Brendan Wong and Simon Parker
A network of independent real estate agencies is looking to double its membership base by the end of the year, according to its CEO.
In an interview with Real Estate Business, CEO of Real Estate Results Network Michael Sheargold said doubling their numbers would give members more power and sophistication in what they did.
He said the Real Estate Results Network, which spanned across Australia and New Zealand, has a membership of 38 independent agencies representing 900 members.
“The smallest member in the network is around $1 million in terms of sales revenue, the largest member is over $45 million in terms of revenue. It’s a big spectrum along those lines," he said.
The attractiveness of the network was that it gave agencies opportunities and resources to gain a competitive edge in the marketplace, Mr Sheargold said.
“Many [members] are actually in the mode of saying, ‘I’m looking for a fresh approach, a new approach and a different way of doing [business]’, and we seriously believe that and the results speak for themselves.”
The network, which was recently ranked in eighth place in the Real Estate Business Top 20 Real Estate Groups ranking, recognised it members' achievements at its annual Australasian Real Estate Results Network (RERN) awards, held in Sydney last week.
Mr Sheargold said one of the network’s fundamental strategies was requiring agencies to come up with four innovations each year, which were then shared between members.
“It might be a little marketing initiative, a great piece of dialogue, a negotiation technique that’s working very well, something they’re doing around their auctions or something that’s helping their open home stand out in an impressive kind of a way,” he said.
“By one agency supplying four innovations, it means they get a shopping list. And right now the shopping list is about 160 innovations per year that I have as a principal, that I can pick and choose from. And the great thing about that is it’s a well developed idea, it’s working in another market place.”
Mr Sheargold said the quality of networking between agents was impressive because of the group's non-competing environment - member agents don't have their competitors in the room.
“I think most of the time an agent or principal will share their 21st best idea – they keep their top 20 to themselves," he said. "With the network, they’re sharing all those ideas.”