IF you had asked Elders zone real estate manager - west Drew Cary in his younger days if he could see himself in a State-based real estate role, his reaction would probably have been one of bemusement and denial.
As a chemical engineer in his early working life, a career in real estate was never on the radar.
But the Bunbury native is relishing his role fronting the iconic 180-year-old Australian company's WA real estate business.
His charter covers the whole gamut of property-related activity and financial management including oversight of Elders' residential, commercial, property management, franchise and acquisitions sectors but previously excluded the rural side of the business which contributes about one third of its annual turnover and it's the one piece of the jigsaw Mr Cary is looking to complete.
Following the resignation late last year of his contemporary who handled that side of the business in Jim Sangalli, Mr Cary is now seeking to fill the role with a rural and corporate-minded dynamo to work alongside him and his close knit property team comprising South West manager Mark Bateman and senior sales support officer Karina Brown.
"Jim and before him Malcolm French were integral to the rural side of our business both corporate and local and it's an amalgam of their roles that I am looking to recruit for into a new rural real estate position," Mr Cary said.
He is seeking a vibrant, self-motivated person who is a natural leader and equally comfortable at closing deals and making contacts alone as coaching and collaborating with the team of existing staff.
"A driver's licence is essential while an auctioneer's licence, triennial certificate and real estate licence are desirable but for the right person we will support them to acquire these, Mr Cary said.
"It goes without saying that as an experienced professional they should be an expert communicator and negotiator with a solid understanding of applicable technology and sound financial acumen.
"And they should have a desire to be part of a busy team in an incredibly proud and resilient organisation which is focussed on growth and innovation with an industry leading website, access to the best technology platforms, training programs and marketing materials."
Mr Cary said crucially in the best interest of customers, the company and existing staff, it would be a well renumerated salaried position to avoid conflicts of interest and to encourage cross company collaboration.
"There are times where it will be important to work at a local level with local reps and times where it will be necessary to work at a higher level with corporate and international interests," he said.
Mr Cary said it was an exciting time to be in the WA rural real estate space and he was predicting plenty of upside in future years.
"There is a little bit of hesitancy in the market right now due to a tough 2019 farming season and as a consequence we have a bit of a divide between seller expectations which are still aligned to the buoyancy of the 2018 season and buyer willingness to commit," he said.
"There is still plenty of corporate interest but only at levels of return on investment (RoI) perceived as being viable to them and with good capital appreciation potential.
"And we are seeing more farmers who are interested in leasing properties from corporates or others to boost their economies of operating scale without having to find significant upfront capital outlay required when purchasing (generally a minimum of 30 per cent of the capital value of the property).
Mr Cary said there were also signs to indicate the residential market may have reached the bottom of its cycle which presented a whole set of other options and opportunities for rural and other investors.
He said economies of scale was just as important to real estate businesses as it was to farming enterprises and it's in part what had driven a 20pc contraction in franchise businesses and provided and would continue to provide acquisitions opportunities for Elders.
"The addressable market for the real estate business in WA peaked at $40 billion five years ago and today it is at $20b, so companies have had to find ways to make money in a declining revenue space and the survivors will be the big brand names and those with big rent rolls," Mr Cary said.
"It is a good time for acquisitions at the moment with the market not necessarily distressed but probably not likely to get any cheaper."
Mr Cary said Elders' real estate business had doubled in the past four years, helped by acquisitions, the most significant of which was the very one that brought him in to the Elders fold, its purchase three years ago of Southern Districts Estate Agency (SDEA), Bunbury, now known as Elders South West Real Estate.
At the time he was its managing director in charge of 65 staff across three sites and one of 10 operational shareholders, nine of whom are still working in the business under the Elders banner.
As well as being a licensed real estate agent, Mr Cary is also a licensed auctioneer and has been the Real Estate Institute of WA (REIWA) Bunbury chapter chairman for five years.
While it was a twist of fate that took him down the real estate path 15 years ago (12 years at SDEA and now three years at Elders) in which he carved a successful niche specialising in business brokering and commercial real estate, it is acumen acquired in careers prior which underpin the unique skill set he brings to his current role.
After a childhood spent in Bunbury, Merredin and Perth (his dad was an AMP insurance rep), he studied chemical engineering and worked for the world's biggest oil and gas service company Schlumberger, in management, marketing and technology research oversight roles and later in industry consultation based in Adelaide, the UK, USA and Jakarta.
Political unrest in Jakarta brought him and his family back to Perth and with it a desire to pull back from his hectic schedule of international travel.
They bought the Bedshed business in Claremont and ran it for eight years and a vineyard down south which would lead to a return to his birth place, Bunbury.
"To be a good business owner you don't necessarily need to have the technical background," Mr Cary said.
"That is something you can build on but managerial, financial, economic and people management matters are fundamentals for all businesses and that's a space I'm very comfortable in."
Mr Cary said the irony with his deviation into real estate was that he approached the principals of SDEA at the time to find a business for him to buy in the Bunbury region.
"After a degree of searching they said well actually we are considering selling our business," he said.
"I've loved the challenge and enjoy being able to look at this industry from a different perspective."
Mr Cary remains excited by the prospects and opportunities he sees in real estate for Elders and believes the strength of its brand name and its Australian heritage will be increasingly important business assets.
"I am prepared to pay a premium for Australian product and I believe a lot of people are too - within reason, and have an innate desire to support local companies.
"We recognise the value of quality staff in this equation which is why we are placing such emphasis on recruiting the right person for this new position.
"And we are happy to have a confidential discussion with anyone at any time who may be interested in learning more about the opportunities a career with Elders real estate provides."
Mr Cary can be contacted on 0403 907 449.
