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MARCH 2011 |www.opp.org.uk


THE LAST WORD NICK BYRNE | 65 Developer profi le


locations. However, what we don’t have is the level of expertise that someone who has worked elsewhere as an agent will have – knowledge of conveyancing and the legal side of things, for example. Now these aren’t obstacles, but when you think of how long that will take, and to do it in multiple countries will be even harder. “We do want to grow the brand, and we


know that having the network provides a very powerful platform for that.” Another plus for agents comes from the existing network of UK offi ces, according to Byrne. He said: “Companies like REMAX and Century 21 are networks of agents that have been very successful, but have never really worked in the UK because commission in the states is a lot higher, and you need that higher percentage for it to work. With us, cracking the UK isn’t a problem – we’re already here, and we’ve launched our franchise membership at very competitive rates.” And, Byrne adds, “it’s a powerful argument as an agent if you’re seeking a developer – no one else has this link into the UK that we’re going to be offering.” There are also benefi ts for customers in dealing with a company with its


roots in


the UK. “There’s the language barrier, and some of the agents in certain countries haven’t got the greatest reputation in the world for integrity or helpfulness. We’ve been going a long time, and there’s greater confi dence, people think: ‘Oh, we know them, we’ve dealt with them before, we’ve seen them at the boat show”, and they’re more at ease.” Waterside also makes sure it only works with reputable agents. “We’re


“We’re keen on the Red Sea resorts ... the combination of activities in Egypt is very good”


looking for people who have got estate agency experience, or business experience in the relevant fi eld, as well as accreditation (e.g. a yellow card in France, or NAEA recognition in the UK). We’re very picky – we have turned down people in the past if we didn’t feel they met the criteria, or if they weren’t right for us. We want like- minded people who we can do business with, and who we have the confi dence to refer our clients to. The company is looking to grow its


network of agents in specifi c areas, and is welcoming applications. Byrne said: “We’re picking areas


where we know it’s absolutely right for us. For example, we’re more selective in the UK with marina locations and so forth. But the vast majority of property abroad tends to be very close to the water. Our typical UK client may want to buy a property with a marina and mooring, but when he goes abroad the considerations are wider than that. He’s got the family and the holiday element to consider, so he’s probably less focussed on a marina than he might be in this country. He’ll want something with a decent beach, good weather, and ideally with a bit of sailing nearby. I would speculate that 90% of overseas agents would have the right sort of stock for us, with the exception obviously being city centres, and some of the golf developments that are a little more inland.” Byrne wants to crack markets with


untapped potential, as well as exploit the more traditional sailing areas. “We’re keen on looking at the areas with quite reasonable sailing. So for example, while Bulgaria is on the water, it doesn’t have great sailing in the Black Sea. If someone had a really good business plan we’d probably talk to them, but it wouldn’t grab our attention as much as Malta or Turkey.” He added: “An area I am


particularly keen to hear from is Malaysia, Singapore and Thailand, which are very well known for sailing, with good yacht clubs and


many regattas. Our client base is going further and further afi eld, to include places like Australia.


“There are certain locations that we


defi nitely want to hear from, and there are very few places where I’d say we don’t want to be. Once the unrest in Egypt dies down we’ll be very keen to hear from people on the Red Sea resorts, the combination of activities in Egypt is very good.”


The franchise model allows agents from across the world with waterside properties on their books to get much needed exposure and expertise, while still retaining their businesses independence. “We haven’t got a target for the number of members, which sounds a bit weird from a business plan point of view. We’re more concerned with the quality than the quantity – the right people in the right locations, with the right property. The real ethos behind the network is growing the brand to get us where we want to be, more quickly than we would get there otherwise, and in an ethical way with the right people. It’s not going to be like a McDonalds franchise – we’re not overly prescriptive. We want it to be the individuals business still, sharing the platform as equal partners.” Having steered the business through the choppy waters of the recession, it’s full steam ahead for Nick Byrne and Waterside Properties.


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