From a very early age, Luke Bailey understood the value of investing in property and by the time he was in his mid-twenties had built a large property portfolio.
Early in his life he wasn’t working in the property industry and was focused predominately buying properties for himself.
“Originally I was actually an electrician working away in the construction industry in the fly-in/fly-out and oil and gas fields around Australia. But in terms of where I started in property, I was an investor since I was 18 years old so I had some investing experience prior to starting off the buyer’s agency. I built quite a large property portfolio mostly in my twenties.”
Being from Adelaide, Luke felt there was an opportunity to use the years of knowledge he had gathered as an investor, to help others do the same.
“There’s a couple of things that lead me to become a buyers agent with the first being the opportunity and a hole in the market that I saw. I’m based in Adelaide and I saw that there was a lot of buyer’s agents in Sydney and Melbourne, but not too many buyer’s agents in Adelaide so I saw an opportunity in the market to bring the buyer’s agency side of things to Adelaide and kick things off there.”
“The second part was more or less to help people not make some of the mistakes that I’d made early on. I felt I had some experience as a property investor that I could probably share some of that knowledge to help people.”
With a keen interest in small scale development and subdivisions as an investor, Luke felt there was an opportunity to help Adelaide investors by applying those same strategies.
“On the buyer’s agency side of my business, we service predominantly investors and developers. Then the second part of the business is actually a buyer’s agency service, but we also actually do project management as part of that and that’s specifically small development projects like subdivisions and land divisions and small construction projects.”
Despite his wealth of knowledge, it took a few months for Luke to build his business up and start gaining momentum.
“In any business, the first six to twelve months is always the hardest no matter what business you’re in. But for me, it was all about just getting a good structure and working out what things really drive a business. “
“For me in the first six to twelve months I was really focusing on marketing and sales and getting my name out there. And now I don’t do as much marketing and sales now, but the first sort of six to twelve months that’s what I had to concentrate on.”
Luke started working with the BAI in a bid to better understand the business side of things, given his well-established skills as an investor.
“Coming from being an electrician and working in the construction industry, I had no prior experience in marketing and sales and actually running a buyer’s agency business.”
“They are two things that are completely different. But BAI has been great – it’s really propelled me a lot faster getting in touch with Ben right at the start.”
Luke is looking to continue to grow his business in the next few years with a big focus of the development and the project management side of things.
“I’ll definitely be looking to do more in the development and land division space. I’ve identified a bit of a hole in the market here in Adelaide where not a lot of people provide a service where they’re buying the properties and then actually taking it to the next stage with the project management of these land divisions and construction projects. That’s where I’ll be taking the business in the next five to ten years.”
If you’ve got a passion for property and want to control your time, then Luke suggests that becoming a buyers agent might be a career to consider.
“There’s a lot of people out there that just are not fulfilled and they’re not happy in their job and being a buyer’s agent does give you a lot of freedom and it allows you to be your own boss so you really control your own time, which is ultimately what we all want to do.”
“We want to control our own time and do things that we want to do and not have to work for a boss. It all comes down to freedom and flexibility for me. And I think that’s what most people really seek and that, in terms of this career path, can provide that for you.”