Business Leaders-Shane OConnor: Lessons Learned From Growing Eldron From Startup to Industry Disruptor

Finding the right property can be a nerve-racking experience, especially in a competitive market like Dublin. This blog post shares valuable lessons learned as Eldron grew from a startup to an industry disruptor, equipping you with practical strategies for a successful property purchase.

Get ready to gain insider tips on negotiation, client service, and property investment that could make all the difference in your home-buying journey. .

Key Takeaways

• Shane O’Connor founded Eldron, a buyer’s agent firm, after working as a property agent in Dublin, offering flat-fee services tailored to property buyers’ needs, including sourcing properties, negotiation, conveyancing, and post-purchase support.
• Eldron charges a transparent flat fee in Dublin and plans to introduce a lower flat fee model in Belfast, catering to both local and international clients from countries like America, Australia, and Singapore.
• O’Connor emphasises exceptional customer service, treating clients as VIPs, and maintains strong relationships with estate agents to access off-market listings and leverage effective negotiation strategies for clients’ best interests.
• Eldron focuses on understanding clients’ risk tolerance, long – term goals, and future plans, aligning property recommendations with their unique needs and providing comprehensive guidance throughout the buying process.
• O’Connor highlights the importance of negotiation skills, access to off – market properties, and deeper market insights provided by buyer’s agents to secure favorable deals and make informed investment decisions.

Shane’s intense focus on innovation and calculated boldness provide invaluable lessons for aspiring founders and leaders in any industry. Let’s dive deeper into Shane O’Connor’s journey growing Eldron, his no-nonsense leadership style, and business success strategies that challenger brands can leverage today. Shane transitioned from a property agent to a buyer’s agent, founding Eldron to assist buyers with a comprehensive service, which enables us to get great insights into two aspects of the property sector.

Wondering what is a property buyer agent? As we uncover in conversation with Shane O’Connor, Managing Director of Eldron, Ireland’s leading independent buyer’s agent, it’s more than just an estate agent.

Our CEO, Ciaran Connolly learns all things property, negotiation and more in this week’s Business Leaders interview from one of our clients.

Originating in Dublin, Eldron was established after Shane identified a gap in the market for a service offering impartial, informed and honest advice to those embarking on one of the most important investments they will ever make.

Watch the full interview and read more about Eldron below.

Shane OConnor: What Makes Eldron Different?

As we all know, the world is not short of real estate agents. However, what makes Eldron different is its dedication to the property buyer – not the seller – as it is in most cases.

Shane came up with the business concept after feeling frustrated with the property market system in general. He identified a problem that seemed to be missed by most in the industry, so he decided to take action.

“I worked on the selling side for years in Dublin. I got so frustrated that people were asking me for advice but I was working for the seller and not for the person who was buying the property. It all started from there.

“It always frustrated me that people would take advice from Paddy or Mary or whoever, even though they had no experience. They’d take advice from their parents even though they had no experience.

“It’s the biggest purchase you’ll ever make, but people would take advice from people who were incentivised to give you the wrong information or from someone with no experience.”

Thus, Eldron was born. As Shane emphasises – Eldron’s purpose is to empower the property buyer in the homebuying process.

“We act as an estate agent, only helping the buyer.

“We don’t sell property, we only give advice to the person who is buying. And we deal with that the whole way through, from sourcing property to negotiating, to conveyancing and even as far as overseeing doing up the property after it is bought.”

He explains further what makes Eldron different: “I looked at breaking it down into small segments of how we could help people. But we found it was much better to offer people a complete package so people can use the parts they want.”

This transition allowed Shane to offer comprehensive services tailored to buyers’ needs, including property sourcing, negotiation, conveyancing, and post-purchase setup.

Recognising the challenges buyers face in navigating the real estate market, he saw an opportunity to provide personalised guidance and advocacy. His expertise in negotiation and market knowledge became invaluable assets in securing the best deals for clients while ensuring a smooth transaction process.

Services offered to buyers

Evolving from a traditional estate agent role, Shane specialised in guiding clients through property purchases. His agency offered a comprehensive package tailored to buyers’ needs – sourcing suitable properties, skilled negotiation, conveyancing, and post-purchase support.

