What An Entrepreneur’s Life Can Really Give You 🔮

What an Entrepreneurs Life Can Really Give You

Ben Handler:

So I remember when we first spoke maybe just over 12 months ago and you were looking to transition out of your recruitment manager role and from what I was hearing you, you weren’t sure you wanted to start your own business. You were considering working for another buyer’s agent business. And then I received a call probably six months later. Six weeks later. Yeah. And you’d resigned. Yes. You’d registered your company name, you were building your website. I mean, what happened?

Emily Wallace:

I think, and I can’t pinpoint it down to a moment, but I think in that transition period, so many thoughts went through my head and I’d been so used to being in an employee that my default was to be under somebody else and learn from somebody. And I think even though it’s had its challenges being out of my own, it’s been the best experience personally and professionally. And the defining point is I, I finally backed myself on something and I was happy to go out on my own. And I know when you got the phone call you were quite surprised you. What do you mean? I thought you’re going to work with somebody. Uh, but I’ve learnt so much more. I I believe, I will never know cause I never ended up working with somebody, but I do believe I learned so much more being out of my own. I’ve been able to pull from different people in the industry and take the best parts of everybody and make it my own. So I’m very grateful for that.

Ben Handler:

Welcome to the buyer’s agent Institute show. Our purpose of the show is to bring awareness to buyers agents to bring awareness to the incredible career opportunities that buyers agents are providing to people to bring awareness to the value that buyers agents are providing to people who need help with buying property. Our goal of the show is to really strip back and dive into the stories and the journeys of remarkable buyers agents who are paving the way forward in this incredibly fast growing new career sector in real estate. Today our guest is Emily Wallace. She’s based in Melbourne. She’s been running her buyer’s agent business for 12 months. She came from a background in education and recruitment and post her Lou leading her recruitment business where she became a buyer’s agent, started her business. She’s now started two more businesses and a podcast, which all compliment her core buyer’s agent business.

Ben Handler:

I’ve been watching M’s story and just her journey over the last 12 months. She’s been building an incredible personal brand and obviously all her business brands. But what’s became more apparent is that she’s really building a tribe and a following of people because she’s very prolific online with how she shares content. And I really believe she’s setting the foundation, the benchmark for buyer’s agents across Australia with how they need to show up and push out content online. I’m really excited to introduce Emily today. Welcome M. thank you so much for having me. Thank you. So you came from Melbourne yesterday?

Emily Wallace:

I did. Late last night. We arrived. And what’s happening here is, so I’m here for a few reasons obviously to see yourself and I’m also going to the AMA tonight, which is the mortgage broking awards. Um, Evelyn Clark, who I do the podcast with is nominated for young gun of the year. So supporting her.

Ben Handler:

Awesome. It’s hard right when you’re working for a company and you’ve been conditioned to that employment system to, to, to make that leap

Emily Wallace:

to go out on your own. Right. And I was only in it for three years. I can’t imagine how much someone who’s been, you know, in a nine to five for maybe 20 odd years, how they may be feeling to really back themselves and do it might take them a bit longer. But yeah, definitely I was conditioned and I’m so glad that I’ve broken out of that cause it’s, it’s really fun and exciting and I love each day. Yeah. Nice. And your podcast, what’s that called now? It’s called, I wish I was taught that at school and I think that encapsulates the exact meaning of what we aim to bring. And that’s education that the school system just doesn’t touch on or teach or life skills that you really need to know to get by.

Ben Handler:

Yeah. I love that. And I read an article recently by Matt Barry. He’s the CEO of freelancer. And the article was based around the education system being very ancient and that we don’t need more lawyers and we don’t need more accountants. We need people to really get out there and start companies, solve problems and really do meaningful work and not just be making coffees and you know, doing juices for people with your podcast. So you’re looking to share like key messages around and themes, what we’re not really properly learning when we’re at school.

