Andrew Coronis has worked in real estate for 29 years, originally joining his father's small real-estate business in Brisbane's north, Coronis Group.
Coronis has been instrumental in growing the business from a single office to a 320-strong team with 23 offices selling more than 2,000 properties a year, and managing Queensland’s largest rent roll of more than 8,000 properties.
In 2015, the group launched Coronis International, which helps international property buyers purchase property in Australia.
How did you get into the real estate industry?
Like most people I ‘fell into it’. I finished school and my father, who owned a small real estate office we now call the “hole in the wall” (still in our group at Stafford in Brisbane's north), saw me sitting around looking for an opportunity.
At school I preferred sports results to academic results and thus I didn't get into the course at university I wished for. So real estate ‘seemed like a good idea at the time’! I always had the belief that I wanted to own and grow a big business one day. It was an important goal for me.
What are some of your career highlights from your time in the industry?
Throughout the 29 years I have been involved in the industry there have been many highlights, including:
- Winning Australian sales manager of the year when I was 30.
- Winning office of the year at the 2015 Australian real estate awards.
- Being recognised in the EY business awards and the Lord Mayor Business awards.
- Starting my second office in Arana Hills. This was the catalyst that led to the 23-office network we fully own today.
- Diversifying our business and starting our own registered training organisation for the industry. Conveyancing business, financial services business and maintenance business to service our business and the industry.
- When we hit over 8,000 managements in our property management division.
- Our investment in technology start ups for the industry… some working, some failing!
- Seeing people who started their journey with Coronis grow to become wonderful leaders and shareholders of the business over many years.
- Growing market share year on year in South East Queensland.
- Working with my dad for many of my earlier years.
What are the biggest issues facing the industry in your market at the moment?
Our industry’s biggest challenge is technology and where it will take us, though the technology itself is not the challenge; that is exciting. The direction it will take us is the difficult decision to make. With my connections I’m able to spend a week overseas every year studying new trends in business, which is invaluable for me and my business.
Has the industry changed?
The industry itself really hasn't changed that much; essential real estate sales and management are still done the same way they always have been, though we have leveraged technology to make communicating quicker. In essence, human interaction is still needed in what is a very emotional time for buyers/sellers and landlords and tenants.
What changes would you like to see over the next two to five years in the industry?
I would like to see the barriers to entry become higher in terms of more training and support over a longer period for new industry salespeople, property managers and principals. I believe this will make it more professional. We are handling most people’s biggest personal asset and their financial security, so the industry has to evolve to become more professional.
What advice do you have for people who are just starting out in similar careers?
Know your ‘why’. Don't give up… and don't expect to see any rewards for over a year. Most people view real estate as a career where you drive a nice car, wear a nice suit and have coffee. It’s not like that; all the successful people work tirelessly long hours, 10 hour days, six or seven days a week. This takes a lot of determination that most people don't possess.
What do you believe is a unique factor of doing business in your market?
Our market, South East Queensland, is set to explode. We have not seen any real capital growth in our market since 2008, which is nearly 10 years ago. With the downturn in mining, which I believe we have weathered well, we have all the ingredients for growth:
- Affordability - we are now approximately 50% of the median value of the Sydney market.
- Infrastructure spend - many big projects are starting in the next three years creating unprecedented employment demand in the south east.
- Mining is bouncing back and tourism (national and international) is starting to boom, helping the economy grow.
What’s your outlook for your sector/s for the next year?
I am very bullish on the property market in South East Queensland for the reasons outlined above. I truly believe we offer great value, lifestyle, and education, and when the employment opportunities spike it will be a great recipe for growth. Historically the South East Queensland market has not stagnated for more than 10 years and I don't believe it will happen.
Where would your next purchase be?
I am looking for more commercial property close to the Brisbane CBD or in the CBD, as when the $3 billion Queens Wharf Project is completed, we will see Brisbane turned into a true world city.
A version of this article originally appeared on RETalkAsia.com.
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