Lessons from a self-employed estate agent

Have you considered going self-employed, but don’t feel ready to take the jump? This week, I speak to Gianfranco Paparozzi , Partner at Hortons about his journey as a self employed agent.

I’ve always admired Gianfranco’s approach to the way he’s built his business. He’s been able to create an incredible dominance in his local market and now has consistent, high quality leads. It’s an example of how his personal brand has grown to be something that works for him, 24/7, and Gianfranco is enjoying the rewards of his labour. His story shows what’s possible, and his experience in this interview contains some absolute gold that will help accelerate any new agents to success.?

The interview?

Prior to starting your self-employment journey, what was your experience in the estate agency industry??

I've always had a keen interest in the element of sales from an early age, starting with going to car-boot sales and charity shops to find designer items of clothing to sell on for a profit through eBay. Proper Delboy. This influenced my start-up business at 16 where I would source exclusive Nike branded shoes, restore them and sell them on for a profit. Gianfranco Snkr if you wanted to know. This honestly was a huge success but one day, my mum turned to me and said that I needed something with a more consistent element of money because making ￡300 one month and ￡3000 another wasn't ideal if i'm honest. She said I should channel this sales-flare into a more lucrative industry and it was between being a car-salesman or estate agent. With little to no interest in cars, I thought that estate agency was more sensible. I joined Connells at 18 and loved it. An opportunity came up at Countrywide (next-door to where I was - bold I know) and I quickly progressed through the ranks from Sales Negotiator to Senior Manager in four years, winning various awards and learning the core principles of estate agency whilst running a very established, large city centre office. At 22, I took a call from you wanting to expand Hortons and here we are 4 years on! Never looked back.

Did you have any specific hurdles/challenges to overcome before making the decision to go self employed??

I guess the biggest hurdle was the unknown element of how it would be. It was just as the pandemic started and it was a huge risk, my mum and dad said I was "mad" to give up what I had achieved at Countrywide. Launching the business in a very localised, niche market such as Stoneygate, Clarendon Park and the Knighton area wasn't going to be easy. This area has some very good estate agents operating in it and to say I was a little apprehensive would be an understatement but I saw where the industry was heading, focusing more on a digital perspective and it's something I thought the large corporate agents couldn't adapt too. I felt the given area with continuous perseverance would react really well to a modern style of marketing homes and to be honest, it was the best decision I ever made.

Can you give us an overview of how your business looks today, what you specialise in, and your USPs??

My USP is focusing on design-led modern homes with a particular architectural interest. Not necessarily based on a price bracket but more a home that suits my aesthetic. This is emphasised through a creative element of storytelling with videography and photography, focusing on the lifestyle element a house has to offer as opposed to just the brick and mortar. Fortunately, the area I cover has a great calibre of properties and I guess the people make it so interesting. It's a super trendy area with a wicked clientele. Everybody seems to have great taste in interior design which makes selling the spaces really enjoyable.?

Looking back at the initial stages of establishing your business, with the benefit of hindsight, would you do anything differently??

Hindsights a great thing. I was very concerned at the start worrying what people would think of the way I conducted myself through social media. As time has gone on, I've found being my natural self is so much better. Not being so rigid and formal with videography has proved a huge success and I guess makes the content more relatable to the person watching so looking back, I wish I didn't concern myself with the thoughts of other people in the industry and acted how I do now because I'd of saved myself a lot of anxiety and stress.

You can find an example of Gianfranco's videos here.

As a self-employed agent, what are the main ongoing challenges?

Being self employed, the on-going challenges are the elements of consistency. Unlike a traditional set-up where you know how much you're going to make per month with a fixed salary, being self-employed, I will have some very strong months and some not-so-strong months so budgeting is key. As well, the market is always changing. Being able to adapt to new methods of digital marketing is always something I have to react quickly because there's now a new era of estate agents producing some really fantastic content. Ensuring my work is always innovative is something I try to maintain but it certainly comes with various hurdles.?

Amidst the ups and downs of your journey, can you recall any real difficult moments, and for balance, moments where you recognised your progress or achievements?

