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A new annual survey and report, Your Future Network, takes the pulse of the industry, offering indispensable insight into the different ways of doing business in today’s real estate landscape.
In surveying more than 700 agents and property managers, Your Future Network, in partnership with Raine & Horne, provides answers to questions that could be integral for business owners and employees alike in determining the course they chart in the real estate industry.
How satisfied are independent agency owners with their business model? What do real estate agents consider to be the traits that help them excel at their job? How many in the industry are considering opening their own business one day?
As REB’s editor Grace Ormsby explained: “Your Future Network is a new initiative from Real Estate Business (REB) that acknowledges everyone’s career trajectory is different and is shaped by their own individual circumstances, education, skill sets and passions.”
Raine & Horne’s executive chairman Angus Raine concurred, calling the report “an innovative endeavour designed to chart the path for individuals as they embark on their own prosperous real estate journeys”.
“Individuals can use this research to identify their strengths and weaknesses and gain clarity and guidance around what they require in their support structures as they take their careers to the next level,” he added.
In its inaugural 2023 edition, the report uncovered, for example, how the face of Australia’s real estate business owners is changing.
The data revealed that 4 in 10 agency owners are under the age of 50, with 2 in 10 under the age of 40 years old. In terms of gender breakdown, 6 in 10 agency owners are male, however, in the younger cohorts, female agency owners are more common, with 1 in 2 agency owners under the age of 50 being female, compared to 1 in 3 for those aged 50 and over.
Time stops for no one, and if these business leaders stay in their field, we might well expect to see the gender balance become increasingly more even.
Those future leaders currently considering going out on their own – as 40 per cent of agents or property managers are – will be interested in comparing the responses from franchise agency owners versus independent operators regarding how satisfied they are with their business model and the challenges and benefits associated with each.
A very similar number of independent agency owners and franchise agency owners believe their current model best suits their long-term needs, with roughly 9 in 10 answering affirmatively that they are in the best model suited to them.
However, the different business models tend to attract two distinctly different types of business leaders – either sales-focused visionaries or steady business builders.
Without the support available in franchise network models, independent agency owners craft their business from scratch, including branding, marketing, systems and processes, and payroll and technology. This generally encourages the people in the “business builder” category to be more attracted to the independent model.
For an industry populated by goal-setters, Your Future Network is a valuable piece of information to inform everyone’s next step, from the individual operator to the major national network.
As Mr Raine commented: “The report offers crucial insights for business owners and executives, shedding light on the aspirations of emerging leaders in the field. Understanding the career desires of our industry’s rising stars allows companies such as Raine & Horne to adapt and align their strategies to meet the evolving demands of the workforce effectively.”
You can access the Your Future Network report here.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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