Clients benefit from a transparent flat fee for Eldron’s services.

Benefits of Working with a Buyer’s Agent

Working with a buyer’s agent offers numerous advantages that can make the property buying process smoother, more efficient, and less stressful. Some of the key benefits include:

1. Saving time: A buyer’s agent can handle the time-consuming aspects of property hunting, such as researching listings, arranging viewings, and negotiating with sellers, allowing you to focus on other priorities.
2. Access to off-market properties: Buyer’s agents often have a network of contacts and access to off-market properties that may not be listed on public platforms, giving you a competitive edge in finding your ideal property.
3. Objective advice: A buyer’s agent provides unbiased advice based on your specific needs and goals, helping you make informed decisions without the influence of emotions or external pressures.
4. Skilled negotiation: With their expertise in property transactions, a buyer’s agent can negotiate effectively on your behalf, potentially saving you money and securing more favourable terms.
5. Avoiding costly mistakes: A buyer’s agent can help you navigate common pitfalls, such as overlooking important property defects, overpaying for a property, or choosing the wrong location, ultimately saving you from costly mistakes.
6. Reducing stress: Buying a property can be a stressful experience, but a buyer’s agent can alleviate much of this stress by handling the complex aspects of the process and providing guidance and support throughout.

The Secrets of Negotiation

With sales of any kind, negotiation is key. It is a craft that many businesspeople either master or blunder. As Shane has years of experience in senior roles in some of Ireland’s top estate agents, including Douglas Newman Good, Savill’s and Sherry FitzGerald – he provides the perfect metaphor for understanding negotiation.

“You can tailor negotiations to the situation. If you take a grandmaster in chess – 60% of their moves come from pattern and recognition, as opposed to them thinking about it. When you first start chess, nearly every move you have to think about. It’s similar to negotiation.

“If you have seen this pattern of bidding and negotiating before, you know how to act on it. It’s gauging when to push and when not to push. That’s down to experience and momentum.”

Where Are Eldron Now?

Established in 2017, Eldron’s head office is in Dublin. Their mission is still very much focused on the buyer, but in different ways. They not only work with buyers who are purchasing property, but are also investing in property.

They offer access to off-the-market properties, impartial guidance on the local market and ensure that their buyers receive the best value for money whilst setting them up for steady return on investment.

How has Eldron grown so rapidly in such a short timeframe? Shane says the business’s unique selling point does all the selling for them.

“To date it has been mostly word of mouth, so we have been lucky enough that a number of people have written articles about me. Through that, and our own marketing strategy, we have had people contact us and they’re interested. We haven’t had to sell it as such.”

Top Property Advice from Eldron’s Shane O’Connor

Buying property can be an exciting but stressful endeavour. There is no wonder Eldron’s consultancy services have surged in popularity so quickly.

Shane reinstates the importance of focusing on what you really want before plunging into a big decision like buying or investing in property.

“We take each client as an individual, for every property we help buy there’s five steps to it.

“When clients start out, they sign a focus form. We go through what it is they are looking for, and the five things that are most important to them. We then have an input into what we feel they should be looking at or what questions they should be asking themselves.

“Because, so often people go onto property sites and they are torn, swayed and conflicted. That’s why it takes so long to buy. Whereas if they have that simple list at the start, they can identify if they want to be 10 minutes from work, want a three bed house, the opportunity to renovate – that’s what’s important. So for us it’s black and white, but for the people it’s very emotional. So we navigate what’s right for them.”

Shane covers these topics in more detail, plus more about the property industry and his success in the rest of our interview.

You can learn more by watching our ProfileTree TV interview in full or visiting Eldron.

Emphasis on high-level customer service

Customer Service and Negotiation: Shane emphasizes the importance of providing top-notch customer service as a buyer’s agent. By keeping client numbers purposefully low, Eldron is able to provide highly personalized attention and responsiveness to each buyer they work with.

