Launching a new property company in a COVID-19 world
Launching a new property company in a COVID-19 world
Setting up a new company can be a challenge at the best of times, but after the trials and tribulations of 2020, it could certainly be viewed as even more of an achievement than usual.
For some people, the onset of the COVID-19 pandemic may have derailed their plans altogether, but for brothers Fayad Fayad and Remon Fayad, it presented an opportunity to establish their vision for a new property business.
In September, the pair successfully launched Ellerson Property, a development group with a focus on creating premier residential, retail and commercial property, both in the brothers’ hometown Sydney market and across the country.
Although the launch represented the culmination of a two-year period of planning and strategising, in many ways 2020 and the outbreak of COVID-19, expedited the brothers’ timeline, according to Fayad.
“Establishing a new company always requires a lot of time and effort, but the complexities that 2020 has presented were potentially a major deterrent to us launching Ellerson Property this year,” he said.
“However, we approached it slightly differently – we saw it as an opportunity, because COVID-19 actually slowed the world down in a lot of ways, meaning we were able to find that bit of extra time we needed to complete our planning and get the business up and running.
“It also meant we weren’t launching into the typical fast-paced property environment, allowing us to be more considered about our decision-making and properly find our feet.
“In reality, if it weren’t for COVID-19, we may have still been talking about starting Ellerson!”
The launch of Ellerson Property means a lot to the Fayad brothers on a personal level, and is the realisation of a burning ambition, says Remon.
“Between Fayad and I, we have over 40 years of experience in Australian property development, and we had always wanted to pursue our own path,” he explains.
“So when we finally decided to establish Ellerson Property, we sought inspiration from some key moments in our lives and careers.
“The choice of the name ‘Ellerson’ is particularly relevant to us, because it combines two names from our personal histories – Ellis Street in Merrylands, where we grew up, and Anderson Street in Parramatta, which was the site of our first project together.”
However, choosing a company name was just one of the many hurdles Fayad and Remon had to navigate in the process of establishing Ellerson Property.
“Coming up with a name was a challenge in itself – we had to consider what URLs were available for our website, as well as issues such as copyright and trademark,” confirms Fayad.
“As a result, this process ended up taking much longer than expected and saw us go through several iterations of the company name before we settled on Ellerson.
“Once we had this locked in, we were then able to develop other essential elements such as our logo, branding and marketing collateral.
“We also had to consider technology – with IT solutions evolving so rapidly, we needed something that could support the company both today and into the future.
“Add to this tasks such as data migration and office fitout, and you start to get a clearer picture of how much was involved.”
That said, the brothers wouldn’t change anything about their journey, and they are now looking forward to getting down to work, as Ellerson Property seeks to differentiate itself in a competitive property marketplace.
“We believe that the process of purchasing property should be similar to the process of purchasing a car,” says Remon.
“For instance, most people value the experience of buying a car as much as the car itself – and we are attempting to emulate this feeling for our customers when they purchase property.
“By understanding our audience and listening to them, both directly and through our consultant teams, we are focussing on making an apartment purchase a highly positive experience – from first contact until move-in day.
“We also recognise that Australian property buyers are more knowledgeable now than 10 years ago, so we look forward to having those conversations with our customers about the current marketplace and investment fundamentals.”
As well as improving their knowledge base, modern-day property buyers have also changed their behaviours and perceptions, says Fayad.
“Apartments used to be seen as an alternative investment option if you couldn’t afford a house, but we believe they now have equal standing in terms of buyer perception,” he explains.
“For instance, many buyers used to gauge the quality of an apartment developer by the quality of their penthouses, and then use this as an indicator for the rest of the development.
“But now the standard of apartments created by most developers has improved so much that they are on par with a lot of the freestanding home product you find on the market.
“Also, with the current trend to “rightsizing”, where families are moving from houses into four- and five-bedroom apartments, we believe larger, multi-generational, family-oriented apartments will become a major trend in the next 5-10 years – I’m even considering an apartment for my family’s next home.”
However, incorporating an appealing lifestyle offering is also key for today’s property consumers, adds Remon.
“By providing a comprehensive amenity offering, from activated and engaging lobby areas, right through to high-quality retail and smart home technology, we hope to meet buyer expectations,” he says.
“We see our customers as purchasing a lifestyle, so we want Ellerson Property apartments to be aspirational and the subject of discussion amongst friends.
“This thinking factors into how we select our sites – we consider key issues such as existing transport and connectivity, but we also consider a future vision that is linked to where people spend their weekends and their down time.
“The rationale is that if people are already spending their time in a certain place, they are eventually going to want to live there – in this way we aim to create appealing and self-sustaining communities that have longevity.”
To find out more about Ellerson Property, please visit www.ellersonproperty.com.au.