The Upshot Podcast – Episode 8: Brad Caldwell-Eyles and Cara Atchison
The Upshot Podcast with guests Brad Caldwell-Eyles and Cara Atchison
Episode 8
Host: Ben Williams, Head of Investor Relations at Homely
Guest: Brad Caldwell-Eyles and Cara Atchison – 1st City Real Estate
The Upshot by Homely invites you into honest conversations with the entrepreneurs, challengers and longstanding legends shaping the real estate industry today.
Homely is proud to welcome Brad Caldwell-Eyles and Cara Atchison of 1st City Real Estate. They hold a robust standing as one of Sydney’s leading authorities in luxury and prestige property representation. Their track record showcases a consistent ability to achieve remarkable sales for clientele throughout the Eastern Suburbs, harnessing their profound market acumen and groundbreaking sales strategies. Whether engaged with vendors, buyers, developers, or institutions, their profound knowledge, honed skills, and unparalleled expertise converge to consistently surpass all expectations.
Introducing Brad and Cara
Ben: Today, we’re speaking to a power couple from Double Bay’s real estate market in Sydney’s eastern suburbs. Joining us are Brad Caldwell-Eyles and Cara Atchison. It’s great to have you both on the program. Thanks for being here with us, Ben. Thanks, Ben. Thanks to Homely as well. No problems at all. Now, as an introduction, Brad, you’re the managing director of First City in the eastern suburbs of Sydney. With a background in car sales, I’m looking forward to delving into how you made the transition into real estate. Cara, you’re also a director of the business, with a background in finance as a business analyst. And of course, we also have a Survivor contestant on the program, which I’m excited about as a big Survivor fan. I’m looking forward to discussing this and your relationship with George, which was quite interesting. To kick off the podcast, this is the first time we’ve had both of you on the show, so we want to go through this as smoothly as possible. Could you give us some insight into your backgrounds, achievements in real estate, and where you see yourselves headed in the future?
Brad: Sure, Ben. I come from a simple background. I was born in Moree, with property on the Queensland border in Mungindi. At 12, as you do, I went to boarding school, and after that, I attended Sydney Uni where I studied Shakespearean literature, psychology, and law. Despite studying law, I didn’t want to pursue it professionally. During university, I worked at Country Road and Ralph Lauren, not in sales roles, though they resembled sales positions. Eventually, I joined Inchcape, distributors of Jaguar and Range Rover. At 23, I drove Jags, owned cheap suits, and a large phone, earning $30,000 in the first six months. Jaguar is a unique brand, resilient in spite of customer complaints. I then moved to Lexus Australia, becoming Australia’s top salesperson and the fourth worldwide. Based in the eastern suburbs, I built a strong client base, even running retail operations and leading a team in Japan. Later, a friend, Michael Pallier, who shifted from car sales to real estate, convinced me to join real estate. Michael’s persuasion led me to realise my potential and the faith invested in me. So, I transitioned to the real estate industry and partnered with Ray White Double Bay, which eventually became First City Realty. As time passed, my business grew, and after a few years, I moved within the Ray White network to focus on my own venture. Later, I partnered with Julian and Ashley to establish First City Real Estate Group, known for our involvement in established residential, commercial property, and development projects across Sydney’s eastern suburbs and lower North Shore.
Ben: Transitioning forward, Brad, your shift from car sales to the realm of real estate is undeniably captivating. Your journey has been marked by remarkable momentum. Cara, the spotlight now turns to you. Could you kindly offer us a glimpse into your professional odyssey, particularly your role in operations and marketing within First City?
