🏆 what’s your true competitive edge?

GOOD MORNING FROM ELITE AGENT

With home prices (and mortgages) going through the roof, you’d think homeowners would have little to smile about. Except you’d be wrong. Research from Great Southern Bank showed a clear link between happiness and home ownership, compared to those navigating the rental market.

Today’s read time: 3 minutes, 39 seconds

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MOTIVATION

Dominic Thurbon: We need to challenge assumptions

In today's real estate market, success hinges on more than adapting to trends - it requires challenging existing assumptions and embracing innovation. Dominic Thurbon, an expert in organisational change, drummed this point home in his Elite Retreat presentation, focusing on how real estate leaders must rethink their strategies.

"The difference between those who transform their businesses and those who don’t is challenging core assumptions about the present."

Uncomfortable as it may be, he also spoke about the importance of being open to difficult truths and focusing on creating exceptional customer experiences to remain competitive.

Challenge what you know

In his presentation, Mr Thurbon urged real estate leaders to rethink the assumptions that have guided their business models for years. "It’s not predicting the future that matters, but challenging the assumptions about the present."

He explained, that much like the outdated plans London had for horse-driven transportation in 1901 when the motor car was coming into the scene, businesses can fall into the trap of preparing for obsolete trends. The key to thriving is questioning what practices are truly relevant today.

What is your competitive edge?

In today’s competitive environment, excelling in speed, quality, and affordability is no longer enough to stand out.

"Consumers expect all three, so it no longer provides a competitive edge," Mr Thurbon noted. Real estate agents must now focus on creating personalised, meaningful experiences for their clients, similar to how high-end retailer Burberry transformed its retail approach (RFID tags in clothes triggered personalised content for customers, and facial recognition technology identified returning customers, providing customised offers). Whether it’s through enhanced customer service or unique digital tools, the industry must find ways to offer more than just the basics.

Face the hard truths

Mr Thurbon underscored the importance of honest self-assessment within businesses, sharing the example of Domino’s Pizza turnaround, where the CEO admitted publicly that their product was subpar. This candid acknowledgment, followed by a commitment to improve, led to an 800% stock price increase over the next decade

"Until we have an honest conversation, we will never run a better business," Mr Thurbon said. For real estate professionals, this means addressing inefficiencies, gaps in customer service, or outdated marketing strategies head-on, allowing room for genuine growth and transformation.

ICYMI, yesterday we covered the important topic of mental health in real estate

SMART SNIPPETS

Buyers gain the upper hand
The property market is shifting back in favour of buyers. A new report reveals that listings have doubled in many areas, including Sydney's Rouse Hill-McGraths Hill and Melbourne's Cardinia. Higher interest rates and slowing immigration have softened demand, giving buyers more choices and better negotiating power.

Housing affordability metrics miss the mark
Australia's housing affordability measures aren't telling the whole story. A recent AHURI study found that current metrics fail to account for crucial factors affecting low-income households. Energy hardship, transport costs, and locational disadvantages are often overlooked.

Australians choose home improvements over relocation
New home sales have shown mixed results, with a slight national decline despite growth in Queensland. However, a significant trend has emerged: homeowners are increasingly choosing to renovate rather than relocate. Renovation loans have become the fastest-growing segment of new loans, driven by rising property prices and stamp duty costs.

SOUND WAVES

Matt Lancashire, one of Brisbane’s leading agents, was at the pinnacle of his career, generating over $230 million in annual sales. With hefty commissions and industry accolades under his belt, he was a powerhouse in real estate. Yet, despite all the success, he found himself on the verge of walking away.

In today’s AI curated listen, discover how Matt leveraged emotional intelligence to pivot his career, reigniting his passion for real estate and finding a renewed sense of purpose. This one is super special - have a listen. Your mind will be blown that this is AI-generated! 🤯

Read the original article from Elite Agent here

AGENTS ON SOCIAL

Aaaand FREEZE! Ok, it’s one thing to partake in TikTok trends, but it’s another to get caught sitting around in the spa bath. Now, get back to work. 😬 🏊🏼‍♂️.

@realtoroftiktok

Is this still a trend.. 🏡 Open House Today! Sunday June 18 from 1:00-4:00 PM. We may or may not still be in the same stances as referenced... See more

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Wishing you a productive day

Elite Agent is crewed by Mark Edwards, Catherine Nikas-Boulos, Rowan Crosby, and Samantha McLean. We aim to uplift the real estate industry by delivering forward-thinking, hype-free news and education that fosters knowledge and fuels ambition.

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