Leo Edwards has revolutionised real estate in his coastal region with the help of social media and digital marketing.
The @realty agent, who operates in Inverloch, two hours from Melbourne, has built a thriving business by thinking differently about how properties are marketed and sold in the digital age.
“We’ve pioneered tech in our business,” Mr Edwards said.
“We started using Openn Offers in 2019 as well as Openn Negotiation as the backend of the sales platform. I think we’ve transacted over $150 million on that platform.”
From financial services to real estate innovator
Unlike many in the industry, Mr Edwards didn’t start his career in real estate. With a background in financial services, he and his wife moved to the region about 12 years ago.
“It was like stirring mud here,” he said.
“Even though it’s only two hours from Melbourne, the local real estate offices were just starting to grasp they need to put floor plans with listings. Ten years ago, it really was in the dark ages a little bit.”
This experience inspired them to create “Inverloch3996” – initially just a Facebook and Instagram page about the region that has since grown to 35,000 subscribers.
Their original goal was to become a hyperlocalised version of realestate.com and handle marketing for local agents.
When that business model proved challenging due to competition between agents, Mr Edwards took the platform to @realty in 2019, and in the process launched his real estate career.
A coastal market with broad appeal
The region where Mr Edwards operates offers competitive pricing compared to other coastal areas around Melbourne, attracting a diverse range of buyers.
“We’re two hours from Melbourne, so it’s still competitively priced for a coastal region. If you go the other way, sort of Anglesea, Torquay and Heads, that sort of market, we are probably 40% cheaper here,” he said.
“So there’s still a lot of that money coming through to this region – retirees, second homes, holiday homes, people get more bang for their buck in this part of the world.”
His transactions range from $650,000-$750,000 at the lower end up to $3 million, with many small acreage properties that benefit from his targeted marketing approach.
Quality over quantity
Rather than scaling up his business, Mr Edwards has deliberately created what he calls a “comfortable lifestyle business,” focusing on quality service rather than volume.
“I try and carry 20 listings and then kind of move five in and five out. So we are never holding more than 20 in stock,” he explained.
“We’d have to employ people, and it kind of weakens the offer a little bit then. We’ve built a really comfortable lifestyle business. I have a good quality of life as well. I’m not working a hundred hours a week.”
Joining @realty
Mr Edwards joined @realty in 2019 after deciding against the franchise route, which he found too expensive and inflexible for his business model.
“We didn’t want to go down the franchise route. We looked at those options, and they’re just too expensive, really,” he said.
“Whichever way you skin the cat, it would involve physical premises, office. We’d have to heat and light that office, we’d have to put staff in it seven days a week in a coastal town. And when you add all those costs together, it’s just not really a viable business.”
The @realty model has provided him with the support he needs while allowing him the freedom to operate his business his way.
Proven results
Mr Edwards’ approach has delivered impressive results. He’s been an @realty All Star agent every year since 2019.
Perhaps most impressively, his business maintains the highest list price to sale price ratio in the region.
“For 2023, we sat at about 92%, and our nearest competitor is at about 79%,” he said.
With bigger franchise groups now moving into the area, Mr Edwards remains confident in his approach, focusing on referrals and word of mouth to sustain his business.
“I think if people are saying good things about you, it makes a difference,” he said.
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