Dominic Ong is senior director of Asian Markets, Capital Markets at Knight Frank in Sydney.
Can you tell us about yourself?
I’m third generation Chinese, born in Malaysia. I studied in the US and was a Share Broker for 10 years before migrating to New Zealand, where I spent nine years in commercial property sales, focusing on the Chinese investment market. In 2011, I came to Sydney to focus on the international Chinese investment market and have been with Knight Frank for two years.
How have you made your career in real estate?
I’m definitely a people person. I like having fun, interacting and helping people, and that is exactly what real estate sales is all about.
What’s the best piece of advice you’ve been given relating to international markets and investing for an agency?
To set up an international market division, understand and find out the needs of this market and provide a solution/product.
How does someone become a successful agent?
Max Brown, the lecturer in my first real estate class in New Zealand taught me the three most important things in property for an agent are your database, vendor contribution and marketing, and that real estate sales is all about being the exclusive agency.
What’s the most important thing you’ve learnt so far?
Have fun and you will be successful! On a serious note though, you must understand the market; the sellers’ purpose and the buyers’ needs. Essentially you are trying to provide a solution for everyone.
What do you love most about the profession?
The people. Whether it’s the vendor, purchaser, colleagues, or competitors from other agencies; I really enjoy interacting with lots of different people. It feels great seeing purchasers and vendors complete a deal and get what they want.
What do you think is unique about working in the international market?
The opportunity to meet and deal with some very high net worth individuals or companies we wouldn’t normally have the chance to meet with in everyday life. And sometimes the transaction can be very substantial in terms of size and worth.
How can people get a first foothold in the international market?
You need to work with a person who is already in that market. There is no need to reinvent the wheel. Become the P.A. to the highest paid person in the area you want to be in. Learn from the best and study what the international market wants; research what their needs and demands are and provide a solution for them.
What is challenging about the profession?
I think the work/life balance is my biggest challenge. The hours are long and the market is too big, so it can be very difficult if you don’t have the experience or a system to qualify genuine investors, as a lot of offshore purchasers don’t understand our market.
What qualities make a good international agent?
You must be a people person; polite; speak multiple languages and be willing to understand the differences between cultures. An organised work system is also needed and extensive knowledge of many different global markets. I think it also helps if you have lived and worked in different countries. You need to be able to understand and communicate with clients but don’t just focus on the international market; have a sound knowledge of many local and national markets; and be well rounded, so you can talk to your clients about many things.
(This article originally appeared in the December 2014 edition of the REINSW Real Estate Journal)