Emily Wallace

So the PR, the podcast is based on three pillars being property. Given my role, uh, finance cause Evelyn is my cohost and she’s a broker. And the third piece is mindset. And that one I think is actually going to become more apparent and come to the forefront of the podcast as time goes on. Because people love that. They love hearing different ideas, different ways of thinking and definitely promoting that mindset that that school really doesn’t teach you how important it has might’ve been for you with your massive, the little voice in your head that that talks to you. And I know that’s only one piece to mindset, but that whole point of, of backing yourself and having, I wouldn’t necessarily say a positive attitude because I think people go, Oh, you know, you always said positive and happy and that’s great. But I think having a realistic attitude is even more important. Um, and being very, very realistic about your goals, your expectations, that actually creates a positive attitude because you know what you set out to do and you know that it is achievable and realistic. I mentioned earlier that your social presence, it’s [inaudible], it’s very prominent.

Ben Handler:

It’s obviously very consistent. A lot of people are watching you and I believe a lot of your competition that I’ve seen who have been around a lot longer than you, they’re, they’re copying you, which is a compliment. Yeah, sure. I guess you, you speak very well in front of the camera. Did you, were you doing anything prior that set you up to be,

Emily Wallace

a lot of people ask this question. I think people think I’ve been through a training course or I’ve done TV or something and I haven’t, I put it back to the fact I was heavily involved in performing arts when I was younger. So I’m used to compete in singing a Stedford speech and drama. Um, but I really stopped that when I finished school and there’s been a bit of a gap. Um, I never thought that those skills would come through in this way, but I’m so thankful that they have. Um, and that’s probably the only thing I can put it down to. Outside of that, I just talk the same. I’m talking on camera is the same. I talk off camera maybe a little more pronounced in the way I speak, but the content and what I speak and what I say is still all the same.

Emily Wallace:

And I think that’s key. Just being authentic and being new, there’s no point putting on a stage face, you know, and, and being someone on camera and then being a different person offline, you can’t do that. Authenticity is important. Yeah. So have you found a lot of clients organically through your, through your social posting for your buyer’s agent? Yes. Um, a good example of this, if I can share a story with you. Um, I got a message on LinkedIn message from a financial planner who I’ve never met, um, about three weeks ago and he said, I’ve, I’ve seen your content we’ve never met, but you’re going to get a phone call from a client of mine called Vern and he wants to buy a house. And I’ve told him that you need to, you know, use Emily to buy a house. So I get a call from them within 24 hours and he says, Oh, well my financial planner says we should use you so we’re going to use you.

Emily Wallace:

So they were already, so I didn’t have to sell them. I really didn’t have to sell them on the idea of me, the financial planner who had seen my content believed in me enough to back me without even meeting me, um, to his clients. And long story cut short, um, we did buy, I bought without even meeting the clients. I took them out for lunch to celebrate. That was the first time we met face to face. And that right there was like, if I didn’t make video, if I didn’t educate people with expecting nothing in return, but to help people out along their buying journey, then that client never would have been possible. And I think that’s just so powerful and there’s plenty more stories along the way like that where clients have found me through my video content and through my social media, even through Instagram, one client at the moment who’s just signed on is through Instagram.

Emily Wallace:

So, um, I believe I have a bit of an upper hand in that space that I’m really leveraging and as hard as I can. And some people just don’t understand the concept, which is okay. But I really believe in social media as a driver for uncovering the person behind the screen. And as we all know, there’s this haters on social media and you know, it’s got its pros and cons. I saw a post recently from you about, uh, someone who maybe disagreed or was trying to have a dig at you. Uh, how do you typically rebound from that? Because I know it’s everyone online finds it challenging and a lot of people learn to move through it in different ways. What happened in that situation? So my initial reaction was because there always is this, this, um, point about my age and about that I look young and, Oh, you’re only 26, how can you be doing all this?

Emily Wallace:

And I actually speak it a lot to Evelyn about this and she’s been a great support person cause she gets the same. And I think I’ve never seen my age as a barrier or the way I look as a barrier when it brought up as a comment in hate. I kind of, there’s a couple of pieces to it. My first thought is that person must be very unhappy with themselves if they’ve got time to put me down. Um, the other piece is do they wish that they were like that? Do they, um, are they unhappy with where they are and do they really feel the need to take it out on someone just because they look a certain way? If we picked people and their professions based on the way they looked, right. If you didn’t like them, you’re going to pick a heart surgeon based on the way they look.

