Matthew Farrugia has taken over ownership of LJ Hooker Terrigal, buying the Central Coast business from his long-term mentor, Tim Andrews.
The 32-year-old has worked alongside Tim for 15 years and has been his business partner for the past five, after a succession plan that saw him buy a 20 per cent stake in the business before gradually increasing it to 50 per cent ahead of the full purchase.
Matthew entered the industry at 19 with no experience after calling Andrews on a whim, having spotted his number on a sale sign outside a new development.
He had left school at 15 to work at McDonald’s, where he trained as a manager, and later worked in a pro golf shop, where he met an agent who sparked his interest in property.
“Matthew turned up at the office in a suit and tie – I didn’t have a role available, but he just impressed me so much that I put him on,” Tim said.
“It was easy to recognise his potential early on as he was happy to do any job we asked, whether it be letterbox drops or installing signboards. There has always been an eagerness to learn.”
“I made a promise to Matthew early on that he would be able to buy into the business, and we worked towards that goal. He has never been averse to putting in the long hours, six days a week; he quickly became a great team member and a great mate,” Tim added.
Tim holds Platinum Life Membership in the LJ Hooker Captains Club and has consistently placed among the network’s top five salespeople internationally, according to the release.
Chris Keating, LJ Hooker’s Head of Network Australia, said the handover reflected the network’s approach to building future business owners.
“This is perfect succession planning, where a director is able to recognise and nurture outstanding young talent early on, equipping them with the skills and experience to eventually take the business forward and build on the foundations already established,” Chris said.
“This is a premium market with a range of price points and high desirability; the network needs an operator who understands its dynamics, can deliver exceptional service and has the vision to further grow the brand. Matthew has an impressive track record and is the ideal person to take the business on its next chapter.”
LJ Hooker Terrigal is moving to new premises early next year, with plans to double in size across residential, commercial and rental sales, and grow its short-stay holiday accommodation offering.
“Anyone who knows anything about real estate knows Tim Andrews, so these are very big shoes to fill, but I am excited,” Matthew said.
“We have worked side by side for 15 years and have been business partners for five years. I am looking forward to putting my own spin on things and to having some big plans in the works, but at the same time, I hold my mentor’s lessons close.”
“It is a tough market at the moment, but there are buyers and sellers out there; pricing is crucial, and you need to be able to have the hard conversations, and that is not something that I am afraid of,” he said.
“I think about all those years ago when I made that phone call from a signboard and how lucky I am that someone took a leap of faith in me,” Matthew said.
“I’d like to take everyone with me on this journey and give them the same privilege that I was given.”