Cara: Certainly, Ben. I initiated my career journey at MLC, which eventually merged with NAB. My role as a business analyst involved serving as a vital link between the realms of IT and business operations, interpreting and providing counsel from both vantage points. After contributing to substantial projects, I opted not to return to the finance and insurance sector following my maternity leave. While I did find satisfaction in my work, dealing with subjects like death and TPD (Total and Permanent Disability) lacked the dynamic appeal I sought. This yearning for change led me to dip my toes into real estate, initially for one day a week alongside a friend, and I embarked on this path with McGrath. Interestingly, they extended a job offer on my very first day, an opportunity I approached with some hesitance as I aspired for a role that diverged from the stereotype of a real estate banker. Over the span of more than 17 years, I have surpassed those initial notions, evolving beyond the confines of traditional banking responsibilities, while embracing a diverse array of roles.
What strategies have you implemented to get listings in the current market? What are you doing differently?
Brad: Our distinction rests upon our unwavering pursuit of excellence. A cardinal principle that should underpin every business’s endeavours. Picture it as sketching a horse; comprehending the subject is imperative before rendering it. Analogously, a comprehensive grasp of all facets within the real estate domain is fundamental to cultivating professionalism. Our team boasts expertise spanning planning, design, construction, architecture, financing, and interiors. Central to our ethos is an in-depth comprehension of the market, and we approach each project as though it were our personal investment. While we don’t engage in confrontations with clients, we do counsel against ventures that deviate from our core principles. The bedrock of our enterprise rests upon trust and proficiency. Clients vest their confidence in our insights because of our well-grounded knowledge and unwavering transparency, as we diligently steer them toward outcomes aligned with their paramount interests.
Cara: To further underscore, our clients place their trust in us owing to our genuine passion for the industry. Our inquisitiveness and ardor drive us to delve into the distinctive essence and identity of each project. This commitment transcends mere rhetoric; we consistently exceed anticipated norms.
Ben: Your emphasis on trust and authentic guidance resonates profoundly. Transitioning onward, Brad, you mentioned your emphasis on design adaptation for projects. Could you expound upon this strategic approach that contributes to your competitive edge?
Brad: Certainly. Our strategy operates on a dual axis. Primarily, our extensive expertise empowers us to view projects through the lens of personal investments. Secondly, an inherent insight into what constitutes effective measures prevails within us. We proffer counsel to clients founded upon these tenets, even if it entails diverting them from certain prospects. Trust forms the bedrock of our enterprise, and our aim is to instill unwavering assurance within our clients.
Ben: It’s clearly evident that your unwavering dedication to expertise and transparency plays a pivotal role in your success. Cara, your distinct emphasis on innovation and technology is truly noteworthy. Could you elaborate further on how this strategic focus contributes to maintaining a competitive edge?
Cara: Certainly, Ben. My passion for IT drives us to adopt innovative strategies. We meticulously tailor programmatic advertisements to reflect the unique identity of each project, effectively honing in on specific target markets. By meticulously crafting individualised campaigns and conducting thorough market research, we consistently position ourselves at the forefront of technological advancements.
Brad: Absolutely. It’s essential to underscore that our understanding of the market is grounded in confidence, not hubris. This principle holds steadfast across diverse localities. For instance, the Rose Bay market along Old South Head Road is distinctly different from Cross Street in Double Bay or Marine Drive in Maroubra. Each market boasts its own unique attributes. However, architects might not always possess this nuanced understanding. While their designs may possess aesthetic allure, they may not seamlessly align with the market’s intricate demands.
Our effective approach involves taking architects’ blueprints and painstakingly reimagining them, even in the absence of their original DWG or CAD files. The precision of our modifications has at times led clients to incorrectly assume that architects themselves executed the changes—an indication of our unwavering commitment. While this meticulous process demands time, the rewards it reaps are substantial. Clients receive precisely the tailored product they desire, and architects have even sought our expertise to enlighten their teams about the nuanced requirements of the market. This embodies the added value that distinguishes First City. This practice, which I’ve steadfastly upheld for years, has occasionally been met with scrutiny from my colleague, Jules.
