Go Gecko Property Sales Franchise Rip-Off Brisbane Queensland

There are laws covering Franchising - right? Well if there is, they don't protect the people who pay the money it would seem!  Here is what happened to me.

Go Gecko sell Franchises for $60,000 + GST, they claimed "the phones just ring" "people just walk in the door, 10% market share is easily achievable" and that their (so called) new method "would revolutionize the industry." hum! Have to say, (looking back) I wonder how I got taken in but like many others I parted with $60,000 + another $80,000 in fitout, phones etc.

Let me give you some numbers: There used to be approx. 54 offices but 35 have closed due to financial duress The last office actually sold went for $5,000 WIWO Chermside Qld.

Almost $5,000,000 has been lost through investment in Go Gecko and 70% of office have closed - many of those remaining really struggling. One invests in a franchise to better 'guarantee' success and, given regulation of franchising, one expects a far better chance of success.

If every office paid $60,000 to the franchisor they have made $2,100,000  from presenting this (so called) revolutionary business model – hum!  From my analysis of the sales and listings of the offices left standing today, (which anyone can do on Real Estate.com.au by comparing market share and sales/listings) it is far from a healthy business. 

1) How can an organization lawfully charge $60,000 for (rights) "sales of residential property" when everything to do with 'real estate' (sales and management) is set by legislation, Office of Fair Trading, ACCC, REIQ, the Motor Dealers and Property Agents Act, and agent licencing requirements is not controlled in any way by the franchisor? So what did I pay that money for again?   2) How is it that a Franchise agreement dealing in this tightly regulated and supposedly transparent industry can include terms such as "trade secrets", "secret and/or exclusive methods" and the like?  The property industry has no such secret or exclusive methods.  Would you list your home with someone who said "we use secret methods that we can't disclose to anyone - not even the regulators?"   3) Given regulations, licencing, conformity etc. - what exactly does this franchisor in real estate provide for $60,000?

4) Is there another Franchise operating today that has a 70% failure rate?   Seems I broke the law by terminating my agreement yet just why is it that so many families have gone to the wall financially which, from very obvious false statements yet not one (1) regulatory body has investigated?  It is easily verified that not (1) office has ever conformed to the agreement and remained solvent?

Be very wary indeed.