What aspects of the Engel & Volkers system are subject to frequent upgrades and changes?
Engel_Volkers Franchise · 2025 FDDAnswer from 2025 FDD Document
12.1.1 The parties hereby mutually agree that it may be necessary to adapt the ENGEL & VÖLKERS System, either on a temporary or a permanent basis, due to changing market conditions. In its sole business judgment, the Franchisor may take any steps it deems necessary to adapt and modify the ENGEL & VÖLKERS System, the Integrated Product Suite, the System Documentation and the Trademarks, and the required equipment, technology, signs, trade dress and other business characteristics Franchisee will be required to adhere to (subject to the limitations set forth in this Agreement), to such events or changes in market conditions and other developments occurring at any given time; provided, however, that the cost to Franchisee for adaptations and modifications shall not be unreasonable. Franchisee acknowledges that some aspects of the ENGEL & VÖLKERS System, such as modifications relating to computer systems and technology, may need frequent upgrades and changes. Franchisor will advise Franchisee in writing or by electronic transmission of any amendments, additions to and/or deletions from or substitutions for the System Documentation. Franchisee hereby undertakes to make corresponding amendments to its versions of the System Documentation at its own expense as soon as practicable on receipt of notification of these amendments, and to comply with the requirements of the System Documentation as it may be revised from time to time.
Source: Item 22 — CONTRACTS (FDD page 88)
What This Means (2025 FDD)
According to Engel & Volkers' 2025 Franchise Disclosure Document, the Engel & Volkers System, particularly concerning computer systems and technology, may require frequent upgrades and changes. The franchisor retains the right to adapt and modify the Engel & Volkers System, the Integrated Product Suite, the System Documentation, and the Trademarks. This includes required equipment, technology, signs, trade dress, and other business characteristics.
This means that as a franchisee, you must stay current with the Engel & Volkers system's technological demands, which may require ongoing investment in new hardware or software. Engel & Volkers will inform franchisees of any changes or additions to the System Documentation in writing or electronically, and franchisees are responsible for updating their versions of the documentation accordingly.
Engel & Volkers also has the right to add or remove any tools, web-based technology, or software that make up the Integrated Product Suite, as well as to change the terms of their usage. Franchisees must adopt these changes at their own expense. This highlights the importance of budgeting for ongoing technology upgrades and being prepared to adapt to new systems and standards implemented by Engel & Volkers to maintain a competitive edge and consistency across the brand.