Nevertheless, I steadfastly believe in offering something genuinely exceptional. Presenting flawlessly redrawn floor plans effectively engages and invests clients. Our provision extends to multiple iterations, all aimed at ensuring that the value we deliver consistently outpaces our fees. Upholding this principle is of paramount importance—without unwavering conviction, we would merely be pretenders, peddling insufficient services to our clients. Our daily commitment revolves around guaranteeing that our clients derive significantly greater benefit from our services than the investment they make.
“In Double Bay, you’re fortunate to be operating in such a remarkable marketplace, particularly within the high-end sector.”
Ben: Absolutely. Well, look, I’ve been spending some time in Double Bay recently, and it’s become one of my favourite places. You’re fortunate to be operating in such a remarkable marketplace, particularly within the high-end sector. Your accomplishments in that regard are truly commendable. Now, turning our focus towards the trajectory of this podcast, both of you serve as proprietors attaining notable feats within your respective realms. However, the path to success is rarely devoid of obstacles, isn’t it? Challenges inevitably arise, necessitating concerted efforts to surmount them. I’d be interested in hearing from both of you about the hurdles you’ve encountered throughout your business journeys and the strategies you’ve employed to successfully navigate them. Brad, perhaps you could initiate this discussion.
Cara: That resonates with me. Brad and I are both Virgos, and we wholeheartedly immerse ourselves in our work. Expanding on Brad’s point regarding revising plans, it’s important to highlight that this meticulous process often takes more than a mere half-hour. We meticulously cross-reference architectural drawings, construction diagrams, floor plans, and marketing materials. In doing so, we frequently identify seemingly inconspicuous errors that possess the potential to escalate into significant issues, such as a door leading into a void. This unwavering attention to detail extends to our dedicated team members as well.
Ben: That’s truly impressive. Now, when it comes to the process of refining plans based on market feedback, does this involve a fusion of insights gleaned from buyers and the extensive reservoir of experience you both possess, ultimately guiding these modifications?
Brad: Precisely, Ben. It’s a harmonious amalgamation of our extensive experience and the real-time feedback garnered from our esteemed clientele. Sometimes, these insights manifest instantaneously during our interactions with clients—whether they be couples or same-sex partners—who graciously share their preferences. Allow me to spotlight an ongoing project in Double Bay christened “Ode,” wherein the top two floors were recently sold at an impressive average of approximately $20 million per unit. The demographic within this market exudes sophistication, boasting an intimate familiarity with architectural nuances and a discerning sensibility. Satisfying the exacting demands of this clientele necessitates a judicious investment of time and profound domain expertise to perpetuate their trust.
Notably, during negotiations, these esteemed clients willingly embrace the full asking price, and at times, even exceed it. This serves as a tangible illustration of how the infusion of value into our offerings and the cultivation of unwavering confidence throughout the process invariably culminate in triumphant outcomes. By diligently safeguarding the comprehensive success of our projects, we successfully uphold our pricing integrity, refraining from resorting to discounts. This feat is achievable through our consistent focus on endowing each endeavour with inherent value from the outset. As the adage goes, “Price is what you pay, value is what you get.”
“The Global Financial Crisis (GFC) posed a formidable challenge for us.”
Brad: Undoubtedly, the Global Financial Crisis (GFC) posed a formidable challenge for us. We were a fledgling business that found its footing during one of the most significant economic upheavals since the Great Depression. Our only course of action was to persevere steadfastly, maintaining our focus and unwavering work ethic. The GFC tested our mettle profoundly, yet we were resolute in our determination to forge ahead. Similarly, the emergence of the COVID-19 pandemic marked another colossal global trial. On March 23, 2021, our accountant advised us to suspend operations due to the pandemic’s upheaval.
It felt akin to a period of darkness, evoking memories of the aftermath of September 11th. During this tumultuous phase, we had to make the difficult decision to temporarily stand down our employees and rapidly adapt. Fortuitously, given our project-oriented approach, we were able to pivot to remote work, which played a pivotal role in helping us weather the storm. As the grip of the pandemic eased, we emerged from these trials stronger. The market rebounded with renewed vigour. Moreover, navigating the intricacies of working in close partnership with my esteemed colleague, Cara, has had its moments of challenge, yet we have adeptly learned to harmonise our professional rapport for optimal efficiency.