Emily Wallace:

I don’t think so. Like you’re going to pick them based on their skill set and, and your alignment with them. So those hateful comments. Yes. Initially I’d be lying if it didn’t take a bit of a stab. Like when you first read it, it’s like, Oh, how could someone be so mean? But then the second part of me just laughed and use it as motivation to go, well, look at me now. You know, I think and that pushing forward, I’m going to keep going forward. Um, is, is really key. Yeah. I admired the way you dealt with that because I resonated with that situation because I had a similar experience when I started my buyers as your business in my early twenties. Yes. There’s this thing in Australia where they just want to know how old you are and what you’ve done. God, if you don’t mind me asking how old you are, how old are you?

Emily Wallace:

It’s like I don’t actually reverse it. Right. I don’t go to someone go, Oh you look like you might be about 50 50 no, we don’t say that. So why is it okay to say it to the younger generation? And it’s actually rude to say it to the older generation. Like how is that? That’s just not a fair balance is it? It doesn’t stack up. And John McGraw I’m in, but I read once, he said if you’re good enough, you’re old enough. And in America instead of asking you how old someone is, if they’re doing something good, they want to know how you’re doing it. Yes. They just want to know how you’re doing that. Which is the important question. That’s such an important question to be asking. So I just really admire it because I mean it’s, it is difficult online trying to move through all the people who are jealous or envious.

Emily Wallace:

And I don’t know, I just see a lot of it online and just, it’s challenging. Yeah. But would they say it to my face? Probably not. So I think at the end of the day, online is a buffer for people to put out the hate they want to put out. And that’s fine. But I know they’d probably never say it to my face and that just kind of makes it, you know, the point that it doesn’t really matter. How does your day look like now you’re running three businesses, you’re running a podcast, your, you’re in startup phases. How’s it like what do you, my days are crazy and my days are great though. A lot of it, there’s always an element of networking somewhere, whether that be a face to face event or a one to one coffee with someone that’s found me on LinkedIn and we’ve connected and we’re taking it offline.

Emily Wallace:

Always a meeting of some kind. I don’t think I’ve ever had a day where I’m just in the office. Um, then also obviously inspections for clients. Um, video, content planning and um, and prospecting, you know, outbound. You can’t have a pipeline that’s full and go and bank on it. Um, and not be generating more relationships with other referral partners, um, that you’re happy to work with and be aligned with or um, that video content that keeps me front of mind and a lot of people’s feed so you can’t let the ball drop. Cause as soon as you do, your competitor comes in over the top. And I love that. I love that. I’m not competitive by nature in terms of, you know, and it was never competitive with sport or anything like that, but I’m competitive with myself and I know that I want to set the benchmark of what level of content I’m putting out and how that generates business for me. So that’s always in my day in some way, shape or form.

Ben Handler:

Well, you’re executing on that. I mean I mentioned at the beginning of the introduction that you are, I believe setting the benchmark of how people in the buyer’s agent sector need to push out content. Yes, yes. The message and the communication and what they’re actually sharing because it needs to be relevant. The information that people share. Yes. Yeah. And I mean you mentioned prospecting earlier about pipeline.

Emily Wallace:

How important is prospecting for the buyer’s agent? It’s massive. You really, you can’t bank on until it’s signed with a client. Because think about it when someone’s going to buy a property and the thought is there, they might not be ready to buy right there. And then, so the conversations, I mean my pipeline, sometimes there’s people I’ve had a conversation with actually what I had in January and we only bought in August because they didn’t have everything lined up. So the prospecting piece of your mortgage brokers, lawyers, financial planners, those relationships to continue those, it’s like if you look at spreading them across 10, if one dropped off, and I actually learned this at a recent like convention I went to, if you had 10 partners and one of them dropped off, what does that mean from an income point of view? So keep spreading your eggs wide because you can’t bank on one or two or three.

