thriving."
