Entrepreneur Success # Franchising
# The Go Gecko Story Think Different: The GoGecko Story
‘If you are not limited by conventional thinking, you can come up with different solutions.’ Geoff Doyle says.
Geoff knows what he is talking about. He has been there and done that. Geoff was one of the founders of the GoGecko Real Estate franchise. A friend of his, with a real estate agency on the Gold Coast, brought Geoff in to grow the business. Geoff knew nothing about real estate, so he came to the real estate business with open eyes.
Geoff just did not ‘understand’ the business, the way real estate agents think, the activities they perform and the cost structure of a real estate office. So, he went on about asking lots and lots of questions about the status quo.
The questions triggered a think tank process to look at whether there were different ways or better ways of doing business.
The Status Quo
With real estate the hardest part of the business is getting a listing. Real estate agents spend about 60 to 80% of their time prospecting to get listings. They actually spend very little on the buyers, even though the buyers are the ones who trigger the transactions and therefore the payday. There is the notion in the real estate industry that the buyers will find the property.
The real estate industry is a very competitive industry. There are around 600 to 800 real estate offices throughout Australia. Some of the existing real estate players have been around for more than 100 years- a long time, by Australian standards. All of them play by the same rules.
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