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How do LJ Hooker agents maintain market share in ever-shrinking markets?

24 September 2018 Reporter

Encouraged by strong market conditions along the east coast in the last seven years, more and more operators have entered the market, according to the LJ Hooker network, making Australia arguably the most fragmented real estate industry in the world.

LJ Hooker network chief Graeme Hyde said that when there are more operators, the slice of the pie naturally becomes smaller. But he said that no matter how small or large the pie is, within an office’s particular market, LJ Hooker agencies are securing a larger slice.

“The customer experience is integral to winning market share and our training institute engages our internal panel of specialists and external providers to keep our network abreast of customer service innovations,” Mr Hyde told REB.

He also made the point that the pool of talent in real estate was getting smaller.

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“Retaining quality staff is very competitive,” Mr Hyde said.

“There’s a lot of poaching happening in the industry and we’ve been making sure our business owners retain their staff.”

He said that the idea that specialists simply want better salaries was outdated.

“They want better environments in which they can thrive. The modern-day real estate specialist wants leadership, the opportunity to collaborate, flexibility, a career pathway and the opportunity to contribute to the greater good.”

Training

Mr Hyde said that there were valuable lessons to be learnt from overseas markets.

“The US is the fastest-growing online learning marketplace in the world. We’re bringing that flexibility to Australia through our bespoke online coaching and training platform, RealEdge.

“LJ Hooker is currently rolling out its second stage of RealEdge, which is a more mobile-dependent approach: mobile in terms of agents’ use of mobile phones and tablets to absorb information, and mobile in terms of the mobility of our agents.”

Mr Hyde said that successful agents rarely spent extended periods of time at their desk.

“So, the LJ Hooker training institute has ensured modules and training sessions are short, intensive and come in a variety of engaging formats blended with video and podcasts.

“Unlike many other training programs, RealEdge is a multi-tiered platform from which sales agents, property managers and support teams can upskill relative to their career experience and achievements.

“Users are given a unique login to RealEdge which reflects their capabilities. For instance, newcomers to real estate must complete introductory modules before accessing further training; an agent writing, say, $150,000 GCI that is challenged by listing presentations can undertake best-practice learnings to overcome this discipline; while a million-dollar writer would undertake modules which coach them on managing PAs and sales assistants.”

How do LJ Hooker agents maintain market share in ever-shrinking markets?
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