Broking in the WA boom

Q. The last time we spoke was in 2018. What changes have you seen since?

I think we’ve had to adjust to the changing market.

It’s more about people trying to upgrade into a cost that may feel out of reach for them.

So, it’s about approaching it realistically, shifting clients from a mindset of ‘getting a bargain’ to understanding what really needs to happen in today’s market.

Q. You’ve also won a host of awards over the years. Which stand out as highlights?

Volume awards are the big ones, obviously.

But I love the customer service awards. If you can take home those awards, they’re the ones that really you wear on your shirt saying: “Look, this, this is what we do.”

My team loves it because it is the team really winning that award most of the time.

Q. What are you seeing in the Western Australian residential market right now?

Prior to what we are calling the boom, there were a lot of people trying to get to the coast. We’re one of the longest cities in the world from Yanchep to Mandurah. People want to be on the beach. They’re travelling an hour to the city, and their kids are on 500 square metres on the beach.

That mentality was what it was like prior to what’s been happening. Now, people who wanted to be on the beach are probably a suburb back. Customers are realising the suburbs that they grew up in or thought that they were going to get into are probably out of reach from a dollar point of view. However, there’s a lot of money in Western Australia – miners, FIFO workers, and professionals.

Q. Are you writing many bridging loans at the moment?

Heaps. I’ve always written bridging loans, but obviously with the 10-odd years of downturn, bridging wasn’t always an option. Now, with all the equity people have, I find that building reps won’t even accept a letter of eligibility anymore – they need to see a pre-approval.

And no real estate agent is going to accept a sub-sale in this market.

With the current supply and demand, people are desperate to buy properties. Right now, we’ve got about $50 million in pre-approvals just waiting for buyers to make a move.

With the current supply and demand, people are desperate to buy properties

Q. How have you structured your business?

I’m the only broker – it’s just me, with support staff. Since 2018, I’ve tried bringing other brokers on and running it that way, but it’s never worked for me.

My business runs on referrals. My referrers want to see me, my clients want to see me, and clients who refer want their friends and family to see me. So, I built my business around that. I’ve built a team to support me, and it’s constantly evolving – we’re always looking for ways to improve, simplify, automate, and get things moving faster through the system.

Q. Is referral from existing clients or referral partners?

I don’t have any referral partners. None.

There comes a point as a broker – like I tell my colleagues – when your book becomes so big. We’ve got about 2,000 clients on our books, and if you do a good job, they’ll tell other people; if you do a bad job, they’ll tell everyone. That’s where we focus, and that’s the level of customer service we aim to maintain. It’s also allowed me to move away from paying commission splits and all that. In fact, I probably give out more leads these days.

Q. What could the industry be doing better?

Education is probably the biggest one. I’m not against people going back to uni, for example, but it does help weed out part-time brokers. A lot of people come in because, if you’re good at this job, you can make really good money.

They see others doing well, and they just do what they need to do to make money.

If it were up to me, I’d make it tougher to get into the industry.

Q. How have you managed the shift to working four days a week?

It’s about getting the right people around you and allowing them to have the power and will to go and do and make decisions. The best advice I ever got with staff was to hire people where you can say: “Here’s the outcome I want. Come to me if you have any problems”.