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Simon Parker
Agents and property managers aspiring to become principals were given a clear idea of what’s required to open and run an agency at a one-day ‘Business Boot Camp’ held by a major group last week.
The Business Boot Camp, held by Raine & Horne, was a workshop targeted at experienced sales agents or property managers considering launching a real estate office.
“Our aim with Business Boot Camp is to give aspiring principals a major head start, especially if they are considering launching an office in early 2013,” said Angus Raine, CEO, Raine & Horne.
Mr Raine said the agents that attended last week’s event were looking to open offices in Sydney and regional NSW.
“At Raine & Horne we encourage entrepreneurs to open offices and I was pleased with the calibre of those who attended,” Mr Raine said. “The feedback was also very encouraging and I’m confident we will open several new offices as a result of Business Boot Camp.”
According to Raine & Horne, the boot camp provided advice about selecting the most suitable office location, handling lease negotiations, the legal requirements involved in establishing a real estate office. It also included a run down on the latest in workplace relations, which was provided by Greg Paterson, executive director at Real Estate Employers’ Federation of NSW.
“We also discussed the technology requirements for a new real estate office, and the importance of business planning and local area marketing, while Ian Farquhar, national manager real estate banking at NAB, delivered a series of tips on securing finance,” said Mr Raine.
“Business Boot Camp also addressed the challenging issue of recruiting, renumerating and retaining staff.
“Given some property markets around Australia have been a little flat, the recruitment and retention of quality staff has been a major issue for principals for the past five years, while the mining boom has drawn some candidates away from a career in real estate in Queensland and Western Australia in particular,” said Mr Raine.
Only recently, Mr Raine told Real Estate Business that his group was enjoying a "purple patch", driven by an improving property market. The group has opened 14 offices since July and expected more growth across the country, particularly in WA.
“Most markets have bottomed and are trending upwards in a northerly direction, albeit slowly," Mr Raine said earlier this month. "I think there’s a bit of confidence back with agents. So, if you’re going to open an office it’s good to do it in the next six to 12 months.”
“It takes around three months to open a real estate office, which is why we rolled out our first Business Boot Camp in November to give potential principals the chance to find the right office location and put the right team in place.”
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