Located in the prized Melbourne suburb of Brighton, Pillar+Tide is one of Fortis’ most ambitious developments to date. Currently under construction, it also marks our first partnership with premium residential property group, The Agency. We recently spoke with The Agency Group CEO, Geoff Lucas, and Co-Founder, Steven Chen, to learn more about their model for success and their plans for the future.
Q—Can you tell us a little about The Agency please?
A—Geoff Lucas (Group CEO): The Agency was founded in January 2017 by some of Australia’s most experienced property agents: Matt Lahood, Steven Chen, Ben Collier and Shad Hassen, and businessman John Kolenda. In the five years since then, they have built the business into a national premium residential property services group with representation in New South Wales, Victoria, Western Australia and Queensland and more than 360 agents. Now listed on the ASX (ASX code: AU1) The Agency is not a franchise, but rather contracts directly with its agents. With annual sales volumes exceeding $6 billion, we’ve become one of the major forces in the Australian real estate sector.
Q—How would you describe your underlying philosophy?
A—Geoff: Gone is the age-old industry adage that ‘no agent is bigger than the brand’. In fact, our motto is a reversal of that. Brands don’t sell houses. People do. The Agency is built on the philosophy of attracting great people who want efficiencies in doing their business—within an environment that supports them and provides a truly national network of quality professionals working together as one. Our people really are at the heart of our success, and the high calibre of people at The Agency attracts other high-performers to join the business, right across the board in sales, support and property management. We actively foster a culture that encourages our agents to test how good they are. We push them, coach them and connect our agents with the very best people in the business—as a result, our agents get the absolute best result every time for their clients.
Q—What trends are you noticing at the moment?
A—Steven Chen (Co-Founder): Overall, the Projects segment in Australia has been quite positive. The premium end of the market has been strong, in particular signature projects in key locations across the eastern seaboard and quality boutique projects continue to attract solid buyer interest and results. Over the past quarter, this has filtered further into other segments and also into the suburbs. One common issue is a shortage of suitable sites, which means there is often a lack of quality properties to cater for downsizers and others who want lower maintenance living and newly-built residences.
Low interest rates, good access to funding and relatively low supply—coupled with positive market sentiment—mean these current market trends will almost certainly continue well into 2022.
Q—What’s the most important stage of a project?
A—Steven: The most important stage of any off-the-plan sales campaign is the ability of the developer to portray the project to the market and give confidence that what is being offered will actually be implemented. Investment up front from the developer in their collateral is always of high importance. But I’d say the use of quality consultants, including the builder, is even higher. A great track record from developers further instils confidence in buyers, as they’re very prudent when it comes to spending on a property that has yet to actually be built. Reputation of delivery from the developer is paramount.
Q—We’ve recently started collaborating on Pillar+Tide in Brighton. Why do you think our two businesses work so well together?
A—Geoff: The Agency and Fortis share the philosophy of excellence in service and delivery to their clients. This is achieved by having the best team of people who are high-performing and passionate about what they do. We pride ourselves on premium results for all our clients, and the opportunity to team up with one of the east coast’s highest calibre development groups reinforces our commitment to work of the highest quality. On a personal note, having known Charles Mellick (Fortis Director and Co-Founder) for a few decades now, this is a very special relationship and one we look forward to expanding in coming years.
Steven: We’ve always aligned ourselves with like-minded partners, working with clients and developers who have true vision, integrity and longevity in the market. We certainly acknowledge Fortis as a leader at the premium end of Australia’s east coast property market, acquiring well considered quality sites in outstanding locations—and then over-delivering on their promise.
Q—At the end of a project, what does success look like?
A—Steven: Success is handing the keys over to clients who are delighted with the outcome of their purchase off plan several years prior. We too are delighted when the final product exceeds our clients’ expectations, seeing them genuinely excited and proud to move into their new home which the developer has delivered. We see this time and time again with our clients on settlement—and this is what we consider as ‘success’.
The Agency is a national premium residential property services group with over 360 agents nationwide. Free from the constraints imposed on traditional real estate franchisees, the business was established in 2017 to creating a modern and bespoke real estate model that caters far more effectively to today’s property market. Agents are empowered to embrace opportunities and technology, and cut through red tape with the freedom to do things differently—and better.