I think the first 6-12 months of setting up was the most difficult. It was very tough entering a suburb, against a very strong calibre of local estate agents with high-street shops, and convincing people to work with me. At this point, I had very little to use as material to justify appointing me as I hadn't sold much in the immediate area. Secondly, sales falling through. Obviously it's never nice when a sale falls through but when it's your own business, that could be the difference between making money in a month to not making a penny so at the start, it was nerve wracking to say the least. In contrast and tieing into the above, a key moment for me in my journey at Hortons was noticing the volume of Hortons boards popping up in a 2 mile radius. I remember at one point having 6 sold boards on the same road which for a start-up business was something very special. As well, because Clarendon Park is so small, being recognised in the street is always fun. I set up the franchise not really knowing what to expect but being a recognisable person in the immediate area after just four years is something quite amazing and certainly motivates me to work harder (and to behave myself more after a drink or two at the local pub)?

From your perspective, what are the essential characteristics you need to be a successful self employed estate agent??

A key characteristic of being successful with this model is perseverance, without a shadow of a doubt. I would be lying if I said it's easy, it's not. It takes a lot of time, energy and positivity because you will get some days where everything feels like it's going wrong and I'm sure you can remember Adam the amount of times I've called you wondering where my next sale was coming from whereas looking back on it now, all those challenging times have made me even stronger as a person so in a very weird way, I'm sort of grateful for the challenges because it's only pushed me to work harder.?

For estate agents contemplating self-employment, what factors or considerations do you believe are crucial for them to consider before making the transition?

I would say to definitely have a source of money readily available to keep you afloat for the first 3-4 months as during this time, you won't be making anything. Secondly, I think you need to time it perfectly with a plan to do things differently. As estate agents, there's an awful stereotype attached to us to which people don't typically react well too so if you're wanting to make the move into being self-employed, you need to be equipped with three or four new ideas you can't see agents doing in the area you wish to set up in. You need to be bold, daring and willing to build a brand around you as a person, as opposed to the business. People buy off people so setting yourself up with that mentality is key.?

How do you maintain a consistent client base and generate new leads as a self-employed agent?

I get a lot of business through social media and word of mouth. Don't underestimate it. Even when you don't think people are watching your content, they are. I've had countless conversations with people who don't necessarily follow me on Instagram or Facebook but have continued to check back in with my profiles to see what I'm upto. Secondly, we are now a very well established agency so the Hortons name certainly helps with generating new-leads. People now associate us with a particular style of home and pair us as an agency to sell the best homes in the areas we cover. Not stating the obvious but testimonials are so important. It's something I was relentless with when I first set up because when it comes to selling someone's most valuable asset, it's a big deal. If you have delivered good customer service, don't be afraid to ask for a review which you can showcase at every opportunity. It goes a long way.

How do you prioritise and manage your time effectively as a self-employed professional?

?I have a set routine every morning. Between 08:00AM - 10:00AM I set the day up, ensuring all the relevant admin roles are signed off before any appointments take place. Whether that be replying to emails, gathering feedback from previous viewings and reporting back to the sellers and so on. I know before I go about conducting my viewings or valuations, I am on-top of the previous day's work. I also offer weekend and evening appointments so I am not overwhelmed throughout the working week. This makes it a lot easier to manage and because I am available out-of-hours, it means I am consistent with my communication, which is so key in this job.?

What support systems or resources have been most valuable to you as a self-employed agent?

Working with Hortons is actually very difficult to describe other than being amazing. The team we have is like a little family, as cliche as that sounds. Everybody shares ideas in our Slack channel, whether that's new ways to push content, how to manage difficult sales-chains or just day-to-day dealings. It's very lighthearted which just makes the days more enjoyable. We have a fantastic team of estate agents, genuinely. Everybody is so good at what they do and it really motivates me to work even harder being around like minded people that share the same ethos. I'd be lying if I said I couldn't have achieved what I have without the people behind the scenes. You, Maisie, our sales team. The list goes on. It really is something very special.?

Can you discuss the importance of branding and marketing yourself as a self-employed agent, and how do you differentiate your personal brand in a competitive market?

Great question. Personal branding is key. As I mentioned above, people buy off people. It's not what you do, it's how you do it. I guess the way I operate is I'm myself. I don't pretend to be something I'm not. I don't wear the three piece suits, the shiny shoes and I don't conduct my business with an ego-perspective. I think it's a refreshing take on the industry to just be natural with your approach as people can see straight through it if you're not.?