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Unfortunately, I fell for the A Quick Sale (AQS) franchise after attending their seminar; all seemed well and I paid up for a franchise and their induction training; prior to paying you are not given clear details of the number of leads you might expect, the past record of conversion of leads to deals nor a clear picture as to how the finance is obtained for a deal when the property is being purchased at 30% below market value. It transpired for the area I had bought, which was actually part of a much larger franchise that was being broken up into smaller ones, that the conversion rate was below 2% with only one deal completed over the last year! With fixed overheads to the franchisee exceeding ₤1000 per month and initial costs over ₤6000 the deal was no good for me and I had to pull out almost immediately. Needless to say they kept the money even though they should have spotted that this business was beyond my means and advised me accordingly. I am now left franchise-less and penniless!
The way the deal is presented to a client is questionable; the client must 'pretend' to the lenders and to the land registry that the sale is going ahead at market value, when in fact it is 30% plus below that. The lenders are wising up to deals like this and now insist on proof of deposit before offering finance; this may scupper the AQS system in the short term, but no doubt they will apply more ‘smoke and mirrors’ and get around it somehow. Finally, once the once a sale goes ahead extra costs are piled on to the franchisee that brings the cost per lead up to well over ₤5000 according to my calculations, assuming you have put in some local marketing and paid them the additional ₤15 per lead they charge! AQS harp on about everything they do a win/win for both parties – actually, in my case, it was a win/win only for AQS. BEWARE!!!
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Visitors to the site are reminded that the details contained within user comments are uncorroborated and as such should not be read as fact but as the opinion of the person who left the comment.
Comments:
The way the deal is presented to a client is questionable; the client must 'pretend' to the lenders and to the land registry that the sale is going ahead at market value, when in fact it is 30% plus below that. The lenders are wising up to deals like this and now insist on proof of deposit before offering finance; this may scupper the AQS system in the short term, but no doubt they will apply more ‘smoke and mirrors’ and get around it somehow. Finally, once the once a sale goes ahead extra costs are piled on to the franchisee that brings the cost per lead up to well over ₤5000 according to my calculations, assuming you have put in some local marketing and paid them the additional ₤15 per lead they charge! AQS harp on about everything they do a win/win for both parties – actually, in my case, it was a win/win only for AQS. BEWARE!!!
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