After 10 years of friendship, it’s not surprising that Greville Pabst and Greg Wickham have “a lot of synergy” in their working relationship. While Greville co-founded WBP Property Group in 1992, and is now the Executive Chairman, Greg is a fairly new addition to the company. He came on board as CEO at the beginning of 2016.
“I have known Greville for years and have always wanted to work with him,” says Greg, who explains that he left his previous position at a similar company because “there were numerous shareholders to contend with, which naturally means strategic decisions take a little longer”. Conversely, he’s excited by the potential he sees in his current role at WBP. “WBP has opportunities for movement, it’s nimble and able to go in the right direction with the correct strategy,” he enthuses.
An anniversary worth celebrating
This year, WBP Property Group will mark its 25th anniversary, and the company has much to celebrate. When Greville co-established WBP during the recession in the early 90s, there were just a handful of staff based in a couple of rooms above a factory in North Melbourne. The business has come a long way since then. These days, it’s a national property advisory and solutions company, with bases in Melbourne and Sydney and over 250 staff in offices all over Australia. Greville is understandably pleased with what he has achieved. “I am very proud of WBP’s evolution. It’s been an extraordinary rise from humble beginnings,” he says.
The company has grown rapidly over the years and continues to grow at an astounding rate, through a combination of organic growth, acquisitions and being an early adapter of new innovative technologies.
“WBP is a fast growing company. Our long-term growth rate has always been in the range of 20-30%,” says Greville. “This year alone (2016) we have grown by 40% and employed nearly 100 new staff members, while most of our competitors have dropped by 20% in the last 12 months.”
Close-knit culture
Greville attributes this strong growth to the close-knit culture cultivated at WBP. “A major challenge has been being able to adequately resource the business with skilled and experienced property personnel. As we have been in business for 25 years and we’re continually growing, the demand for labour has been particularly strong and difficult to keep up with,” he explains. “However, through creating such a strong culture in our business we have been able to rapidly expand our team. This averages out to about 10 new people joining each month!”
This year alone (2016) we have grown by 40% and employed nearly 100 new staff members, while most of our competitors have dropped by 20% in the last 12 months.- Greville
Greville says that a great culture is essential to continuing this level of growth, as it invites the best talent and ensures new staff members are excited to join the team. And, WBP wants to appeal to a diverse range of people. “One thing I would like to see challenged and changed is more women taking up careers in property. Traditionally, it has been a profession dominated by men, however, I think it is a great profession for both genders,” opines Greville. “We are trying to attract more women and young people by creating a great workplace culture with strong values and exciting innovation.”
Strong team, clear direction
Another aspect of the business that sets it apart from competitors is WBP’s diversification strategy. The company recently restructured the business into three pillars – property valuations, advice and management.
“It really communicates and makes clear to the market what we do. There was confusion prior to that – were we just valuers or advisors? But, now we have clearly defined who we are – externally and internally – which is crucial for our vision, culture and to the marketplace. Our property business offers end-to-end solutions, which clearly differentiates us from our competitors,” says Greville.
This clear direction is supported by the strategies Greg has put in place as CEO. When he started, Greg had an in-depth look at the business structure. While he felt there were no major changes needed, he saw the business would benefit from setting up a corporate organisational model, with strategic business plans and budgets. “Now we have a really strong team that knows exactly where we are going. We communicate closely, and together we are heading in the same direction,” he says.
Equal to all challenges
While the outlook for the business is bright, Greville says there are some challenges ahead. Like all businesses, WBP is constantly adapting to rapid advancements in technology, which is crucial for connecting with the community, consumers and other businesses. “It requires people to have the mindset to adapt and accept change, particularly in our industry where property valuers are conservative in nature,” explains Greville. “In Australia, the demographic of property valuers is over 50 years-of-age, so we must ensure our business has not only modern technology systems but a progressive mindset that can adapt.”
Another challenge for Australia’s property industry is the housing affordability crisis. “We are becoming a nation of renters. Our planning authorities need to make it easier for developers to increase the supply of dwellings in areas where people want to live in order to make it more affordable.”
We are becoming a nation of renters. Our planning authorities need to make it easier for developers to increase the supply of dwellings in areas where people want to live in order to make it more affordable. – Greville
There’s no doubt that Greville and Greg are up to the task of overcoming these challenges. While Greville lives and breathes property, Greg is passionate about growing the business. “It’s what I love to do and it comes naturally to me,” he says. Both men clearly love coming to work every day, and it’s highly likely their employees feel the same way. Greville says, “We are a fun group of people who want to win and be the largest and most effective property solutions group in the nation.”