Emily Wallace:

You got to have 10 at least. So that’s my continual. Um, it’s didn’t make sure I’ve got those people in place and I maintain those relationships authentically. How, how’s it been going? Developing relationships with real estate agents. What I found from meeting many, many real estate agents is there’s a, it’s kind of two types in it and I don’t want to, I have really good relationships with agents, but I’ve found is when I look to work together, there’s one half that would like to do it from a transactional point of view. And there’s one half you want to do it for the greater good for the buyers. And I love working with those greater good people because they will send people to me because they’ve seen them at five or six open homes. They’re not getting anywhere. They know they need my help and they hand over a name and number and they say, M just do a good job.

Emily Wallace:

You know, and I hope what goes around comes around and the next listing will come, you know, from you when, you know, when you have it for me. So I love that. And, uh, without being, this is kind of a bit ironic, but without being ageist, I’ve actually found it to the younger agents who are more willing to do that education piece and happy to help, um, buyers in that pocket. And they know when they’re out of their depth and they’re happy to hand them onto an agent, a buyer’s agent. The gen Y is spreading the love, spreading the love. Why not? I, from what I understood, I mean, I had an office in, in Albert Park at one stage in Melbourne, and

Ben Handler:

we, from what we understood in the Melbourne market, it was much more difficult than Sydney to get referrals from real estate agents. So it’s great to hear that you’re getting referrals

Emily Wallace:

from real estate agents. Yeah, I am. I’m not, I wouldn’t say they’re my main lead source by any means. Mortgage brokers and financial planners are my key. And my own content is, is actually probably King of, of all. Um, but yeah, the real estate agents who, who get it and they understand and they’re, they know their job is to sell and my job is to buy. They actually, they’re great partners to work with.

Ben Handler:

What do you love about, I mean, you’re running multiple businesses. Like what do you love about being out of the employment world and running a business?

Emily Wallace:

Uh, I have choice, a lot of choice now. I don’t work any, I don’t work less. I work almost double in terms of my output. Um, but that reward is 100% mean. I’m not working for the man or you know, giving it to someone else in a higher up that may or may not appreciate my work. I appreciate what I do and it comes back to me full circle. So I think that the choice in my output, creating my lifestyle and what I want to achieve is, is being really key. But also like the networking piece. I didn’t know how much I would love networking. I love going to events and talking to people and meeting new people. And also the best part of it is seeing how I can introduce them to more people. Most of the time I’ll say, you know, I’ll learn about their business. Who’s the referral partners? Who do you work with the most and then see if I have someone I can intro them to. And I love that. I really do. Um, I think as a whole business in itself. But uh, yeah, I think the, the social aspect of, of business and being with likeminded people, it’s been very enlightening. Yeah. And I’m sure your brains

Ben Handler:

moving 24 hours a day, how do you switch off?

Emily Wallace:

Uh, it’s a challenge. I won’t lie. Switching off is like the moment I wake up it’s like I can ready to go. Um, so I’ve, I walk a lot. Um, I’ve definitely walk every day. Um, and in that I’m kind of listening to music or a podcast and I do slowly like switch off thoughts will come and go, but I slowly switch off. Um, I also go to the pool, I’m in st Kilda and just sit in the hot seat, Barb’s down there and just sort of quite close my eyes and switch off. Um, people keep telling me I need to try meditation and I’m sure you would tell me that too, cause I know you’re big on it. Um, I will get there baby steps. Um, but that’s probably my key. Walking and, and being sort of calm in the pool when it in a hot pool was really nice

Ben Handler:

from my experience running businesses when I started my first business, I F F I went through a very deep transformation of, of growing personally and professionally. Have you found, since you’ve exited the corporate world and now embarked on your entrepreneurial journey, have you gone through a similar style of

Emily Wallace:

yes, and I think the biggest reflection of that is who I choose to associate myself with now. So I think I have, I definitely have changed, not morally or fundamentally, but my, where my mind goes to and what’s possible is definitely changed to the point where I’m frustrated probably is not the right word, but I find it hard to understand others who don’t think that way. I have a level of empathy, but probably not as high as as ovens would. Um, when people think that things aren’t possible or, um, or don’t think in the same mindset as me, I don’t mind spending time with them, but I know that there’s a limited amount of conversation that’s held and I’d rather be with people who think similar to the way I do. I call them energy vampires. Like the way, the way that I look at my days, I’ve, it’s like a bar on your phone.

