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News and Information
Home Inspections Not Just For The Home Buyer
Monday, January 8, 2007
In today's real estate market, home inspections are utilized by almost 80 percent of all homebuyers. However, inspections are also becoming increasingly popular with sellers who feel that, by having their home inspected prior to listing, they're alerted to the repairs they'll need to make to help increase their homes' marketability.
"For every $100 of repairs a home needs, a buyer is likely to try to negotiate about $200 off the asking price,Seller inspections are becoming an important tool to help get the best possible price."
Below, Home inspection experts offer tips to make a seller savvy:
· An inspection helps set a realistic selling price. The market analysis prepared by the real estate agent will help in determining a fair selling price for the home. However, such comparison doesn't usually reflect the true physical condition of the home and its systems. For example, if the house has been well maintained and upgraded over the years, a high listing price may be justified by the third-party inspection report, and not just based on the word of the owner/Realtor.
· The listing price should reflect deficiencies. If a house has deficiencies, the price should be lower. The combination of a professional inspection report and a listing price that reflects the true condition of the house can help minimize any re-negotiation of the sales price and, possibly, even speed up the selling process. A buyer may be more apt to purchase a home that needs work if the price is adjusted for this, versus a home in great condition with an inflated price.
· Disclosure is key. It has become a necessity to disclose, up front, any problems that buyers will most likely find out on their own or through their own inspection. Failure to disclose these items/defects can mean problems for the seller later on. By having their own inspection done, sellers will be alert to these issues - one's the buyer's home inspector will likely find anyway or those that will become apparent once the buyer moves in. The homeowner is perceived as having the most intimate knowledge of the home and can be held liable for misrepresenting its condition. In reality, the majority of homeowners know little about the absolute condition of the structural and mechanical systems in their homes, yet they are responsible for them for the sale.
· Third party precautions. As more and more courts impose strict disclosure requirements on the sellers of residential properties, it is in the seller's best interest to share as much of this legal liability with a third party, such as the professional home inspector - whose business is disclosure. This affords sellers with an additional layer of legal protection, so make sure to hire an inspector that has training, credentials and the necessary insurances.
· Make repairs before you sell. Sellers can turn lemons into lemonade with their own home inspection. For instance, if the roof needs major repairs or if the bathroom has an ongoing leak, any potential buyer is likely to negotiate the cost of these repairs off the listing price up front (Experts say for every $100 of repairs needed, the buyer will look to negotiate $200 off the price). The seller could have saved half the profit by fixing the roof and any other items on their own, positioning re-caulked bathroom tiles and new roof shingles as new upgrades or improvements versus just a needed repair.
posted by joe@franchisefetch.com
Blockbuster to Sell Rhino to GameStop
Movie rental company Blockbuster Inc. said Friday it will sell its Rhino Video Games chain to video game retailer GameStop Corp. for an undisclosed sum.
The sale is expected to close by the end of this month.
Rhino is a regional store chain specializing in buying, selling and trading video games. It has 72 stores in the Southeastern U.S.
Blockbuster said the sale is in line with its strategy to focus on company-branded assets and the video rental market. The company is integrating its in-store and online business to battle competition from online movie rental company Netflix Inc.
Blockbuster's shares closed down 8 cents at $5.70 on the NYSE, and jumped 15 cents or 2.6 percent to $5.85 in after-hours electronic trading. In the intraday session the stock hit a new 52-week high of $5.90, beating its previous year-high of $5.81.
GameStop's shares closed up 8 cents at $55.49 on the New York Stock Exchange.
posted by joe@franchisefetch.com
Fransmart Encourages Aspiring Entrepreneurs to Investigate Franchising
Friday, January 5, 2007
December 19, 2006 - Alexandria, Va. December 19, 2006—Tired of being a corporate drone? Have you ever thought of becoming your own boss? Fransmart, a franchise development company that grows emerging or regional concepts into national chains, is encouraging aspiring entrepreneurs to look into the franchising industry and take hold of their financial future. Fransmart specializes in restaurant franchises and offers opportunities to buy multi-unit territory nationwide.“The best thing to know about food franchises is that they offer stability—people wake up every day needing to eat,” says Greg Jones, Fransmart’s Vice President of Sales. “The food industry isn’t going anywhere and Fransmart represents a variety of concepts that have the proven systems and support you need to be successful.”Fransmart concepts zpizza, Mr. Greek, City Wok, Rockin’ Baja Lobster and The Firkin Group of Pubs are among the smartest new concepts taking the country by storm. Each franchise offers thorough support services to launch and run your business, including real estate, training and marketing to name just a few. Adds Jones, “Franchising gives corporate refugees the opportunity to start a new chapter in their lives—one where they can take charge of their future. Why not start that chapter with one of Fransmart’s successful brands?” zpizza:Featured on Good Morning America as a healthy dining option, zpizza has received rave reviews since its inception in 1986. The chain was most recently voted “Best Pizza Restaurant” and “Best Pizza Delivery” in Washingtonian magazine, “Best Crust on the Planet” by LA Times and “Best Pizza in the City” by Phoenix New Times. Mr. Greek:Mr. Greek, a Canadian born Greek chain was voted “Best Greek Food” by the Toronto Sun 10 times in the past 12 years and “Best Greek Restaurant Chain” by Eye Weekly five out of the past six years. City Wok:While industry publication Restaurant Hospitality recognized City Wok as "personifying the future of fast casual dining," the restaurant is innovative in providing tableside service to complement the speed and value of the typical fast casual concept. Their fresh, made-to-order dishes are prepared using authentic Chinese cooking techniques and