WITH his company on the verge of opening its second new office in six months, Michael Mahon is wasting no time expanding.
REOL’s Palm Beach location has operated for five months and already its eight staff have sold $8.9 million in real estate with total group sales reaching $129 million in the last 12 months.
“REOL has had a focus on Palm Beach for a little while and word of mouth and referrals had seen us capture market share by default,” says the founding principal.
“So it was a natural progression for us to open an office in Palm Beach and while traditionally there are challenges that come with launching into a new market, it’s going very well for us.”
REOL will also fit-out a 195sqm office at Robina’s The Rocket building with plans to open at the end of this month.
“Robina will work for us on two levels. It will not only be an additional sales office to service that region but also a headquarters for the REOL management team to run all three locations from,” says Mahon.
“We’ve simply outgrown the original Burleigh Heads premises which will become solely a sales office. I see Robina as the central hub of the Gold Coast. Having a strong presence in Robina is essential for our growth strategy of expanding virally from a central location.”
Despite what he calls continued market fear driven by negative media reports, Mahon has managed to increase his company’s turnover by more than 40 per cent and employ 15 new staff members in the last two years.
“To secure and retain the best staff you have to make your business as attractive as it can be. A good earning capacity is important but the most professional executives out there are looking for more,” says Mahon.
“Our vision is to provide our people with training, mentoring, ongoing education and support in an endeavour to challenge and help our people tap into their full potential.”
Mahon’s can-do approach to integrated marketing strategies is also reaping rewards.
“Gone are the days when you could advertise a property with a nice photo and a shopping list of features and hope to gather interest,” he says.
“We approach each property as an individual project and work out how best to reach the target demographics – be it in print, digital or more often than not, a combination of the two.
“Every time we roll out another innovative online marketing campaign I expect to see a competitor take notice and replicate it. Surprisingly they haven’t done that yet.”
Mahon says the company’s continued efforts and strategies should see REOL achieve a similarly strong growth year over the next 12 months.
Young Entrepreneur Profile
REOL Property Consultants
Business Est: 2005
Growth: 42 per cent
Turnover: $2.2 million
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