Andrew Coronis is the Managing Director of Coronis, the largest, wholly-owned end-to-end real estate business in Queensland, Australia. SCHWARTZWILLIAMS spoke to Andrew about growing his business from a “hole in the wall” into a 23-office network.
Coronis Group is a end-to-end real estate business, with services encompassing everything from sales and property management, to financial services, conveyancing, wills and estate planning, project management, international services, and building and pest inspections. Andrew has been instrumental in growing the business from a single office in Brisbane’s north to a 320-strong team which now boasts 23 offices, sells more than 2,000 properties per year and manages Queensland’s largest rent roll of more than 8,000 properties. In 2015, the group launched Coronis International, which provides real estate services to both local and international property buyers to help them 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:
What are the biggest issues facing the industry in your market at the moment? Has the industry changed?
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.
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 barrier to entry become higher in terms of more training and support over a longer period for new to 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, 6 or 7 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:
1. Affordability - we are now approx. 50% of the median value of the Sydney market.
2. Infrastructure spend - many big projects are starting in the next 3 years creating unprecedented employment demand in the South East.
3. Mining is bouncing back and tourism (national and international) is starting to boom, helping the economy grow.
What is your favourite holiday destination in Asia?
I have travelled many times in Asia to many destinations but I particularly enjoy the beaches of Thailand and the big cities and rich history of China.
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 AUD3 billion Queens Wharf Project is completed we will see Brisbane turned into a true world city.
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