MAIN IMAGE: Grant Smee, CEO of Only Realty
Senior writer
Only Realty has been intensely focused on growth through acquisition. Grant Smee, CEO, explains that this direction followed after the Covid lockdown, when he and his partners made the pivotal decision to shift the group’s growth strategy from franchising to acquisition.
“Over the past three years, we have successfully acquired 12 varying-sized real estate companies. These acquisitions range from smaller firms with modest property management portfolios to larger entities boasting extensive agent teams and substantial rental and sales transactions.”
Not without its challenges, Smee says the strategy has been an immensely successful one thus far. “However, we do still feel that we are at the start of this journey, with room for growth. Over the forthcoming five years, we will continue to hunt for promising acquisition opportunities while also focusing on consolidating and improving our current portfolio of businesses. This will involve refining our systems and processes, leveraging centralised cost structures, and reinvesting in our agents—the ultimate clients—empowering them to deliver exceptional service and experiences to their clients.”
Most recently, Only Realty expanded into Mauritius with a franchised office managed by franchisees Sebastien and Casey Brazeau from Port Elizabeth. “The primary allure of the Mauritian market lies in its appeal as a lifestyle destination for South Africans, offering economic and political stability, delightful weather, and one of the world’s most flexible tax systems, all within a mere four-hour flight from Johannesburg. It’s worth noting that most of our clientele in Mauritius are South African buyers.”
In addition, Only Realty opened an office in Caldas de Rainha on the Silver Coast of Portugal. “This venture is a collaboration with yet another pair of accomplished franchisees, Stephan and Kelly Kritzinger, from Only Realty Wild in Nelspruit. Led by a local resident of Caldas de Rainha, this office aims to establish itself as a real competitor in the local market, focusing on residential sales tailored to the needs of the area’s residents. We envision this as the first of many offices we plan to open in Portugal in the future.
“While we definitely have ambitions for further international expansion, our primary focus for the next five years is to consolidate our presence in the South African market, where we feel there is massive opportunity for growth,” says Smee.
In the highly competitive real estate industry, it is very difficult to differentiate one’s brand based solely on the product or service offered to clients, says Smee. “Our true strength, however, lies in our differentiator: our team. The culture we cultivate within our business is vitally important to us, emphasising the values we hold each other accountable to and the remarkable energy our teams bring. We firmly believe in the importance of loving what you do, and if it stops being fun, then you need to rethink what you’re doing and why. “
Did you plan to enter the property market?
I studied Accounting with the intention of qualifying as a Chartered Accountant. However, early in my studies, I realised this path wasn’t for me. After completing my B.Com, I decided to venture to the UK to explore and gain valuable work and life experiences.
While in the UK, I became intrigued by the potential of investing in multi-tenanted properties, which marked my official entry into the industry. The financial crisis of 2008 presented an opportunity to establish a property management business in Southwest London. With many South Africans leaving their properties behind as they fled the recession, there was a growing need for property management services. My partner and I seized this opportunity, running the business until 2010, when we sold it.
Following this, my wife and I returned to South Africa in 2011 and embarked on our journey in the local property industry.
Why does the residential property market appeal to you?
I began my journey in property as a residential property investor. For me, it was a natural progression, as it aligned with my interests and skills. It’s a field that provides me with a sense of familiarity, yet it’s also one where I recognised significant potential. The industry has remained relatively unchanged for a long time, which makes it ripe for disruption.
How do you work around family commitments and business demands, given property can be highly weekend intensive?
The business is extremely time intensive, making it challenging to strike a balance between family commitments and business obligations, especially over the past three years. Personally, my greatest challenge lies in finding this balance. Meanwhile, our agents face the task of managing client needs alongside their own family commitments, often during weekends.
Our leadership team’s focus, myself included, is not to compete with our agents but to provide them with unwavering support, guidance, and mentorship. Our goal is to assist agents in building their businesses under our brands.
What is your leadership style?
I adopt a highly collaborative approach to everything we do and am extremely decisive. I am clear on the direction I’d like to take the business, the culture we need to foster, and the kind of people we need to attract and keep.
I also recognise the wealth of knowledge and experience my partners and other business leaders bring to the table. Their profound passion for the industry, our business, and our people serves as a driving force as we strive to elevate Only Realty and our associated brands, setting us apart and fostering growth.
What is the freshest approach you bring to the business?
My ability to not take things too seriously, but I still hold our team to exceptionally high standards, expecting them to consistently deliver their best performance. We have an unofficial company motto, “Be Unsh!t”, which speaks to this. No matter what you are doing, big or small, make sure you’re doing it as well as you can.
When the time comes, what legacy do you hope to leave?
As someone relatively young in the real estate industry, I haven’t given this a huge amount of thought. However, if I reflect on what inspires me, drives me and keeps me curious, it’s the desire to better the industry for my team, minimise the uncertainty and risk inherent in our industry, and offer stability and security for our team members and their families. Ultimately, I hope to leave people better off for having known me!
