like to see keep growing. “We’re now at three times our competition and I’d love to see that lead even bigger at Christmas. “In Asia we are getting to a tipping point where consumers are really starting to see that we are the place to go for property in key markets, particularly Malaysia, Indonesia and in Hong Kong.” As far as product evolution is concerned there have been some tweaks to generate more enquiries for agents on properties, including extending the number of days on Premiere from 45 to 60, and adding the ability for agents on Premiere to cross-sell other listings. “We’re trying to do as much as we can to stimulate the market – not just for promoting listings, but by bringing as many consumers through the site as we can for both the buy and sell part of the transaction.”
GLOBAL VS HYPERLOCAL Wilson states there are also challenges and opportunities ahead for REA Group to navigate. He says Facebook is an example of other global players in the space looking at companies like REA Group and what they do for customers. Facebook COO Sheryl Sandberg, in an announcement last month, said, “We’re building a tool so you can search for and view all current housing ads in the US targeted to different places across the country, regardless of whether the ads are shown to you.” 2 The same announcement also states that anyone who wants to run housing, employment or credit ads will no longer
be allowed to target by age, gender or zip (post) code. Facebook’s past 12 months have been rough and Sandberg’s statement about the new ‘tool’ could mean anything. But it appears Wilson is one step ahead in his thinking about how to combat that with the industry sticking together and providing better experiences for the consumer. “It’s always been important for us, that we’re in this together,” he says. “Our customer’s success is our success, and vice versa. “We need to play a part in helping build a moat around our industry and helping stimulate that industry in keeping it strong.” Part of the advantage REA Group has over the global platforms is knowing that what works in one market may not work in another. “Our view is that we need to go hyperlocal in terms of property data and the experiences we can deliver to a consumer so they choose us as the place to go for property and not somewhere else,” Wilson says. In April, for the sixth year running, realestate. com.au will host an Industry Leadership Forum in Queenstown, NZ, a forum where ideas can
“My message is stay the course; if we work together, I think we’re going to succeed long after this cycle has become history.”
be shared and validated. “The industry forum is probably one of the most important things we do each year,” Wilson says. “It’s an opportunity for us to find out from our customers what is going on in their world, and for us to take those learnings into how we provide value to the market.”
THE FUTURE OF REAL ESTATE In the future, the biggest changes will occur in the way consumers want to interact and Wilson says the recent launch of ratings and reviews is a great example of leaning into what consumers want. “We’re so used to rating everything we do now, whether it’s your Uber, or your restaurant or your hotel, agents are the same thing,” he says. “So the way that consumers want to interact with both agents and property will change going forward as tech allows it to.” Wilson also says he sees a world down the track where consumers are going to want digital experiences such as augmented reality – and the way that properties are presented to consumers will be very different from today. But he is also confident that the role of the agent won’t change, given 96 per cent of consumers still choose to use an agent because they value the price tension only an agent can create. In terms of the value an agent brings, Wilson says, “you can’t digitise that. “In the future that value that agents bring will be the thing consumers look for – and a lot of the other peripheral things that can be digitised will be (digitised).” In terms of where the industry is at right now, Wilson says that like all cycles it will turn; and the conversation comes back to the idea of focusing on the customer and working together. “My message is stay the course; if we work together, I think we’re going to succeed long after this cycle has become history.” n SAMANTHA MCLEAN
This interview with Owen Wilson was recorded as a ‘Leadership Diaries’ podcast. To hear more on Owen Wilson’s leadership philosophy – including how he balances the demands of being a public company CEO with a family of four teenagers plus some other tips for aspiring leaders – visit elite.ag/ep83. 1. corelogic.com.au/news/australian-housing-valuescontinued-trend-lower-february-corelogics-nationalindex-down-07 2. newsroom.fb.com/news/2019/03/protectingagainst-discrimination-in-ads/
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