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Growth within the real estate industry isn’t as easy to come by as it once was. The market has tightened, franchisees are more circumspect about the brands they align with, and it can be hard to find and retain talent who can put runs on the board regularly.
Growing a brand has been a significant part of my real estate journey. With my previous franchise, I was responsible for growing one office to 14 within three years, and now as the Victorian state director of Coronis, we are on track to achieve that within 12 months, making it, to my knowledge, the fastest-growing real estate network in Australia.
Here are some lessons I’ve learned along the way and which I’m now implementing in my current role to gain some solid traction.
- You need to love what you do
Succeeding in real estate takes a lot of hard work and dedication, and whether it be franchising or real estate in general, if you don’t love it and love the challenge of building something great, regardless of whether that is a career or your own business, it simply won’t work. Nor will it be sustainable in the long term. This industry can be tough, and it’s not for everyone, and that’s OK, but with anything, if you don’t have a passion for it from the outset, it’s probably not going to be for you long term.
- Encourage your team to be leaders
I’m acutely aware that I can’t grow a brand by myself and nor would I want to, which is why I’ve invested resources in building a great team around me. Without their support and shared vision, the rapid expansion simply wouldn’t be possible. We strategically place people in positions that are geared towards their natural strengths, which enables them to feel competent quickly and facilitates a natural tendency for them to then assume a position of ownership and leadership within their role.
- Know your strengths
We can’t be good at everything, and nor should we try to be. I’m very aware of my strengths, which are training, growth and franchising, and my role as state director is tailored to those strengths. In areas where I need assistance, I have people who can do those tasks better than me, and I allow them to take ownership of those responsibilities. Generally speaking, people tend to enjoy roles that they are good at and which enable them to utilise their natural aptitude, and we have taken the time to identify those areas within our people and place them in appropriate roles.
- Aligned values
At Coronis, we have clear values that we recruit in alignment with, and I believe staying true to this guideline has been crucial to our success and growth. We can always teach skills, and people will naturally gain knowledge; however, values don’t change, so we ensure that our team align with those before we partner with them. This has also resulted in a very low turnover rate for our team, which has been hugely beneficial for ongoing productivity and consistency for our clients
- Shared vision
We have an ambitious vision of what the future of Coronis looks like. We communicate the ambitions of the company with the team while simultaneously encouraging their personal growth within the organisation. A large attraction for franchisees has been the personal training that is tailored for each business. We invest the time in having an intimate understanding of what each franchisee needs because each has different challenges and therefore requires a different type of support.
- Play the long game
I’m active in each franchisee’s business to ensure their long-term success. It’s about playing the long game because success takes time, and we want to grow responsibly with the correct people. Our vision is not to have a huge number of offices but to have strong ones. I want the group to be large enough to make a difference but intimate enough to be somewhat boutique so I can dedicate enough time to supporting each office.
We have a clear five-year plan. We know where we want to be, and we create serious career paths for people inside the organisation. We have a training model that is scalable, and which holds people accountable. This level of structure has been crucial to our growth, and we are mindful of not growing too quickly, so we are able to maintain this framework.
We are far from where we want to be but with the dedicated efforts of our team, staying true to our structure and values, the future looks bright for the organisation over the next five years and beyond.
Adam Flynn is the state director of Coronis Group Victoria.
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