FirstService, through its subsidiary TFC, is the largest provider of property services through franchise and contractor networks in North America.
Well-known franchise brands include California Closets, Paul Davis Restoration, Pillar to Post Home Inspections, Handyman Connection, Floor Coverings International, CertaPro Painters and College Pro Painters. Most services provided by franchisees are essential to preserving or enhancing the value of our clients` properties. Each year more than 1,800 franchisees generate over $1 billion per year in system-wide sales, serving about 300,000 customers.
In October 2007, TFC acquired an 80% interest in Field Asset Services (FAS), one of the leading providers of property preservation, maintenance and repair services for properties that have been acquired through foreclosure. Clients include some of the America`s largest and most respected residential mortgage lenders and service companies. The company operates through highly sophisticated centralized customer service centers that oversee and administer on-site services provided by a network of 12,000 independent contractors. On an ongoing basis, FAS manages and administers over $1.5 billion in client assets and more than 30,000 residential properties under foreclosure.
Over the years, TFC has developed an innovative high performance business model that leverages decentralized platform company leadership with centralized business planning, skills development and the sharing of best practices. The key TFC competencies are continuous innovation in property service franchising and third party service contracting; attracting, retaining and motivating business leaders at all levels of the organization; and customer- focused strategic planning and execution that increases customer level sales and enhances existing service brands.
Stakeholders, whether franchisees, independent contractors or management partners, own direct equity in the franchises or service lines they operate day to day, thereby ensuring a high level of customer satisfaction and alignment. The company also encourages and helps facilitate high performing stakeholders to add additional services, transfer from one business opportunity to another, or increase the size and breadth of their existing business.
In fiscal 2008, the Property Services segment generated more than $215 million in revenues, with approximately 75% of revenues coming from the royalties generated from our franchises and long-term contracts from 'blue chip' mortgage lenders and service companies.
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