Update on me
WANTED TO SHARE AN UPDATE ON ME AS WE ENTER 2023…
FEBRUARY 7, 2023
Thanks to everyone for your interest in what I am doing. I’ve taken lots of advice from people whose opinions I value, and the common message is to design a business which suits my future. Given that I am keen to continue my work and very interested in producing high end service for a smaller number of clients in property the show goes on but with a new brand and purpose.
VISION AND COMMITMENT
Since leaving Knight Frank Australia, at the end of 2021, last year was both testing and exciting. I’m no stranger to building businesses from scratch but there’s always that belief (sometimes blind faith) you need to initiate your plan. I needed it again but this time the belief was already there from creating Client Solutions with CEO, Stephen Ellis’ support at Knight Frank and then building the Australian version of the international label, Private Office with Sarah Harding under CEO, Rod Leaver. So, 2022 was simply an extension of a journey which I had already commenced in 2016 and was completely committed to.
It’s important to me to start and finish relationships cleanly so by agreement with KF I took my work and clients with me. In doing I have been able to continue my service to existing clients as well as maintain working relationships with many Knight Frank colleagues. That’s got to be the best outcome for everyone.
What’s changed though are two things. Firstly, my clients are my priority. That’s difficult to achieve in a corporation where the business is constantly trying to evaluate focus and efficiency. Secondly, my relationships to past colleagues are now partnerships which are now much stronger and more business-like. In effect I’ve retained the good aspects I had as an employee and escalated my working relationships to a more mature level.
“What’s changed… Clients are my priority.. and.. my relationships to past colleagues are now partnerships.”
I’ve also been fortunate to retain my network and expand it. What’s interesting is that when you take your corporate blinkers off your vision expands and I’ve reconnected with many old friends and past colleagues. That’s the benefit of a 44-year career in property, plenty of doors to knock on and happily, many warm receptions.
BROKEN ARROW – WHAT’S IN A NAME?
I launched my business, Broken Arrow Property Advisory which is a boutique version of the Private Office concept. For those that don’t know Private Office is high end property service to important clients.
Why broken arrow? Well, why not! It brings lots of discussion and laughter but in truth it’s a nickname which KF colleague, Aaron McGhee gave me because I like new ideas but am not afraid of destroying bad ones. Broken Arrow can mean many things from Indigenous American Indian names to lost nuclear weapons. Its relevance to me though is that an arrow is a weapon but a broken one is not. When I take on new work, I quite often find that my clients’ goals are not necessarily aligned to the properties they control or desire. I love dealing in property and every property has opportunity, but I can often find that the property is sometimes ill-suited to the client’s objectives.
Fortunately, the world of commercial property and wealth creation is centred around logic and investment returns so the answers can be tested against the numbers.
NEW CHALLENGES
Clients are fans of reliable, quality service and I thrive on delivering both to them. For me every day presents new challenges. This then creates a chance to do research and learn, lean on my network of contacts, lean-into problem solving mode and find as many options as I can. If I add my preparedness to persevere and provide clients with good service, which both come naturally then I’m at my best and that makes me happy. The reward is the loyalty I get, the repeat work and the referrals I need for the next wave of work so that I always have a pipeline of business.
MY CLIENTS AND THE VALUE OF TIME
The clients I serve emanate from two camps, either Ultra High Net Wealth Individuals or Not for Profit organisations. I picked these two groups out of admiration for what they do and have achieved. It’s also because these clients believe that good work should be rewarded. I am very much happier working with groups that want to develop relationships than doing work and having to re-pitch my services again and again.
The biggest learning here is that I have more control over my time. That’s also the greatest change in my work because I’ve removed the incessant urgency in agency style work, and this has given me back time to think and plan.
The other saving is in corporate politics. So, the time I get back through efficiency is producing a higher standard of service which is more akin to the access a client would expect from an appointed, trusted advisor.
“I’ve removed the incessant urgency in agency style work, and this has given me back time to think and plan.”
I won’t mention my private clients by name, but I am happy to say that I am enjoying working with many old clients I’ve known for a long time. As for new ones and especially Not For Profit organisations, I am working with – RSPCA NSW (Will Beerden), Legacy NSW (Michael Ducie), Sydney Children’s Hospital Foundation (Stephen Taylor and Mariam Hares) and NRMA (Nick Mbogua).
I am grateful to my old CEO, Rod Leaver and Nicholas Evans at JB Were for their introductions to these businesses. I am also very grateful to everyone who has recommended or simply mentioned me to a client where they felt my service would help.
VARIETY OF WORK
My career started in residential real estate in 1979, but I quickly moved away from it given the emotion attached to every transaction, which made little sense to me. Most of my working life has been in office space but that has changed. I now actively participate in the non-residential sectors including industrial and retail property. However more recently I have been challenged by client needs for golf course valuations, acquiring pubs in South Australia and the compulsory acquisition of rural land.
NETWORK
In terms of assigning work, it’s been around space planning, project management, valuation, town planning, legal, building consultancy, industrial leasing and sales, office leasing and sales and retail leasing. This has meant continuing my relationships with old colleagues as well as creating new ones. I’ve continued with James Johnston at KF Occupier Solutions and Ryan Grace at KF Office Leasing, Cleo Vaughan at Sandstone Project Management, Chris Barker at KF Building Consultancy, Al Carpenter and now Hanna Clarke at KF Valuation and Advisory, Stephen Gouge, Amanda Kenny and now Paul Robilliard and Juliet Wittenoom Louw at Ethos Urban. Mark Grayson at KF Town Planning, Selwyn Black at Carroll O’Dea, Matt Pizzonia at JLL, Wally Scales and Angus Klem at KF Investments and Industrial, Andrew Harford and Jessen O’Sullivan at KF Commercial Sales, Vicki Murphie at Texture Collective and Peter Dempsey. I’ve also had the opportunity to refer work to old friends, Linda Zhu and Dominic Ong at KF Asia Capital Markets. It’s a great group of professionals and wonderful to create the best teams to suit the property terrain.
