A few years ago, Robert Andrews had a successful text messaging business, and Christy worked as a stay-at-home mom. After purchasing their own home seven years ago through a foreclosure sale, they realized an interest in real estate investing and began learning everything they could about the industry. They didn’t necessarily want to become ‘house flippers,’ as the prospect seemed like too much of a financial risk. But a chance meeting with a HomeVestors franchisee provided the solution they’d been looking for. It only took one hour of chatting for the couple to realize that franchise ownership could be the low-risk, high-opportunity key to achieving their desire to enter the real estate market. They officially launched their Knoxville-based HomeVestors franchise in September 2020, and things have only gotten better since.
HomeVestors Franchise Validation Sessions Tip the Scale
Before taking the plunge into franchise ownership, Robert and Christy did their due diligence—especially when it came to validation sessions with existing HomeVestors owners. To say they were thorough in their research is an understatement. “During our due diligence, we wanted unbiased opinions from franchise owners. We asked about their successes and failures, whether they were happy in their day-to-day businesses, and if they would choose to purchase a HomeVestors franchise again. Of course, we had specific questions about financial projections and how they did financially during their first few years of business, but we also tried just to find out what life looked like as a HomeVestors franchise owner. We wanted to know the details about how each of them ran their business, how many employees they had, how many houses they purchased, and whether they were satisfied with the support provided by the franchisor.” After several exhausting rounds of one-on-one interviews, the Andrews felt convinced they were looking at the right opportunity for their future.
A Family-First Business Venture
What Robert and Christy truly love about franchise ownership is the freedom and flexibility that comes with being their own boss. It was a way to ensure that the most important things in life—like spending quality time with family—would be protected. “From the outset, we weren’t necessarily looking for a franchise. But our eyes were open for the right business opportunity. Spending time together as a family is very important to us, so finding an opportunity where we had flexibility with our schedule was a must. Initial startup cost and growth potential were also important criteria for us. In addition, we very much believe in doing things that have a positive impact on our local community, and wanted an opportunity that our children could be proud of.”
Robert and Christy signed their franchise agreement with HomeVestors and got the ball rolling in late 2020. It didn’t take long for them to fall back on one of the aspects that makes franchising such an advantageous option when it comes to business ownership – the critical support offered by the brand. They were able to rely on the experience and expertise of HomeVestors of America Advisory Council members, all of whom had meaningful knowledge to share. “Having no prior real estate or construction experience was a challenge. And the learning curve for estimating repair costs has been steep! We are so thankful for our fellow advisory council members and their willingness to help whenever we called – which was very often that first year! Our HomeVestors Development Agent (DA) was always willing to help as well, and it’s been crucial to reach out and ask questions. We can say without a doubt that we’d never have been as successful as we’ve become without our advisory council and their support. They’ve taken so much time to help us, and freely shared contacts and resources. We needed extra eyes on properties that we purchased several times during our first year, and all we had to do was call, and someone would meet us at the house and give us their opinion.”
Three years into their business ownership, the Andrews find themselves in the success column. Their hard work and due diligence have paid off, at times in ways they couldn’t have first imagined. “We’re especially proud of the positive impact that we’ve had on the lives of people who call us when they find themselves in a difficult situation. We’ve even made many friends with people whose homes we purchased, and we’d like to think that we’ve been a light and comfort to them during hard times. We also feel like our investments have made significant impacts on our local community as we revitalize neighborhoods, create jobs for people, and provide quality housing options. Knoxville is the city we call home, and we take pride in knowing we’re making a positive difference in this community.”
To learn more about the HomeVestors of America franchise opportunity, visit HomeVestorsFranchise.com/FBR, or call 866-249-6932.