Founder & CEO of One Agency, Paul Davies presents at the 25th Annual Best Practice Retreat.My name is Paul Davies. I'm the founder and owner of the One Agency brand. We've positioned ourselves differently in the marketplace. We're a bit like Apple computers I guess, that we've found ourselves to be very popular.
My credentials are that I've been in the industry for about forty-four years, and twenty of those years I was a franchisee with two major franchises in Australia, then on to boutique businesses. Prior to that, I was working for someone else for seven years. I've pretty well done just about everything and now I've created a brand, so I've ticked most of the boxes.
The question that Robert has asked us to address today is which training ideally offers the greatest potential for success. The correct answer to that is all and none, because I agree with the gentleman that has just spoken to you. It's nothing to do with the brand. That might sound odd because I own a brand, but I never get carried away that we're that important. We're not. It's the individual and the individual's determination more than anything that will deliver the success of that business. If a person is determined, they will find a way. They will seek guidance from excellent sources such as Best Practice, et cetera. There's so much information out there for people now, there's really no excuse for failure.
For me, the best chance for success for a business is a business with a healthy profit margin. It's not talked about much. I've just written a book on it actually. It's been released, and I'd be grateful if you bought a copy incidentally. I wonder what someone with a major franchise for twenty-one years has paid that company for twenty-one years. It must be astronomical amounts of money. My belief is that the business needs to be operated more economically, that's my brand. Does everyone know One Agency? Can I see a show of hands or am I ... I'm really delighted. Thanks. Okay, so you got some idea of where I've come from and where we're going.
In my opinion, what I bring to the table for my members is we talk about profitability. It's not how much you earn, it's how much you keep. I'll say that again, it's so important. It's not how much you earn, it's how much you keep in this business. I bet there's a few people sitting here shaking their heads because they figure I've earned lots of money but I didn't get to keep it. I've never met an agent yet that stopped earning, but I've met plenty that ran out of making a profit because they get the spend wrong.
Interestingly, I've talked with the Real Estate Academy, I've looked at Macquarie Bank Benchmarking, and across Australia the average real estate agency sales business keeps fifteen cents on the dollar. I asked the same question of Robert last week, and his members retain nineteen, so you're doing well Robert. That's above average.
When you stop and you think about that, if you're generating say a million dollars in revenue in your business just say, you're spending $800-$850,000 to service that and to create the one fifty. That's considered to be normal and obviously reflected in the benchmarking. That's what happens out there. My opinion is that that's crazy, that is absolutely blinking crazy; in nearly swore, because you only need a small drop in your income and a small increase in your costs and you're in no profit land. It's happened to me. I've had businesses where I was some months making lots of money and other months I was losing money, and it's nonsense. It's madness. It's very hard to keep up with and it's very stressful...
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Get the book:
‘How To Profit In Real Estate Business Ownership’
by One Agency Founder and CEO Paul Davies with foreword by leading real estate coach and trainer Tom Panos: http://goo.gl/VbDzpD
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One Agency is a revolutionary real estate brand. We are not a franchise but are an operation that allows agents to establish their own agency free from the classic constraints and complexities of a franchise.
Video: https://youtu.be/l2XlQUUBcYs
Paul Davies speaking at the Best Practice Retreat June 2015 of OneAgencyGroup | |
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