Boyd Lees and me considering aspects on insurance for our article.
These relationships are essential to meet my client’s needs. My role is to assemble the team, set the strategy and supervise the players and their important roles. There is nothing better than picking your team and starring in it.
SURROUND YOURSELF WITH GOOD PEOPLE.
I am very grateful to my family, friends and colleagues. Without support and guidance, it is easy to get lost and then lose your way.
My family are all doing amazing things from non-executive board roles to running charities to owning businesses, all whilst maintaining multiple careers. They are modern, relevant and results focused. They are all evidence that you can thrive by having unconventional business lives and my two daughters are living examples of why the next generation will be better than the previous one. I am proud of all of them as well as interested and excited. However, I am also challenged. It has highlighted how traditional my approach to a career has been. I now fully appreciate what a multi career life is and it’s not multiple careers one after the other but all at the same time. It’s like juggling. I sometimes feel very limited in my property only focus but then I’m reminded by my female dominated family that I’m just a man.
When it comes to friends, I have appreciated the opportunity to catch up with several old mates at the end of each week. This experience was more about having a weekly performance review and when you are working on your own it’s harder to be accountable. The changes to each of us have been very significant over the year which means we all take the weekly performance update seriously. There’s nothing like your mates to be there to listen and any nonsense is generally despatched, like a bad ball to the boundary. A real special thanks to Rod Fuller, David Minnett, Mark Cadman & Bill Hocking.
My colleagues know me well so in the very early days I spent time with Ken Jacobs and Greg Smith, both expert in their fields of prestige Australian residential property and corporate office space respectively. I’ve pressure tested my business model with Andrew Gibbons, Graham Millett, Bob Swan, Rino Vangeli, Tristan Whitefield, Savvas Leondas, Ron Gottlieb, Jim Brennan and Brad Nelson and they have all provided good advice and encouragement.
Annual Lance Wong lunch, remembering Sydney’s greatest restaurateur of The Malaya and our friend.
MENTORS
Fortunately, my finances are in reasonable shape thanks to my mentors and US money managers, Warren Buffett and Charlie Munger. They are aged 91 and 99 respectively and I will see them in early May 2023 in Omaha, Nebraska. If they see me in the crowd, I feel certain that they will want to talk to me about the state of the global office market and where I see things headed in the property industry. Likewise, I’ll be chatting to them about Berkshire Hathaway and some of their mega acquisitions with Chevron, Taiwan Semiconductor, Louisiana Pacific & Markel. That’s if the other 45,000 shareholders don’t get in my way. My travelling companions, Luke Rathborne (Fortitude), Tom Millner (Soul Pattinsons) and Will Culbert (Contact) might protect me from the crowd.
INVESTING BACK INTO THE REAL ESTATE INDUSTRY
I’ve continued my mentoring of young people which I enjoy. I have quite a number of young and middle-aged people that I have coffee with, and I am enthused by their progress. I am also committed to the Commercial Chapter of the Real Estate Institute of NSW.
WRITING ARTICLES
I’ve encouraged my friends to co-write articles with me on Insurance (Boyd Lees and John Favaloro) and Coaching (Kim Dunlop) They know their stuff and I learnt a lot from each of them. I’ve enjoyed working with my friends and helping educate my network.
I wrote a passion piece on Home Ownership Dream or Burden? This article meant a lot to me, and I am pleased to say that my youngest daughter, Caillie is now building a trailer-able Tiny House as a result. In these times you need to think differently, you can act the same, but you must think before you follow.
I’ve had regular coffees with old mates like Wayne Pascoe and new mates like Kim Dunlop and I can see opportunities to work together and extend the reach of Broken Arrow by improving or extending my service. I’ve enjoyed meeting and befriending Louise Walsh through Greg Smith and seeing how our worlds in investment and philanthropy dissect.
OTHER INTERESTS
2023 will be a significant year for my sporting teams too. My cycling group “Zeal of Zebras” turns 20 yrs old and we will celebrate by travelling to Spain in September to ride the Basque Country in the Pyrenees. That’s a long way from our Centennial Park origins in 2003 of going around in circles before finally going to Sutherland one day.
My volleyball team “Cheap n’ Easy” a name established to welcome really anybody turns 43. We were minor premiers in B2 grade last season and aim to win the gold medal next season. This is a truly multicultural team represented by people born in France, Japan, Germany, Canada, Ukraine, Brazil, and various parts of Australia. It’s certainly a long time since we were SUDT Guppies (Sydney Uni Drinking Team) in 1980 but team spirit is a wonderful potion.
2023, THE YEAR AHEAD
My goal is to have Broken Arrow Property Advisory running as long as I want it to.
It’s been a busy year and I want 2023 to be even better. I want my clients to understand the value of their properties as well as the cost of opportunity and I want to help them to do well. At the same time, I want to demonstrate my value add and do lots of work with them.
I have lots to do and more to learn but I am lucky to have the ingredients before me to make something different and special in the services I provide to my clients.
If you’re interested in making contact with me, give me a call on 0419992068 or email me at kymbal.dunne@gmail.com