Emily Wallace:

Yes, yes, your energy just goes, but if you’re hanging around the wrong style of people who are sucking your energy, it depletes it and then it doesn’t help your, your output in the day. Are you selective with who you spend time with? I would say in the last three to six months I’ve been more selective. I didn’t realize, um, I probably didn’t have that level of awareness prior and I would just say yes to catching up with anybody and, you know, friends or professionals. Um, now I’m very, um, aware of, of what that means and if I am spending time with someone who, who is sort of at a certain level of mindset where they want to be, I actually go into that knowing that’s how the conversation’s going to be and I’m okay with that. Um, I think you need that. You can’t always be on, right.

Emily Wallace:

You need those people who are your friends who are, um, happy to work a nine to five and they’re happy to do their bit and away they go. Um, but yeah, I am a bit more selective and aware of where my time goes and who and who I’m spending it with. Yeah, it’s important. Did you buy a property last week for clients? I did. How was that experience? So that was a great one cause we bought it before auction, um, and Melbourne auctions right now. So we’re filming in October of 2019. Um, the auction clearance rates are really up. Um, and the competition, like I went to one where there was eight different bidders for one property. I’m like, geez, they’re all preapproved for finance. Like, this is crazy. So I knew when I found this property we had to buy it before auction and it’s the first one I’ve purchased prior to auction for a client and that was great.

Emily Wallace:

The agent was wrapped, the vendor was wrapped and my clients are so happy. Um, so yeah, that was really, really cool putting the sold sticker up. So always good fun. And um, they’re really, really happy with her as though it’s good pre auction. I know Melbourne’s a very auction orientated style of market. Well they love a show down there. Right? They love, they love the show, but I get it. You put it in a competitive arena, you get the highest price and at least the vendor knows, they really put it to market and really tested it well. Yeah. So I get that. But we were fortunate to be able to purchase this one prior. What I loved around when I was acting as a buyer’s agent representing clients is, is that joy when you buy for a client, the post buying that. Yeah. Experience.

Emily Wallace:

Like do you, have you found, yeah. I’ll never forget. There was this one client who was a very lengthy transaction and it was a single mum with three kids and she enlisted my help and it was a sale with the bank involved. And I got the phone call. I said, I gave them a deadline. It’s like this is the final deadline, 4:00 PM Friday. And I was at the Mazda, um, service centre waiting for my car to be serviced at at three o’clock, I got a call and it was, you know, you’ve got, you’ve got the property office been accepted. And I remember I just went and knew and everyone was like, what is that girl doing? I was so excited. I started crying. Then I called the client, she started crying. Um, it’s such a life changing moment and it’s the single biggest investment that people make in their life most of the time is the purchase of their own home.

Emily Wallace:

So I never take that for granted that I’m part of that and I’m honoured. People still send me pictures of, you know, the furniture being moved in or the bathroom renovations and what things look like. It’s a really, I underestimated how much you are a part of that and become part of their, their big step in life. And they love telling you all about it post-purchase. And that’s great. I really enjoy it. And it’s amazing how like advisers we build these like longterm relationships with the client. Yes. They, they move beyond the transaction. Right? They do, they do. Like they become like friends, you know, and I’d happily go and have lunch or a coffee with multiple clients that I’ve helped. So, um, that’s something I never expected, but it’s been a nice surprise. Nice. And why are all your clients that have engaged you typically, what problems are you solving for them?

Emily Wallace:

I think the biggest thing is a couple of different parts to it. One of them with the people I’ve helped that have been on their own, um, so perhaps they’ve come out of divorce or they are, um, purchasing their first home on their own. They really need, um, handholding through that process. They do and they need someone who knows the market. Keep in mind a buyers entering at a certain point in time of the market, whereas we’re transacting in it every day, every week. So we understand it. That lack of knowledge that you can help make up and bring them up to speed quite quickly is very beneficial. Obviously time saving time is a massive component of it, uh, particularly for for workers, uh, and saving them money so they’re not overpaying because quote ranges at the moment and understanding what a quote range actually means and really doing analysis on comparable sales.