To excel in customer service, property professionals should focus on the following key areas:

1. Communication: Maintain clear, frequent, and transparent communication with clients. Promptly respond to inquiries, provide regular updates, and ensure clients feel heard and understood.
2. Empathy: Put yourself in your clients’ shoes. Understand their unique needs, concerns, and aspirations. Show genuine care for their well-being and success.
3. Knowledge: Develop and maintain a deep understanding of the local property market, trends, regulations, and best practices. Use this expertise to provide valuable insights and guidance to clients.
4. Adaptability: Be flexible and adapt your approach to suit each client’s individual preferences and circumstances. One size does not fit all in property services.
5. Proactivity: Anticipate clients’ needs and proactively offer solutions and support. Go above and beyond to exceed expectations and add value at every stage of the process.

When it comes to negotiation, Shane shares insights gained from his extensive experience on both sides of property transactions. Some key tips include:

• Tailoring the negotiation approach to the specific situation and players involved
• Extracting as much information as possible from the selling agent
• Using time pressure and deadlines strategically
• Bidding decisively to convey strength but leaving room for further negotiation
• Focusing the buyer on one property at a time to show commitment to selling agents

In addition to these strategies, effective negotiation in property transactions requires:

1. Preparation: Conduct thorough research on the property, market conditions, and comparable sales. The more informed you are, the stronger your negotiating position.
2. Objectivity: Maintain a calm, rational approach. Don’t let emotions cloud your judgement or cause you to make rash decisions.
3. Active listening: Pay close attention to what the other party is saying, both verbally and non-verbally. Look for underlying motivations and opportunities for win-win outcomes.
4. Creativity: Be open to innovative solutions and compromises that can help break deadlocks and satisfy both parties’ key interests.
5. Patience: Don’t rush the process or succumb to pressure tactics. Take the time needed to carefully consider offers and craft strategic counteroffers.

The Power of Expert Representation: For anyone considering purchasing a property, working with a dedicated buyer’s agent can provide significant advantages. From gaining access to off-market deals, to getting an unbiased assessment of a property’s potential, to skilled negotiation, a good buyer’s agent can help people navigate one of the biggest transactions of their lives.

In conclusion, working with a buyer’s agent like Eldron can be a game-changer for those seeking to purchase a property in Ireland. With their unique focus on the buyer’s interests, extensive market knowledge, and commitment to exceptional customer service, Eldron has quickly become a trusted name in the industry.

Through the insights shared by Shane O’Connor, it is clear that partnering with a skilled buyer’s agent can provide significant advantages in the property buying process. From accessing off-market properties and navigating complex negotiations to providing objective advice and tailored support, a buyer’s agent can help you achieve your property goals with greater efficiency and confidence.

As the Irish property market continues to evolve, working with a buyer’s agent like Eldron can be an invaluable asset for those looking to make informed decisions and secure their ideal property. By leveraging their expertise and personalized approach, you can streamline your property search, reduce stress, and ultimately find the home or investment that best aligns with your needs and aspirations.

Buyers Agent FAQs

1. What is a buyer’s agent? A buyer’s agent is a licensed professional who represents the interests of the buyer in a property transaction. They provide guidance, advice, and support throughout the buying process, from property search to negotiation and closing.
2. How does a buyer’s agent differ from a traditional estate agent? While a traditional estate agent represents the seller and aims to secure the highest price for the property, a buyer’s agent works exclusively for the buyer, prioritising their needs and working to secure the best possible deal on their behalf.
3. What services does a buyer’s agent typically provide? A buyer’s agent typically offers a range of services, including property search, market analysis, negotiation, due diligence, and guidance throughout the conveyancing process. Some, like Eldron, also provide post-purchase support, such as overseeing renovations.
4. How much does it cost to work with a buyer’s agent? The cost of working with a buyer’s agent varies depending on the agency and the scope of services provided. Some charge a percentage of the purchase price, while others, like Eldron, offer a transparent flat fee structure.
5. Is it worth hiring a buyer’s agent? For many buyers, the benefits of working with a buyer’s agent far outweigh the costs. A skilled agent can save you time, reduce stress, and help you make informed decisions, potentially saving you money in the long run and ensuring a smoother, more successful property purchase.

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