Northwood (estate agent)
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| Private | |
| Industry | Letting agent, Estate agent, Real Estate |
| Founded | 1995 |
| Headquarters | Fareham, United Kingdom |
| Website | www.northwooduk.com |
Northwood is a network of letting and estate agents with over 80 offices across the UK dealing with residential property sales and letting.
The first Northwood office was opened in Portsmouth in 1995 and, after the opening of a number of other branches, was turned into a national franchise operation in 1999. Offices are now located in cities across England, Scotland and Wales.
One of the key services provided by Northwood is a guaranteed rental scheme whereby each landlord is offered a guaranteed income.
History
The business began in August 1995, with a small office located on the south coast of the UK in Portsmouth, Hampshire by Andrew Goodson. The introduction of the Guaranteed rent offering proved hugely popular with Landlords who were risk adverse.
The business was initially called Residential Lettings and offered purely the guaranteed rent product. The complimentary traditional letting services were introduced in 1997 to sit alongside the guaranteed rent offering.
The Franchise Company was formed in 1999 and the first office (then called Residential Lettings) was opened in Milton Keynes, Bedford, UK. The company changed its name in 2002 from Residential lettings to Northwood but kept the ‘keys’ Logo, until its rebrand in 2005 to the current Northwood brand and Logo with coincided with the introduction of Estate Agency throughout England and Wales.
The business has grown in terms of Guaranteed Rent, but also traditional lettings and sales services. In 2013, Managing Director, Nick Cooper lost his battle with pancreatic cancer and was succeeded by well known industry figure, Eric Walker, who was recruited by Nick himself. Northwood is currently expanding with a significant number of new offices planned.
Northwood first filed for a community trade mark (CTM) on the name Northwood in 2002 which continues to be renewed.
Corporate overview
Northwood currently has over 21,000 customers that it looks after on a day to day basis.
Northwood offices are located in most major towns and spans most of the UK with offices from Aberdeen in Scotland to Truro in Cornwall. There are over 80 Northwood offices across the UK employing over 400 people. Northwood offices hold client money protection and are regulated by either NALS, RICS or ARLA. Northwood was a founding member of SAFEagent.
Types of Services
Most Northwood offices offer both Lettings and Estate Agency services. The majority of the company's revenue is derived from its Lettings services.
Northwood's key difference in the lettings market is its Guaranteed Rent service. With the service, Northwood essentially becomes the tenant, paying the landlord a fixed monthly rental income whilst taking away all the risk and hassle normally associated with letting out a property. Northwood then sub-let the property through an assured shorthold tenancy and manage all aspects of the same. Northwood takes on the risks and pays the landlord rent even if the tenant doesn't pay. They further cover any legal costs if action is necessary and even cover void periods. This is not done through an insurance policy and such there is no excess nor limitations of cover.
Business model
All Northwood offices are operated under a Franchise agreement, allowing the franchisees to operate within a specific territory, usually allocated on a postcode basis. This territory is normally generous enough for the franchisee to open between 1-3 offices. Additional territories can be purchased should the franchisee wish to do so.
Northwood franchisees are high calibre individuals who have prior experience in large companies, although not necessarily property related. All franchisees undergo a 10 year FSA approved screen prior to being granted a franchise. Northwood offers operational support from industry leading operations managers under the control of the National Operations Director, Phil Gee.
Northwood is accredited by The Guild of Letting Management to offer its franchisees a level 4 BTECH in residential property management, this is a year-long course with a final exam marked by Edexcel.
