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The ‘boss’ business model and why it no longer works

02 April 2020 Grace Ormsby
Graeme Hyde

For collaborative leaders and valued teams, it’s always a good time to be in real estate, according to a network chief.

Speaking to host Phil Tarrant on a recent episode of the Secrets of the Top 100 Agents podcast, LJ Hooker network chief Graeme Hyde said despite the rapid changes currently taking place in the industry, “it’s a great time to be in real estate”. 

Despite having been in the industry for 25 years, and the rapid rate of market change, Mr Hyde is optimistic about both the industry as a whole and the people at the helm.

“It’s always a great time to be in real estate,” he reiterated.

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“What we are seeing at the moment is, naturally, a lot of change.”

He conceded that such change is especially true with consolidation, which is “happening at a faster pace than what we’ve seen in the past”.

“It comes back down to how much slice of the pie that you want.”

For high-performing people, he considered every market to provide its own opportunities for driven individuals and teams.

This is where he emphasised the importance of “being disciplined and diligent around your approach, staying ethical [and having] high integrity in what you do in real estate”.

In saying that, and reflecting on his own role as network chief, Mr Hyde said it does still depend on the size of the pie.

“One of the biggest challenges out there is volume of sales,” he commented.

“Because naturally, if you are a property owner or an investor in Australia, or New Zealand for that matter, the gold is in the property.

“So, a lot of people are just not selling their investment properties because the alternatives of bank returns or from the stock market are probably volatile or bank returns aren’t that flash.”

It’s not a passing issue, the network chief said.

“I think what we see now with lower volumes is probably the norm.”

As a result, he said it’s a case of “reimagining what real estate needs to look like as consumer demand continues to grow”.

On this note, he stated that the digital world “is playing such a part in that”.

“Transparency around the whole property transaction is critically important,” he advised.

“Those that embrace that and make sure they cater to the consumer requirements, which is growing at a rapid rate, on demand of access to information, transparency around the transaction and almost being involved in the transaction a little bit — I think that’s really important.

“Those that really apply themselves to that will flourish in a market.”

He believes this is something that LJ Hooker embraces “pretty well”.

He stated: “Us as a brand, LJ Hooker has always flourished in a market where the market is slightly contracted.”

This is due, in some respect, to the brand’s “sharing culture”, which Mr Hyde acknowledged drew him to the group two decades ago.

Especially with respect to the agents and offices doing really well at the moment, the network chief said: “They’re very much focused on people and the career path of their team, and they don’t treat people as employees.

“They treat people as part of the team.

“That’s really important these days, because the whole business model of having a ‘boss’ mentality has changed completely.”

He considered it now centred around leadership and coaching, stating that’s what creates high-performance cultures.

“Certainly, our top, probably 50 to 80, offices — if you put those business leaders outside of real estate into a business, they would do extremely well,” the network chief said.

“They’re just people’s people and they show great leadership, and I think great leadership is probably one of the most sought-after resources that you can have right now in any business.

“I’m very fortunate and very proud that we’ve got so many good leaders, but they share their success and their secrets with others that they’re bringing with them on the way through.”

The ‘boss’ business model and why it no longer works
Graeme Hyde reb
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