MoneyQuest has hit a heady milestone, 100 franchises open for business just five years after launching its franchise operation.
Managing director Michael Russell said the company’s success is due in part to its substantial investment in proprietary technology.
“We are delighted about reaching this significant milestone, as it highlights our rapid rate of growth,” Russell said.
“Recruiting, developing and retaining 100 productive, active franchises is no small feat. Our recent monthly submissions are sitting at around $400 million, and this really validates our focused investment in proprietary technology.”
Many of the franchisees come from within the mortgage broking industry, Russell pointed out.
“Approximately 75 per cent of our current franchise owners are ex-bankers or former stand-alone mortgage brokers or loan writers, and this highlights that our industry really needed a fresh, vibrant, tech driven franchisor.
“Our enterprise-wide CRM automates a life of loan communications journey to each and every client on behalf of their broker. This not only elevates repeat and referred business conversions, but allows brokers to focus solely on new business acquisition.”
Franchising law specialist Veronica Jumeaux, of Legal InSite has pointed to MoneyQuest’s swift expansion.
“There is a relatively low number of franchise systems in Australia that have more than 100 franchisees. Growing from 0 to 100 franchisees in five years is quite significant in my experience, and this exceptional track record speaks volumes about MoneyQuest’s onboarding process and the level of support that they provide to their franchise owners,” she said.
Multi award-winning broker and MoneyQuest Penrith and Blue Mountains franchisee Peita Davies backed the strategy of focusing on technology and bringing in expert franchisees.
“The company’s innovative technology, supportive culture and well-credentialed network of brokers is unrivalled, and I have no doubt that the brand will continue to grow and thrive for many years to come.”
MoneyQuest was a finalist in the Excellence in Franchising Awards 2020 Emerging Franchise category.
