31 Aug 2018
Meet Glenn Millar: Senior Broker - Sunshine Coast
Our agents pride themselves on their specialist industry expertise and the detailed local knowledge they have accumulated about the geographical territory they cover. In some cases, that intimate knowledge has been gained over many years, making them the region’s undisputed market leader. In this issue, we hear from one of our agency’s most successful brokers.
HOW LONG HAVE YOU WORKED AT RESORT BROKERS AUSTRALIA?
I joined Resort Brokers in March 2005, at Eastertime, so I’ve recently passed the 13-year mark. I believe that makes me one of the company’s longest serving brokers.
WHAT WAS YOUR BACKGROUND?
I have been involved in the hotel and resort industry since I was 19. I began my career in the 1970s with the Tourist Hotel Corporation of New Zealand before moving to Australia in the 1980s. I held numerous positions that culminated in being appointed General Manager with a large international hotel group. Then, in the mid 80s, I entered the management rights sector, running complexes from Port Douglas to the Sunshine Coast.
TELL US ABOUT YOUR REGION AND SPECIALTY?
I am based on Queensland’s beautiful Sunshine Coast, where I have sold many landmark properties, often two or three times over. I have also been involved in sales across Queensland and of major properties in Tasmania and Western Australia.
I focus on boutique and high-end, high-netting management rights businesses. This includes operations that have additional components such as restaurants, day spas and conference facilities. There are few brokers who understand this market, certainly not to the degree needed in such a specialist field. Consequently, I am fortunate to have been appointed to sell the rights to many of the region’s iconic properties.
CAREER HIGHLIGHTS WITH RESORT BROKERS AUSTRALIA?
A number of awards have recognised my achievements, including Management Rights Broker of the Year in 2007 and every year from 2011 to 2015. Being named overall Top Sales Consultant of the Year in 2009/10 and again in 2014 were definite highlights. I’m also honoured to have recently been appointed to an advisory panel with ARAMA.
BIGGEST SALES SUCCESSES?
Top of the list has to be setting the then record price for management rights with the sale of Soul Surfers Paradise to Mantra Group, a record that has since been set again by Resort Brokers. Other stand-out sales have included the recent $12.5 million sale of a 64-unit freehold CBD hotel in Perth to a Singaporean investor, and the sale of the 128-unit former Peppers Pier Resort, which became Oceans Resort & Spa Hervey Bay. I currently have more than $23 million worth of management rights businesses under contract.
MOST IMPORTANT TRENDS IN THE INDUSTRY RIGHT NOW?
We are again starting to see private equity firms investigating the management rights model, with a number of new players entering the industry. The purchasing power of these firms, large investor groups and corporate buyers means we can expect to see them dominate the higher end of the market, making it much harder for ‘mum and dad’ investors to gain a foothold in the larger management rights offerings.
WHAT DO YOU LOVE ABOUT BEING A BROKER?
I am a fervent believer in the management rights model and I take great pleasure in assisting managers to exit their business with a sound capital gain and in guiding both new and experienced operators into exciting opportunities.
WHAT LIES AHEAD?
I look forward to many more successful years in the sector, and to staying on top of the rapid changes we are currently seeing across the industry. I feel we will see closer scrutiny of resident management by body corporate committees and consequently the need for managers to be much more proactive in communications with all stakeholders, including and most importantly unit owners. I can also see a time when agreement term top-ups will be tied to performance.
AND IN YOUR TIME OFF?
Apart from trying to keep on top of maintaining my acreage property, travel, exploring new regions and socialising with friends are top of our list. I’ve been working on my bucket list, with visits to China and India recently ticked off.