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From franchise to family-owned business

By Grace Ormsby
16 July 2021 | 1 minute read
Jerome Smith

A week after the news dropped that Jerome Smith was returning to the real estate world, REB can reveal the motivation behind his decision to dive headfirst into the Sydney auction market.

REB reported last week that the former head of franchise recruitment at Mortgage Choice was returning to the Sydney auction scene with his brand-new business, Above The Reserve.

He has told REB since that he and his wife Siobhan “have always wanted to run a family business centred around the real estate industry”.

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And now, with a young family in tow, Mr Smith said “the timing is right”.

“As the old saying goes, ‘A day longer is a day wasted’,” he said.

With prior experience at Ray White and LJ Hooker, and through his work at Mortgage Choice, the passionate auctioneer — who has more than 2,500 auctions under his belt — explained that his experience has played into his belief that their brand-new venture will be a success.

He said: “Having overseen the growth and development of many real estate and mortgage broking franchises, I have a comprehensive understanding of the key drivers and elements of their success.

“With this, I have seen many husband-and-wife teams who share a strong unity of purpose thrive in running small businesses.”

As to what motivates him, Mr Smith said both he and his wife “are looking forward to running a business the whole family can be proud of”.

With the kick-off of the business unfortunately coinciding with the extension of restrictions thanks to COVID-19, Mr Smith is not fazed by the need to take his work online, highlighting that “the key fundamental drivers of real estate are competition, momentum and emotion, underpinned by urgency”.

For him, “these key drivers can be created in an onsite, online or in-room forum”.

He sees the biggest difference between online and onsite auctions being the presence of only serious bidders and decision-makers online, as well as bidder registrations also going ahead in an online space.

Whereas, with onsite auctions, Mr Smith explained “you have the added presence of neighbours and additional interested observers who may be in the investigative or look, wait and see phase”.

REB previously reported on Mr Smith’s belief that Above The Reserve would bring “a unique level of energy and tenacity” to the Sydney auction space.

From franchise to family-owned business
Jerome Smith reb
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ABOUT THE AUTHOR


Grace Ormsby

Grace Ormsby

Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.

 

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