Since launching, Erez says there are now more competitors in the sector and Newground Property has been exploring ways to differentiate itself.
“There are more competitors in the market in our space because it is a relatively low barrier to entry business. The majority of people in our line of work focus on providing retail investment products to the market place, which suits a certain type of investor, but we’re looking to encompass a bigger market and attract a wider array of investor,” he says.
Erez says innovation is also a fundamental component of every small business.
“If you ask anyone who works for me they’ll tell you I create something new every week. You need to be changing and adapting to the market in order to differentiate yourself from the competition.”
In terms of strategy, Erez says he sets aside time every six months to have “team strategy days”.
“I’d love to be able to set time aside more often, but strategy ideas often come to me when I’m not in the office – I’ll be standing in the shower, just zoning out or I’ll be on holiday. But it’s something I really enjoy and I don’t view it like other people would as crazy or obsessive. It’s a passion and I’m passionate about making the business better,” he says.
One of Erez’s greatest challenges when starting his business was finding the right employees.
“I was hiring the wrong people for the wrong role, but now I’m very clear about what each role is and so finding the right people has become a lot easier. When you’re starting a new business, one of the biggest challenges is always adding extra people because this changes what people are and aren’t responsible for doing.
“It sound simple, but it’s not. The mores specific you are about the expectations for the role, the easier it is,” he says.
With a small team of six employees, Erez has established a hardworking but enjoyable company culture.
“Because we’re such a tight team, culture forms itself and everyone sits near each other. We’re a very young team, the average age is only 25. I try and take them out for lunch every fortnight or so and just do that kind of thing to keep it pretty relaxed,” he says.
Moving forward, Erez says one of the biggest challenges will be securing lines of capital to expand the business and provide a platform to expand Newground Property’s capabilities.
Erez rarely leaves the office before 6pm and when he does his work comes with him.
“I’m constantly thinking about the business. I leave the physical office at six, but I don’t stop till 10pm at night and I’m big into making notes. I just ream off notes of ideas, goals, strategies or changes to the business and this could be when I’m in the shower or on the plane flying interstate.
“I’m often flying interstate for business, so I’ll always have a notepad with me. I get some of my best ideas when I’m away from the office.”
Believe it or not, Erez still finds the time to have some hobbies outside of work.
“I love to play guitar and drive cars on the tracks. My wife and I also like to go out to dinner and we both love food and wine. There are a couple of great restaurants in Brisbane at the moment,” he says.
In the near future, Erez is planning a significant change to the business in the future, although the details of this are yet to be revealed.
“It will be a significant change to the strategy, but generally, it’s about establishing ourselves as a market leader and as a company which stands for professionalism – something which we already get comments on.
“We also want to be known for as the go-to people for property advice,” he says.
To aspiring entrepreneurs, Erez’s advice is to find a mentor.
“One of the most valuable things I did early on was to find a mentor. At the start, running the business is very much operational and just having someone you can meet with every fortnight or every month is invaluable,” he says.