Emily Wallace:

They don’t understand it enough to do it themselves. They could try, but I’m not sure they’ve got the same would get the same result. So time, money, research and reassurance. Um, uh, probably some of the key things I’ve found that people engage me for and there are big parts, massive parts. Yeah. And it’s just scary to think before I started my buys edge business 10 years ago, that all these buyers are doing it themselves, up against real estate agents who work for the seller. It baffles me. And the explanation I’ve started to give to people is I say, you wouldn’t go into a car into court with a victim and offender with only the offender having representation. Would you? And people go, Oh yeah, that makes a lot of sense. So why would you buy a house when the vendor’s representative and you’re not? And the penny drops.

Emily Wallace:

You can actually see, I was telling the Uber driver actually about this and Oh yeah, that makes so much sense. And it’s true. And I do think it will become the, the way that we do real estate over time. And I’m so glad I’ve entered it at a point where it’s still growing very, very much growing. Um, but I would like to help in level that playing field by the time I’ve finished an industry, make it more even. It’s great. And I mean, that’s, that’s the purpose of this show. It’s really just to spread that awareness to people around a, the value that buys and is actually provide and be the actual career opportunity of, of becoming a buyer’s agent. There’s so much opportunity. There’s plenty. We haven’t even scratched the surface. There are so many. If every mortgage broker in Australia was aligned with an advocate, can you imagine like it’s just crazy, or even every, there’s 65,000 real estate agents.

Emily Wallace:

Why are they not all aligned with a buyer’s advocate? I don’t know. It’s crazy. I mean, it doesn’t make sense and people will watch this back in like 10 years time back. They were right. We were right. We’re gonna start to finish up now as I guess a final question for you. I mean, seeing the 12 months and what you’ve accomplished has been, it’s been incredible. Yeah. Especially just the different style of businesses that you’ve set up. What is the plan for you over the knee? I mean, I’m, I’m excited to see what’s going to come to you for the next 12 months. So you just going to consolidate and work on your businesses or what do you, yeah, I think three is enough for now. Three. Three in a podcast is enough. Always thinking of new business ideas and there’s so many things that go on on my, in my head.

Emily Wallace:

I need to really bring in that control and um, and be focused. My goal is very much around, um, building out the buying coach business, which is the online learning platform to make that, um, quite scalable and uh, Australia wide, that’s, that’s the next sort of, um, year to three year plan with that. Um, my full service offering is to continue to have quality clients that really want to work with me and I want to work with them and, and get some great results. And for the LinkedIn and education business is to be in more corporate environments and be the GoTo trainer for content on LinkedIn to help drive sales for businesses no matter what size they are. So across all that, um, I think education is the fundamental and if I remain in that through the growth period of all businesses, I think there’ll be longstanding.

Emily Wallace:

Um, and obviously I’ll be recruiting some staff at some point too. So having staff on board is a, is a new challenge, a new experience and I can’t wait to learn more through that journey as well cause it’s going to be really exciting. That’s incredible. I mean you mentioned two words, you said education and recruitment and you studied education, you came from a recruiting role, so you’re going to leverage that now and yeah, and the recruitment piece, I didn’t know how to recruit so um, yes, but the pressure’s on for your own business cause you don’t want to make a mistake. So that’s right. Before we close up, where can people find you with these three businesses and your podcasts? Certainly. So LinkedIn is probably the most obvious one for professionals. So Emily Wallace, um, my Instagram, if you want behind the scenes of my day, which I do give a lot of, uh, is Emily_Wallace_ BA for buyer’s advocate.

Emily Wallace:

Uh, and yeah, between those two platforms, um, we also promote the podcast on both, but the podcast is called, I wish I was taught that at school and that’s across all the major, you know, Apple, Spotify. Oh, the major ones where you’d find podcasts. I love the name. I wish I was taught that at school. How many times do you hear people say that though? In conversation. Right. All the time.

 

Ben Handler:

We’re going to close up now, I would highly recommend that you check out and look into Emily’s respective businesses. She’s really paving a new way with how entrepreneurs and new business owners should be doing things, and especially in the real estate space as a buyer’s agent, I really think she’s leading the trend in the content producing format that she’s putting out online. So please check her out. We’ll see you next week.

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