How does your usual day look?
My usual day starts around 5am with exercise. I'm normally on my way to work at 7:30am/8:00am. I try to not have any appointments before 10am so I can get the important things done, which frees up my mind for the rest of the day.
After 10am the day is ideally full of appointments seeing clients and chatting with buyers. I will normally be home around 7pm, have dinner, put my eight year old son Joel to bed, may get on the computer for half an hour or so to clear some emails and usually in bed by 10pm.
How did you start your career in commercial real estate?
I started my commercial real estate career after ten years in our family residential business, ‘Moxham’s Real Estate’ in Parramatta which was started by my grandfather in the 1950s. We sold the business in 2006 when my father retired and I chose to make the move to commercial rather than taking on the family business. I started working at JLL in 2006 and I was there for nine years. After meeting Dan White we formed a partnership which commenced business in April 2014, Ray White Commercial NSW. We are based in the CBD plus we opened a second office in Parramatta, which is now on fire at the helm of Peter Vines and Ruby Rozental.
What do you enjoy most about being an agent at Ray White Commercial? What makes Ray White Commercial different?
What I enjoy most about being an agent at Ray White Commercial is the high performance culture and entrepreneurial environment. Being surrounded by like minded business owners and some of the most impressive real estate people I have seen in my 23 year career. The White family are always pushing the boundaries and looking at ways they can help their people succeed. There is a strong culture of learning and development.
In terms of what makes Ray White Commercial different - definitely the high performance culture and environment. The resources available to agents and business owners are remarkable, the conferences, the training, the coaching.
Ray White Commercial also has the best of both worlds, being a large business (Ray White has over $40 Billion in annual turnover, and Ray White Commercial has over $2.5B) but also a private and nimble business. This gives us the freedom and creativity to explore what works best for us and amplify it. Curiosity is highly valued and encouraged.
What are your go-to property marketing methods that you present to your clients?
My go-to property marketing methods of sale are auction and expression of interest (EOI) or tender. Nothing compares to auction in terms of price maximisation ability, however auction does not always suit the property, in which case we shall use EOI or tender. In either case, we will always strongly recommend an on-market public marketing campaign. This is without a doubt the best possible way to create maximum competition and it is all about the competition!
Regardless of the method of sale however, we are very particular (I could say obsessive) about the process we run for each and every campaign. Anyone can throw a few ads out there but there is a big difference to this and what is involved in doing things properly, from the day the agency is signed to settlement and beyond. Not only must we achieve the best possible price but we must also create the best possible experience for our clients. If your client does not feel you have given it your all (and then some) you have failed in your role as their agent.
I have also transacted a lot of property off-market however this will only be when a public marketing campaign is not possible. This can be for various reasons.
Tell me about a unique success story?
I have to say when we sold 88 Christie Street, St Leonards for $295M and the Bakehouse Quarter for $380M in the same month of June 2017, a $675M month
Yes, I will always recommend auction when it is suitable. With the right conditions, there is no other method of sale like it to get that ‘wow’ price. It is also a welcome method of sale for purchasers, the transparency of the public forum can provide comfort.
Running a good auction is a work of art and like anything, if you want to do it well, you have to train and practise, each time refining to be better the next time. We are constantly training for auctions. We are currently halfway through a 12 month auction training program with Ray White’s Head of Growth Mark McLeod, I have learnt a lot and I have been auctioning for 23 years.
What’s the one thing you know now, that you wish you knew when you first started out?
Being more controlled where I spend my time throughout the day in a proactive manner rather than reactive. Having a plan to get the important things done and trying your best to stick to it.
What is your outlook for the Sydney commercial market over the next 12 months?
I am feeling positive about 2020 and this seems to be shared by the market for those I have spoken with. I gave my thoughts on this as part of an end of year wrap for last year - https://www.linkedin.com/pulse/2019-year-review-jeff-moxham/
In short, the recent downturn seems like it was over in the blink of an eye with signs pointing to a strong 2020. You have to love the resilience of the Sydney property market.
