While Mr Fox is now the director of RT Edgar, he had to work his way up starting in the rental department of an agency after being informed 'the money stops now'!

He advises all newcomers to start in the rental department, and to learn how to negioate, build up an extensive network of friends, and be prepared for the ups and downs.

How did you start out in real estate? Have you always worked in the industry, or did you do something else previously?

I started in real estate after leaving school at the age of 18 in 1980. I will always remember my father sitting me down and informing me the money stops now, and you need to get a job.

I placed an advertisement in the property news saying 'young keen cadet looking for a career in real estate' and received about 20 calls from agencies all over Melbourne! I was employed within one week with an up-market agency called Abercromby and Beatty, in the rental department.

Since then I have loved every minute of the industry. Real estate is about the personalities you meet and deal with, it’s about the competition, it’s about the friends you make along the way, and the funny stories.

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Can you tell us about an interesting property you’ve sold?

My favourite house sale is Crathre house situated at 118 Gipps St, East Melbourne. I have sold this house three times in my career. 

Related reading: House price drops in Sydney and Melbourne not as "dramatic" as we are led to believe

What’s your advice to young people starting out in real estate?

My advice to young people starting out in real estate is to start in the rental department. Learn how to negioate, be patient, build up an extensive network of friends, be positive, help people, be prepared for the ups and downs, and most importantly laugh and don’t take things too seriously. 

Move into selling houses after two years and work underneath an experienced agent. You should also study a business degree or similar part time to broaden your knowledge.

If you could change one thing about the real estate industry, what would it be?

Overall I think the industry is very well regulated. The only thing I believe would benefit individuals and the industry is a higher level of education.  

What’s your outlook for the property market in Toorak and surrounding suburbs for the next 12-18 months?

The market in the next few years will remain reasonably strong. The economy is in good shape with low unemployment and low interest rates. 

Inner city Melbourne has a huge shortage of houses which will always support the prices. Apartments on the other hand, may remain flat until the excess supply is taken up.

Where do you live now, and what would be your dream home if you could live anywhere in the world?

My family lives in Armadale which is extremely convenient as we are near schools, shops, and transport. 

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