Cara: Collaborating within a professional capacity while also sharing a marital bond is an endeavour not devoid of its challenges. While these challenges are not insurmountable, they are ever-present. However, we have proactively developed strategies to navigate these waters, including embarking on drives to facilitate resolution during moments of disagreement.
Beyond this unique dynamic, a universal challenge we’ve encountered is the task of recruiting the right individuals for our team. Our focus extends to gaining a comprehensive understanding of both our team’s and clients’ psychological profiles, which forms the bedrock for fostering robust relationships and cultivating unwavering loyalty. Effective communication serves as the linchpin of this endeavour. Significantly, the crucible of the COVID-19 pandemic underscored the inherent value of physical presence as a catalyst for optimal learning and engagement.
Brad: Indeed, an indispensable aspect of our approach involves a profound comprehension of the individual psychology underpinning each of our team members. Our communication strategies are meticulously tailored to resonate with each person’s distinct style. This internal equilibrium extends harmoniously to our esteemed clientele, enabling us to forge more authentic connections and gain profound insights into their unique needs. Cara’s innate empathy augments this process, elevating our capacity to serve.
Cara: Brad and I exhibit contrasting personalities, akin to the harmonious interplay of yin and yang. Our relationship has naturally evolved over time, both on a personal and professional plane. We remain steadfast in our commitment to unraveling each other’s intricacies through continuous coaching and personal growth, thereby fostering an environment of mutual understanding and shared evolution.
Ben: The dynamics of your relationship are indeed intriguing. Shifting our focus to challenges, Cara, your participation in Survivor seems to have interesting parallels with the world of real estate. Could you share your reflections on that experience?
Cara: Survivor mirrors many aspects of business, emphasising the significance of relationships and integrity—values that I hold dear in my professional approach. I forged alliances, delved into people’s motivations, and drew upon my empathic skills to navigate the intricate social dynamics. Upholding integrity remained paramount, even within the context of a highly competitive environment.
“Survivor tested your resilience mirroring challenges in the Real Estate Industry.”
Ben: It’s evident that Survivor tested your resilience, akin to the challenges within the real estate industry. Brad, could you elaborate on how Cara’s Survivor journey impacted you?
Cara: Brad found my absence during the 10-week Survivor experience to be a notable challenge, akin to a significant absence. Survivor provided a unique window for him to reflect on both our relationship and our business endeavours, ultimately fostering a period of personal growth and introspection.
Brad: Survivor truly showcased Cara’s resilience and fortitude. Witnessing her navigate through both physical and emotional trials filled me with pride. Moreover, it offered me the opportunity to evaluate and enhance both our relationship dynamics and our operational processes.
Cara: The Survivor experience, coupled with my designation as “The Duchess of Double Bay,” significantly bolstered my professional profile. This newfound credibility has been especially influential within the business realm, particularly with developers and clients. It has effectively shattered stereotypes within the predominantly male-dominated industry, forging a path for greater inclusivity and empowerment.
Ben: In the pursuit of balance, have you implemented any strategies to harmonise your personal and professional lives?
Cara: Certainly. After my Survivor experience, we instituted non-office workdays. Leveraging the flexibility of remote work due to COVID, we seamlessly execute tasks using laptops. Our capable team bolsters this approach. Last year, during our European sojourn, our overseas efficiency was facilitated by our team and available technology. Moreover, we’ve learned to avoid undue stress over minor details, trusting our team and streamlined processes. Additionally, we’ve cultivated a client base of collaborative partners, allowing us to enjoy breaks without compromising our operations. Furthermore, we delight in simple activities such as leisurely walks and serene meditation by Cooper Park’s pond. We also prioritise individual time, exemplified by my girls’ trip to Europe. While work isn’t entirely disconnected during these respites, our established systems provide a reassuring sense of control.
