New Australian Property Institute (API) NSW Divisional President Tyrone Hodge (AAPI CPV) is the focus of the Property Industry News member spotlight this month.
Mr Hodge, director, valuations and advisory at Jones Lang LaSalle, said he was honoured to be appointed NSW President. He has been an API member for six years and said he was excited to help shape the future of the organisation.
You’ve been in the property industry for more than 20 years. How has it changed?
Technology has changed the industry more than anything else. It has led to a sophisticated and educated buyer in all property sectors. In 1988 (when I started in residential sales) there was limited use of computers, no mobile phones and no Internet. To understand what was happening with property prices, valuers and purchasers had to visit the local council to look up transfers or purchase micro fiche.
The commercial property market has also evolved to become a sophisticated market driven by IRR’s and global capital market trend. This was a pretty new phenomenon in the 80s and has grown of the back of the dominance of the REITS.
How did you come to be in this role?
I started in residential sales and was always interested in the technical applications of real estate, which led me to study valuation at TAFE. My interest in technology eventually led to a role in one of the first online property portals, working for a business that was started by News Limited. It was a fascinating time, as in the mid-90s most agents thought the Internet was a passing fad (many still didn’t even have computers in their offices).
I eventually ended up in spatial analytics and retail network planning, a field that combines demographics, property information and sales data to help make property decisions. In 2006 I returned to the valuation and advisory industry, which was a great place to bring together all the skills I had acquired to build quality technically focused businesses.
Why did you choose to pursue a career in this area?
I like change and dealing with people – no two days are the same in my space and every job brings a new challenge. I love working with people and I have an opportunity to work with talented professionals and great clients.
What do you think are among the biggest challenges facing the property industry? Affordability and land supply are big issues as they affect entire property sector. This is a particularly big challenge for the residential sector as affordability is the oil that keeps the entire sector moving. If new supply can’t be delivered at a price that people can afford then the whole market slows.
What are your plans for 2013? What do you hope to achieve?
From an API perspective I want to work with the NSW executive to improve the relevance of the Institute to all members. This means more interaction with members to find out what they want and then a drive for change. At a business level, I’m focussed on building our private client and mortgage valuation business at Jones Lang LaSalle, as well as our national advisory platform.
How has the API helped your career, and why do you believe a membership organisation such as the API is so important to property professionals?
The API has provided me with education, a network, advice and credentials that help me to win work. It is important for professionals to maintain a high standard of professional development and ethics and this is something that is highly valued by clients.
What would you say to upcoming property professionals?
Build a strong network as this will give you a base that will support you throughout your career and aim high and be the best at what you do.
Tyrone is a director of the valuation and advisory team at Jones Lang LaSalle and leads a team focused on providing services to private clients, government and financial services sectors.
With more than 20 years’ experience in the property industry across valuation, sales and leasing of all property asset classes, Mr Hodge has worked in leading professional firms and provided advice to major institutions, banks, government and private clients. Recent projects have included development feasibility advice relating to major residential developments in Australia and New Zealand and workout advice for distressed property assets.
Mr Hodge has been a divisional councillor since 2008, is a registered valuer in NSW and WA and a licensed real estate agent in NSW, Queensland and Victoria.
He was recently elected President of the NSW Division of the API.