Hundreds of RWC agents, property managers, administrators, and business owners gathered at the Gold Coast today for the annual RWC conference.
Ray White Group managing director Dan White and RWC general manager James Linacre opened the day, welcoming members to the first day of the two day event.
“It’s a very special couple of days for us, there’s lots happening across our commercial network,” Mr White said.
“We have more than 200 people with different backgrounds and different skill sets coming together to see how we can collectively improve.
“We can support each other and share our stories and have confidence in each other, this is the importance of coming together on these days.
“No matter what we’ve achieved over the years we know there’s still so much more we can do.”
Mr Linacre said while the outlook for the commercial market showed some uncertainty, challenging times were a time for growth.
“I envision an RWC network enriched with both specialist market and asset-specific businesses that not only augment our service offerings but also present an enhanced value proposition to those seeking to join our ranks,” he said.
“Now more than ever I can not highlight enough the importance of knowing every price achieved on every street in your market. Or being able to quote every yield for every sale for the asset you focus on.
“For it is with this level of focus and expertise we can build on the 120 years plus reputation as the expert and trusted advisors to our consumers.”
Founder of the Auburn Giants women’s AFL team Amna Karra-Hassan shared her story about growing up as part of a migrant family in Western Sydney and the challenges of starting a successful sports team.
“I didn't grow up watching sport or loving sport but I grew up watching incredible moments and thinking ‘wow, this is a pivotal point in history’. I watched and thought ‘how does someone achieve something incredible like that?’,” Ms Karra-Hassan said.
“I decided that one day I would find a way to do something that made a change. I wouldn't just complain about the world and wait for someone else to fix whatever needs fixing, I would be the change.
“When I was a kid growing up you wouldn't see little girls running around playing sports - not soccer, not league, nothing - and I thought, ‘I can fix that’, I can create a team, how hard can it be?”
General manager of real estate at CoreLogic Dirk Miller spoke about accelerating growth with AI. He said implementing AI into a business could decrease costs and improve productivity.
“AI is everywhere and it's going to continue to grow,” Mr Miller said.
“We believe it’s not going to be robots taking over the world, but it’s going to be humans and machines working together, getting rid of those repetitive tasks to free you up to do more productive things.”
Ray White chief economist Nerida Conisbee and head of research Vanessa Rader gave an update on the commercial property market.
“International migration has returned, even though there’s a lot of challenges in the economy, this growth is very positive for the commercial property market,” Ms Conisbee said.
“We do still have high construction costs, and this does flow through to the commercial market. The longer things take to be built will have an impact on availability and rental growth.
“Retail trade has slowed down, but it's not all retail. We’ve seen people are spending less on homewares but they are spending a lot more on cafes and restaurants. So there are some parts of the retail sector which continue to do well.”
Ms Rader dove more in depth into how each asset class was performing.
“Commercial asset classes still have some pain, investment yields are expected to continue to increase across all types,” Ms Rader said.
“Industrial remains the most in demand asset class, low vacancy will keep rents growing albeit at a slower pace.
“Alternatives such as childcare and service stations continue to be popular but need to be at the right price.”
Founder of Wizel Property Group Mark Wizel shared his journey in the commercial real estate industry.
Mr Wizel’s interest in real estate was first piqued when he watched an auction at just 15 years old. He started his career in commercial real estate at 21.
One of Mr Wizel’s most notable sales is the sale of Melbourne’s Burwood One for more than $180 million.
“Our first deal was a strata office for $167,000. I sold one and then my goal was to sell five” Mr Wizel said.
"You have to have that competitiveness in you.
“The listings and the sales in isolation only get you so far, you have to look at what’s behind it, what’s your motivation?
“I want to help you get 3-4 per cent more out of yourselves each day.”
RW Capital CEO George Ajaka spoke about the restructuring of RW Capital and what sets the business apart.
Established by Dan White in 2001, investment manager RW Capital comprises a team of experienced real estate investment professionals and a track record of acquiring and lending against investment-grade real estate across Australia and New Zealand.
Mr Ajaka highlighted the strengths of RW Capital including building operations across the capital spectrum, being solutions driven experts in property, maintaining relationships with the Ray White Group including the valuations and data teams, and their alignment with each of their investments.
“We all like to think we’re different and better but our team heavily invests in what we do,” Mr Ajaka said.
“Just about every deal we invest in ourselves, and so do the White family, we are the largest investors in our own deals.”
He said RW Capital was currently capital raising for three funds including real estate credit fund, industrial, and pet resorts.
RWC general manager James Linacre spoke to four of the RWC network’s top performers including RWC Canberra’s Frank Giorgi, RWC Northern Corridor Group’s Emily Pendleton, RWC Western Sydney’s Joseph Assaf, and RWC Gold Coast’s Jackson Rameau.
Mr Giorgi touched on how one of Canberra’s worst hail storms affected Canberra’s industrial market. He also spoke about how he finds and pushes the best tenants for his landlords and maintains relationships with both landlords and tenants.
Ms Pendleton spoke about building her team and how knowing the role before recruiting helped to create a strong and successful team. She also spoke about leadership.
Mr Assaf spoke about the importance of referrals and how it has become a huge part of his business. He spoke about how he worked to grow his listings and land more $10M+ transactions.
Mr Rameau spoke about the importance of having a strong database and keeping in touch with those clients. One of RWC’s top auction agents, he also spoke about how he plans and pushes for auctions.
Mr White returned to the stage to express the importance of agents remaining diligent during the due diligence process after sharing his own experience as a vendor.
“There are different opinions on how involved we should be in the due diligence process, but there are two questions we should ask - what questions will buyers ask? And how can we get them answered as quickly as possible?” Mr White said.
“We need to make sure we’re staying totally connected with what’s happening during all stages of due diligence.”
RWC Western Sydney managing director Peter Vines shared the story of his success and why he chose Western Sydney.
“If you look at a lot of successful businesses it's about specialisation,” he said.
“We’ve decided not to focus on a specific asset class but a specific geographic location.”
He also spoke about the importance of staying connected.
“If you make a good sale it doesn’t happen unless you tell people about it, so milk every sale you get and tell as many people as you can because that’s how you get your next listing,” he said.
“But I also am in touch with a lot of my clients and their businesses and what’s going on in their lives.
“I have a genuine interest in my clients and getting them a good result, and I think my clients see that and they refer me to other people.”
