The real estate model is broken, according to an award-winning businessman.
Adrian McFedries, managing director of Jetts Group, owner of the first 24-hour gym in Australia Jetts, addressed the crowd of more than 70 young real estate professionals last week at the Young Real Estate Professionals (YREP) first networking night.
Mr McFedries' told the crowd he believed there was much room for the real estate industry to refresh the way they were transacting property.
“The one thing I’ve learnt through all the businesses I have been involved in is you really have to challenge the conventional thinking,” he said.
“I believe the fundamentals of real estate really haven’t changed in the last 30 to 40 years.
“Time is what your clients really value. The actual selling and buying of the property is expected - they have come to you they expect it will get done.
"It is the value that you offer them that really matters to them. If you can offer them the best value for their time, you will run a successful business.”
Mr McFedries' company, Jetts Gyms, was announced in BRW’s 2012 Fast Franchises and is now looking to expand internationally, taking its low-cost, easy-access club concept to towns and cities across the world.
Braden Walters, principal at True Property, who attended on the night said Mr McFedries offered a priceless secondary view of the industry.
“I think it was really interesting to hear from Adrian as someone out of the industry looking in. He really explained that our industry is a service industry,” Mr Walters told Real Estate Business.
“It isn’t about just making a sale or renting a property. It is really about the service."
Rob Forde, CEO of Harcourts and co-organiser of the event, said the event was a huge success.
“I think the night has gone really well and I am very happy with the turn out and calibre of speaker,” he told Real Estate Business at the event.
“The biggest motive of this event was to get someone a bit 'left of field' to speak to the future leaders of the industry and challenge their minds, and Adrian certainly did that.
“He expressed really well how we could change the model of real estate and the philosophy in the way things are done in the industry.”
The next event will take place at Verandah Bar in Sydney’s CBD on Thursday, 5 September. To register, click here.