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After declaring that the corner real estate office model is dead, one boutique network has announced plans to transform its business structure around a series of pivot points across its target market area.
Coronis changed its business structure and modeled its new one around 10 hubs throughout South East Queensland.
Managing director Andrew Coronis said that he and the leadership believed the traditional, corner real estate office model was dead.
“If you look at businesses like Kodak, Blockbuster and Toys ‘R’ Us, the one thing they all have in common is that they failed to adapt and evolve with changing market conditions, ultimately resulting in their demise,” he said.
“We’re in a digital age now, where the majority of our business transactions happen after hours, in lounge rooms or on the phone. The days of people walking into offices to buy, sell or rent their property are over.
“Therefore, we’ve made the strategic decision to evolve our business model by 2022 and create 10 hubs featuring four independent offices located up the spine of SEQ, producing 800 listings and 400 sales per annum from the Gold Coast up to the Sunshine Coast and out to Toowoomba.”
Mr Coronis said that this will deliver three “significant” benefits.
“The first is an unprecedented level of leadership in every hub. We’re currently in the process of recruiting 10 A-grade agency directors for each hub and 30 principals so that every Coronis hub will always have a senior leader present to help and mentor our younger agents and property managers in their personal and professional lives.
“One of our core values is to create a fun life, rewarding career and financial freedom for each of our team members, and in order to do this, we need world-class leaders guiding our team in everything they do.”
He said that the second benefit is the “supersized and thriving” culture the teams will enjoy from grouping four offices together into one hub.
“We tested this model on our Sunshine Coast offices by building our first hub there in late 2017, and the increased energy and vibe was immediately visible.
“We’ve seen first-hand how placing more people together, especially in a competitive industry like real estate, increases the team culture, which in turn breeds success and better results, which ultimately ensures our team are some of the highest paid in the industry.”
He said that the third benefit is the move will provide brand scale.
“It will enable us to take our brand presence to the next level by launching a mass marketing campaign encompassing billboards, radio, print and digital so that, despite a reduced physical office presence, we’ll actually increase the number of eyes on our brand.”
Mr Coronis said that the move will not be inexpensive.
“Let me be clear: this isn’t a cost-saving exercise; it will in fact cost us more money to build 10 state-of-the-art hubs featuring kids’ rooms, the latest technology and inviting spaces that our team thrive in.
“It’s about improving efficiencies, adapting to the changing business world and creating flexibility for our team. We’re proactively positioning ourselves to offer the best remuneration model in the industry so we attract top talent to our business, resulting in our clients enjoying the best customer service in the industry.”
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