Cara: The journey was remarkably fulfilling and cathartic. Having a dependable team provided me the confidence to embark on the trip with a peaceful mind. While I don’t fully detach, it’s gratifying to manage emails and witness a sense of order. Our robust systems, comprehensive checklists, and adept team contribute to this assurance. Should the need arise, we are poised to intervene even from afar. Cultivating trust with both clients and the team remains pivotal. They’re aware that our intervention remains an option, thereby striking a balance between work and personal life.
What is the trajectory of your business in the upcoming 6, 12, and 24 months?
Brad: Our market share in the eastern suburbs project sector is substantial, hovering around 50%. We are extending our reach to the lower North Shore, embarking on projects in locales such as Cammeray, Mosman, and Cremorne. While nurturing high-quality collaborations with clients remains our focal point, we’re discerning about market share expansion. We’ve learned to courteously decline endeavours that don’t align with our ethos. This empowers us to delineate boundaries, honour our needs, and attract exceptional clients and projects. The team’s ability to inspire client confidence is pivotal, reducing dependency on specific individuals.
Ben: Are there any aspirations to venture into other states?
Cara: That’s a consideration for the future, particularly in the commercial and retail real estate arena. These domains offer synergies with development, and I’m enthusiastic about exploring these horizons.
Ben: How do you perceive the property market’s trajectory for the remainder of the year, especially considering Sydney’s robust performance?
Brad: With the appointment of a new head of the Reserve Bank and the potential approach to the cash rate peak, the market has adapted to the new normal for mortgage rates. Australians tend to rebound vigorously from setbacks, and the market is poised for a gradual resurgence. Anticipated spikes in activity and transactions, possibly by February of the upcoming year, underscore this trajectory.
Cara: Looking ahead, I’m genuinely optimistic about the market’s prospects. The post-COVID landscape, marked by increased travel and population movements, ushers in momentum that rejuvenates stagnancy. When motion becomes the norm, comfort levels rise, propelling the market’s pace. This cascade of motion gathers momentum, ensuring a continued acceleration.
Brad: The imminent reopening of borders and relaxed immigration policies may herald an influx of skilled migrants and offshore capital into Australia. Early indicators suggest this trend, evident in heightened Asian inquiries for properties. This trend is poised to persist in the next six to twelve months.
Ben: To wrap up, for those contemplating off-the-plan purchases, what advice would you offer, especially to those new to the concept?
Brad: Confidence stands as the cornerstone for off-the-plan acquisitions. Engaging with a reputable agent or developer, adept at shepherding you through the intricacies, is paramount. Posing pertinent questions is pivotal. We often extend invitations to our office for comprehensive sessions covering various projects, ensuring clients are well-informed. The augmentation of consumer protection laws in recent years offers additional safeguards. Educating oneself and seeking counsel from experts is highly recommended. Guiding clients through this process and bolstering their confidence is deeply fulfilling. Upholding trust remains pivotal—any action undercutting confidence can undermine the project’s ultimate success.
Cara: Our commitment goes the extra mile to cater to clients’ needs. We collaborate closely with both buyers and developers, even tailoring minute details to align with individual preferences. While the investment of effort may be time-intensive, its value is immeasurable. Our objective is to establish trust by acquainting clients with us—knowing, liking, and trusting us. We operate on a referral-based model, striving for enduring relationships.
Cara: We wholeheartedly embrace a philosophy of generosity without immediate expectations. The relationships we cultivate have the potential to yield returns, even years down the line. Our ethos revolves around giving and nurturing relationships for the long term.
Ben: A heartfelt appreciation to both of you for gracing us with your presence today and for generously sharing your invaluable insights, particularly within the realm of project endeavours. Your remarkable journey and wealth of expertise resonate deeply, and we extend our gratitude for your endorsement of Homely. We eagerly anticipate our future engagements and discussions. Until then, take care and stay well!
Check out 1st City Real Estate’s listings here on Homely.com!
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