When we spoke to one of our top-performing members recently and asked him what he’d have done differently when he started his business, he told us of two key activities that could have helped his business from Day One.
Read on to see what they are.
How long have you worked in real estate?
It’s been around 13 years, working for a couple of major franchises in the area.
What drew you to real estate as a career?
I’d been working in pharmaceutical sales, which involved a lot of travelling. My priority became spending time with my family so I looked to real estate. It had always been at the back of my mind so it wasn’t a big leap for me.
What awards or recognition have you achieved in real estate?
Ranked #1 Sales Agent in Durack, Forest Lake & Inala.
A-List Awards Top 1% of Sales Agents in QLD for 4 consecutive years.
A-List Excellence Award for Most Properties Sold in the whole of Qld
Ranked in the top 10 Real Estate Agents in QLD for most properties sold.
What are your strengths as a real estate agent?
I’m very consistent with my results…year on year, they’re very similar. I have a plan and I execute that plan. I’m very organised, very good at listing and selling.
What are your weaknesses?
I think (well, I know) I often work too hard, trying to pack too much into each day. I’m time poor and that isn’t good for me and my family.
RUNNING A HIGHLY PROFITABLE REAL ESTATE AGENCY
What is unique or different about your suburb/town? What drives local real estate sales?
Forest Lake has a great family vibe. There’s a man-made lake, good schools and public transport, a huge diversity of housing stock so there’s something for everyone.
What is your biggest client group?
Because Forest Lake is a relatively young suburb, we don’t have a dominant group. This area attracts everyone from young couples to young families and older people who are downsizing.
How long has your longest client been with you? Did anyone follow you from another agency?
Yes, clients came with me when I opened my own agency. In fact, it was my clients and friends who encouraged me to go out on my own.
The longest a client has been with me is 12 years. My first-ever home sale was to them and I just put it on the market for them. I’ve sold to clients and now I’m dealing with the children.
SECRETS TO BUILDING A SUCCESSFUL REAL ESTATE AGENCY
Why did you decide to start your own real estate business?
I’d sold 130 homes in a year; I felt I was worth more but I'd gone as far as I could working for someone else. Then, as I mentioned before, clients and friends were constantly asking me when I was going to start my own business – and here I am.
Name a mistake you made in your business and how you recovered
This isn’t really a mistake, more something we could have done earlier. We started a rent roll from scratch in 2018 and now have 100 properties. It’s a good asset for our business and we probably should have started it sooner.
What important piece of advice can you share about starting a real estate agency?
Have a plan instead of just seeing what will happen. Personally, I’d have interviewed more staff and tried harder to find people who were the right fit instead of who was available right now. And I’d definitely have worked from home for longer. My wife and I worked from our home office for 5 months and it was great, nearly all profit. Then we got a bit bigger and got an office, and that meant staff, office overheads, management. I feel I should have concentrated on listing on selling for longer at home.
What is the staff structure in your real estate business?
Yes, although when we started it was just my wife and I. Now we have a team of seven and we’re growing all the time.
Do you find it difficult to juggle home sales with managing your agency?
Yes, especially since I now oversee the property management business as well. It helps that I’m very organised.
Where do you see your real estate agency in five years or ten years?
Growing our rent roll, definitely, and growing the business. I’m recruiting new sales staff and mentoring three agents (and teaching them my secrets) so they can be better and more effective sales agents.
WHY JOIN THE ONE AGENCY FAMILY?
Why did you choose the One Agency network?
I was looking for good profit margins and the One Agency model is perfect. No overheads, the entry level is more affordable and we can still make a good profit in a slower market. I look at other agencies nearby that are doing less business than we are and I don’t know how they’re making a profit when they have to give a percentage to the franchisor.
How has One Agency helped you become a better real estate agent?
The support we give each other locally is great, plus on Tuesdays, we do a ‘caravan run’ to look at all the new stock in our catchment area. It’s good to be able to get together and swap ideas so we’re all better agents.
How has One Agency branding supported your real estate business?
The branding is a key reason I chose One Agency. I like the colours and the logo and it stands out. My existing clients already trust me but I think it helps new clients to make an appointment and list with me. We’re Number 1 in three out of four areas so branding (and hard work) are effective.
Learn how One Agency can put your profits front and centre
If you’d like to reduce your overheads and retain more profit then call us for a no-obligation discussion about our real estate agency model.