10 lessons from year one: The challenges and rewards of opening a second agency office

After six years of providing real estate services to the inner west from our Leichhardt base, we established a second office in Summer Hill in early 2022. And what a year it has been. 

With a strong sales footprint in Summer Hill and surrounding areas already established, we were keen to build our physical presence in the suburb. This move aligns perfectly with our commitment to deliver energetic, fresh, tailored local support to the investors, home owners and future purchasers in this attractive pocket of Sydney. 

The expansion coincided with the promotion of two senior agents within the business — Peter Vassilis and Youseff Chmait — to director, and it has truly been a pleasure to watch these two talented agents and leaders thrive. 

Buoyed by our agency’s reputation and potential, David Eastway and I, co-founders of Hudson McHugh, moved into Summer Hill with the same goals as when we founded Hudson McHugh in 2015: to cultivate a distinct culture, determine individuals who identify with our values and raise the bar of brilliance in Sydney’s inner west.  

Today, we’re 12 months in. To say it’s been a learning experience is an understatement. David and I took a moment to reflect recently and collated 10 of the most impactful lessons from our first 12 months at Summer Hill. 

1. It’s a marathon, not a sprint. Despite having a great platform in the Leichhardt business, opening any entity is challenging and ultimately takes time. But growing a high-performing team of local specialists that live and breathe the inner west is our priority and we’re not willing to sacrifice a superior experience for our clients just to fill seats overnight. It’s an exciting time as we continue to meet with talented individuals whose values align with ours.

2. The right people overcome the wrong outcomes. Merging with an existing business meant striking the right balance between the existing culture and the new people joining. Respecting, learning from, and picking the best parts of both businesses was crucial. Our core values aligned with the existing team at Summer Hill and together, we are seriously passionate about providing the market with sharper, smarter advice.

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3. Software is a blessing and a curse. Moving the new rent roll from Rest to Property Tree was an enormous, stressful undertaking. However, it meant that the organisation could offer the best technology available to our clients and ultimately offer a higher level of service. Our focus has always been on innovation, creativity and technology to give our clients every advantage in the market place and that remains constant. 

4. Two locations, one organisation. One of the biggest lessons was making sure the culture of the organisation stayed true. We were so worried about the repercussions of “splitting” the team. We had to become proactive, especially around having a whole team huddle every Friday. Ultimately, we’re focused on helping each other achieve success and providing the growth and training to help us move forward together as one unit.

5. Leadership is earned. As we welcomed two, new directors, I could see the immediate impact it had on both Peter and Youseff. We thrust them into the deep end, but to their absolute credit, they took it all in stride. It was not without its challenges; having a whole team of people relying on you and the weight of making consistent decisions is significant. But great talent deserves every opportunity, and Peter and Youseff prove time and time again their leadership potential alongside their sales success.

6. Community begets community. We discovered that being in Summer Hill meant we were immediately welcomed as locals and there was a real shift in how people viewed our business. It also gave us better reach into Ashfield and surrounding suburbs. We look forward to investing in and engaging with the Summer Hill community the same way we have in Leichhardt, Annandale and Lilyfield through sponsorships, partnerships and being part of everyday life.

7. Opening in a down market. We opened in March and the first interest rate rise came in May. The timing felt a bit rough, almost unfair. From May to December, we had to work even harder as supply shortened and buyers held back. However, it was a blessing in disguise, as it meant we had to immediately push the envelope in terms of pricing properties and working in tune with our buyers.

8. The best people step up. We saw so many people step up over the last 12 months. In particular, our head of organisation, Panagiota Tyropolis, proved her incredible drive and resilience. A whole host of logistical challenges were added to Panagiota’s plate: two printers became four; one lease became three; one insurance policy became three; and that was just the beginning of a very long checklist. While at times (almost all the time, let’s be honest) it proved stressful, Panagiota ultimately crushed it.

9. Trust the people around you. David and I learned as founders that you can’t be in two spots at once. Another uncomfortable lesson, but it pushed us to have full faith in Peter, Youseff and our team leaders. It’s all too common in real estate that great salespeople don’t actually get the opportunity to become directors of the business they operate within. We don’t want this scenario to play out at Hudson McHugh. 

10. The numbers never lie; 12 months, 114 sales, 148 listings, and 369 properties under management. And we’re all still friends. I could not be prouder of the team.

So, what is our focus for the next 12 months in Summer Hill?

Our talented team continues to develop leasing and sales proposals that accurately reflect the current market. While they take the reins in this department, it allows David, Peter, Youseff and I to focus our attention on the crucial foundation of our business: people. But not just anyone. 

We are fostering a culture of respect, understanding and a knowingness that quality over quantity can mean the difference between success and failure in life and in business. The old proverb, “If you want to go fast, go alone. If you want to go far, go together,” underpins our every interaction. 

So, now and well into the future, we are here for our people — clients and staff — unwaveringly. Our sights are on continuing to be a knowledgeable and constant sounding board on the inner-west market, providing our sellers and team with guidance, direction and a place to share their ideas, thoughts and goals. 

Above all, for Hudson McHugh, 2023 is about integrity. In people, in business and in life.

James Hudson is the director at Hudson McHugh