When William Bonnici decided to expand his real estate business beyond a single office in Wodonga, Victoria, he understood the complexities ahead.
Nearly a decade later, First National Real Estate Bonnici & Associates operates three thriving offices across two states, proving that strategic expansion and strong administration can overcome what he calls “a minefield” of regulatory challenges.
William’s expansion story began not with grand ambitions, but with practical necessity.
Operating in the unique border region of Albury-Wodonga, where Victoria meets New South Wales, he recognised that success required presence on both sides of the Murray River.
“There’s always been that colloquial divide between Victoria and New South Wales,” he explains, likening it to the rivalry between Queensland and New South Wales in State of Origin rugby league.
“But because of were we are geographically, you really need to have a presence in both states.”
The first expansion came organically when one of his agents, Tony, who had been with the company since 2013, was doing significant work in Beechworth, half an hour away from the main office.
Rather than lose that market expertise, Williams made a bold decision: “I just said to Tony (Stockdale), get your license, and I’ll open an office for you.”
That calculated risk paid off spectacularly. Today, First National Bonnici & Associates commands approximately 50% of the Beechworth market, demonstrating the power of local expertise combined with strong backing.
“It’s really difficult to concentrate and specialise on that part of the market without knowing it intimately.”
The expansion into New South Wales presented more complex challenges.
Rather than choosing the obvious location of Albury city, William strategically selected Thurgoona, a growing suburb under the Albury local government area.
“It is a minefield”
The regulatory challenges of operating across two states proved to be what William calls “a minefield.”
Different legislation governs everything from sales authorities to contract requirements, with Victoria being “a little bit more lax” in certain areas compared to New South Wales.
Perhaps most surprisingly, even regulatory bodies couldn’t provide clear answers about basic operational questions.
When he sought clarification on whether the same person could serve as the officer in effective control for offices in both states, “no one could even answer that question.”
The answer, it turns out, is yes, but the fact that such fundamental operational details weren’t clearly defined highlights the complexity agents face when expanding across state lines.
With 28 employees across three offices, William has learned that robust administration is the key to multi-state success.
The company maintains separate trust accounts for sales and rentals in each state, four accounts in total, requiring meticulous processes and additional auditing costs.
“Everyone says properties are sales and property management,” he says.
“I’d say our biggest asset is our administration.”
This administrative strength enables the company to operate with remarkable flexibility, with stringent policies and procedures ensuring everyone can “sit down and have your coffee without tearing your hair out” during audits.
William’s hiring strategy prioritises local knowledge while building cross-border capability.
“You can’t just be a Victorian agent or a New South Wales agent,” he tells his staff.
“You need to be able to do both. Otherwise, you’re effectively halving your market.”
This approach has created unexpected advantages for staff development. While a traditional agent might see 50 properties per year, William’s agents gain exposure to 80% of the 250-300 properties the company handles annually across all offices.
“A rookie sales agent starting with us is going to have their experience fast-tracked by fivefold,” he explains.
The company operates with no demarcation between offices; agents can sell across all areas, with transparent diary systems ensuring everyone knows what colleagues are doing.
“You can’t grow without middle management”
The expansion has also taught William valuable lessons about delegation and scaling.
“As you expand, you have to have what many would refer to as middle management. It’s necessary. Anyone who tries to do it all on their own … I couldn’t do it. We just wouldn’t grow.”
He’s learned that attempting cost savings by removing middle management will cause everything to buckle.
“You can’t grow without it. So it is two steps forward sometimes, but one step back when it comes to cost efficiencies.”
Perhaps most importantly for fellow agents, he identifies ego as the industry’s biggest challenge.
“The biggest killer in the real estate industry is ego,” he states firmly. “Put your ego in the back seat, that’s where it belongs. There’s a fine line between confidence and arrogance. You should never be any less confident in what you can do, but you should never cross that line and become arrogant.”
“The best player doesn’t make the best coach”
His advice for other business owners considering expansion is practical: “People overcomplicate things, especially those looking to start their own business. The best player doesn’t make the best coach. Know your strengths. If your strengths are sales, property management, or management, then play to those.”
Looking ahead, William remains open to further expansion into other regional spaces 30-40 minutes away, but recognises that would require additional administrative and management support to avoid overextension.
Finally, he says the success of First National Real Estate Bonnici & Associates demonstrates that with strong systems, and the right support network, even the most challenging regulatory environments can be navigated successfully.
