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Sydney-based agent, Dib Chidiac, has realised his dream of becoming a top five agent in Australia after selling $8 million properties in the inner west.
The DibChidiac director and sales agent has climbed from sixth last year to fifth in the REB Top 100 Agents 2023 ranking. Despite selling fewer properties in the 2022 calendar year (166) compared to 2021 (176), his total sales value jumped from $383.1 million to $407.6 million.
“My goal was always to be one of the top five agents in Australia and I was able to hit that this year,” Mr Chidiac told REB.
“I had the desire to be better.”
Setting daily, weekly and monthly goals and consistently reviewing them helped Mr Chidiac sell properties for record high prices in his local area.
Mr Chidiac – who also placed seventh in the REB Top 50 Agents NSW 2023 ranking – said he conducted off-market sales in Rhodes and Concord for $8.2 million and $7.7 million, respectively (a record high for the suburbs).
“One of my proudest sales was in Russell Lea in the City of Canada Bay. It was a confidential off-market sale. I didn’t have it advertised anywhere. I sold it through word of mouth for around $8 million, the highest off-market sale in Russell Lea,” Mr Chidiac said.
“I think home owners come to me for off-market sales because they know I’m active. I have a huge database of active buyers on my books with whom I’m able to negotiate a well-regarded price. My office meets a few hundred buyers a week so we can work with them and find out what they want. Ultimately, the vendor wins and is happy.”
For example, Mr Chidiac recently sold a property off-market after the buyer had previously missed out on purchasing the neighbour’s property that he had sold.
“We asked the neighbour if they were willing to sell their property,” Mr Chidiac said.
“We were able to sell it to the buyer for much more than what it was worth. We understood the buyer. It was a great result.”
This has generated a considerable number of sales through referrals and repeat business, including those whom Mr Chidiac has dealt with during prior transactions.
“A lot of people call us because they have seen our results in the sold section and feel that we’re a safe option. They have social proof,” he said.
While off-market deals form a large portion of his deals, Mr Chidiac said he also sells high-end waterfront properties (including newly built houses, apartments and duplexes) via auctions and private treaties.
Despite his successes, Mr Chidiac said he expects tougher conditions in 2023, and as such, has prepared for it.
“With stock levels reducing, many agents are unfortunately dropping their commissions or scaling back marketing, but I don’t think that makes a good agent,” Mr Chidiac said.
“I think a good agent will offer their services where they see value and deliver that value. Some agents might become desperate when stock levels are low. Understandably, they’ve got their own situation to look after.
“But an agent who relies on doing what they love and takes on the right types of business will always flourish compared to those who rely on having to sell a property.”
As for how newer agents could thrive in challenging markets, Mr Chidiac advised them to educate their clients, manage vendor expectations and be transparent about the state of the market.
“The way I see it in the current market is if you’re not giving your clients the correct information, and taking on board overpriced properties, they won’t sell. You’re only going to waste your time and energy and fail to make a good name for yourself,” he warned.
“My advice is to take on clients that suit you, and get them the best price by introducing the best buyers. You might sell fewer properties, but you’ll deal with higher-quality properties and clients. You’ll reap rewards in the long term.”
Mr Chidiac concluded: “Previously, when the market was strong, agents might have flipped some sales. But now, I think any agent would have to forget what they did in the past. What they do in the next six months will make all the difference.”
Click here to view the full list of the REB Top 100 Agents and Top 50 Agents NSW 2023 rankings.
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