recipes, and feature homemade sauces and high quality ingredients.Rockin Baja Lobster:Rockin’ Baja Lobster Restaurant and Beach Bar, the San Diego based chain of rockin’ fun Baja Mexico-style cantinas, was recently recognized as a regional growth chain in industry powerhouse publication Nation’s Restaurant News. The rapidly expanding chain has a one of a kind cuisine inspired by the unique cooking style found in Baja coastal village of Puerto Nuevo. The Firkin Group of Pubs:Named the 2005 “Best Pub in Toronto” by Toronto Sun Readers, The Firkin Group of Pubs is one of the most popular neighborhood pub chains in Canada and recently captured the title of the largest and fastest growing pub chain in the United States. Serving spectacular food in a friendly, authentic pub atmosphere, the Firkin Pubs draw families, students and professionals alike. About FransmartFransmart is a franchise development company that specializes in growing emerging or regional concepts into national chains. Founded by franchise veterans Chris Bright and Dan Rowe, Fransmart was developed to provide the strategy, systems and predictability of the largest most successful chains to early stage franchise brands. Fransmart manages a portfolio of brands and helps sell development territories to high net-worth individuals and experienced chain operators. We provide support to our portfolio companies helping them secure high quality real estate, enhance and manage their unit economics and secure brand awareness within the restaurant and franchise industry. For more information on Fransmart or to learn more about our brands please visit www.fansmart.com
posted by joe@franchisefetch.com
Two Franchising Suppliers Combine Strengths to Create Powerful Technology Tools
Two Franchising Suppliers Combine Strengths to Create Powerful Technology Tools
December 20, 2006 - IFX Online, an applications service provider specializing in fully integrated web-based management solutions for franchise organizations, and Franchise Payments Network (FPN), the only electronic payments processing company to focus solely on the franchise segment, have joined forces to create comprehensive technology solutions to streamline online ordering, royalty reporting and payment, and monetary transaction of purchases.
“Over the years, IFX has continually improved upon our technology to create sophisticated online systems that allow franchisors to gather information and track the sales and royalty fees for each franchisee online,” said Dan Martin, founder and president of IFX Online. “The missing link was that we had to utilize multiple companies with widely varying methods to process payments. Now, FPN completes the picture.”
IFX Online, which develops and hosts Intranet and Extranet systems for more than 190 franchise concepts internationally, provides a series of technology solutions to support franchise operations, including sales and royalty reporting, financial data analysis, franchise lead management, as well as online ad creation systems and website development/hosting services for individual franchise owners. Meanwhile, FPN specializes in technology that helps streamline the purchasing process, combining the buying power of all of its clients to achieve a more cost-effective solution.
By combining various facets of IFX/FPN technologies, franchisees will now be able to review and order unlimited products, and pay online by credit card or automatic clearing house (ACH), which is instantly deducted from the franchisee’s bank account. This solution also alleviates risk to vendors, which may encourage them to give franchisees increased wholesale discounts.
“This partnership makes ordering products easier, more cost-effective and less stressful for franchisees, vendors and franchisors,” said Tom Epstein, president and CEO of FPN. “Our payments are made in real time which enables the franchisor to get their payments quicker and increases cash flow. Gone are the days of mailing out invoices and waiting for a check in the mail.”
Key FPN modules that are “powering” the new capabilities include ACT, a secure online channel designed to streamline franchisee purchasing from a third party vendor, and Automated Royalty Transaction (ART). The Automated Royalty Transaction (ART) is another program in the e-commerce solution, allowing franchisors to conduct sales and royalty payments online using IFX’s secure technology and FPN’s payments software. Most franchise companies have a sales reporting module in which franchisees input their sales data manually. Another component, SRM, enables franchisees to submit royalty and sales payments electronically into a secure database. This application also calculates the franchisees’ contribution to the marketing fund and royalty fees. Once the data is submitted, franchisors and franchisees can run reports on data.
For example, when a franchisee makes a purchase via IFX’s e-commerce module, a series of reports are provided to the franchisor. The franchisor can monitor franchisee purchasing patterns, compare the data to uncover patterns and create a metrics breakdown. The franchisor can then create a system to ensure that franchisees don’t over-spend, order too much or too little of a certain product.
“This partnership provides franchisors with soup-to-nuts solutions for virtually all of their online management systems,” Martin said. “They get to keep a closer eye on franchisee spending, and vendors receive automatic payment for their orders and franchisors. It’s basically a win-win-win for everyone involved,” he said.
About IFX Online
IFX Online is an applications service provider specializing in the development of fully integrated web-based management solutions for franchise organizations. IFX develops and hosts Intranet and Extranet systems to help franchise companies manage their communications and support operations. IFX International offers modules to manage Sales and Royalty Reporting, Financial Data Analysis and Franchise Lead Management. Also available are online ad creation systems and website development/hosting services for franchise owners. IFX International develops, hosts and maintains web-based management systems for more than160 franchise concepts internationally. Since debuting its system in 1996, IFX International has developed a strong global presence in the franchise industry, representing such industry leaders as Ben & Jerry’s, Chem-Dry, IHOP Restaurants, GNC and McAllister’s Deli.
About Franchise Payments Network (FPN)
Franchise Payments Network is the only electronic payments processing company that focuses entirely on the franchise industry. A partner with three of the top five processors, FPN gives its franchise clients the flexibility to customize a solution that best suits the nee
posted by joe@franchisefetch.com
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