With our sights set firmly on expanding and enriching the business in 2020, and with huge projects set to get underway, we anticipated this year being one of our most ambitious – but the world had other plans. We’re almost certainly not alone in declaring 2020 one of the most demanding years to date; to say that it’s been turbulent would be an understatement.
Despite the challenges, we’ve come to the end of the year with an unexpectedly positive outlook. Often, from the most trialling of situations comes the most significant growth, and for us, this year has allowed us to refine the business – its structure, its operations and its goals – and set it on a much stronger path. While we had to press pause on some of our loftier plans, we reckon the business is in a better position to move forward. With that in mind, we thought we’d reflect on the year that’s passed and the one to come.
All the way back in March, as the pandemic strengthened its grip and the real estate industry was forced to abandon public activity, we quickly realised we wouldn’t be able to carry on business as usual. We made the difficult decision to implement five redundancies and stand down our remaining staff for a month. During the stand down period, our co-founders, Richie and Michael, devised several strategies to restore our staff to full capacity. Eventually, they developed the concept for the revenue trigger tracker, a comprehensive navigational tool of sorts that allowed us to track progress and eventually bring the team back to full-time salaries. (You can read more about it here.)
When staff returned in May, they were working part-time with the support of JobKeeper. They were also operating remotely – a shift that initially seemed tricky to navigate, but one that they swiftly took in their stride; it was nothing short of inspiring to see the comradery, teamwork and close collaboration that underpin our business maintained, regardless of geographical constraints.
In June, we reopened the office and entered the second half of the year with a mighty bang. With the majority of our staff once again working face-to-face and a new streamlined team structure, we were able to kick some pretty massive goals: 2020 ended up seeing nearly $40 million worth of purchases across six states, ranging from a 34sqm studio to a $4.7 million block of land; a diverse suite of construction projects across cosmetic and structural renovations, sub-divisions and new home builds totalling $15 million; a 37 percent increase in properties under management; and a 138 percent jump in revenue compared to 2019. Perhaps most important – and an outcome that can’t necessarily be quantified – was the fact that the satisfaction of our clients remained incredibly high. This was a true testament to our team’s unparalleled service, expertise and hardworking approach – attributes that never once wavered over the course of a difficult year. Considering the state of things in March, 2020 produced a result we certainly could never have anticipated but one that we’re wholly proud of.
We’re eager to move into the new year to introduce a number of exciting initiatives. An additional arm of the business, which centres on property development, is set to launch, along with our MVP, a bespoke software platform that will transform the way we operate and work with our clients. As well, we’ll be looking to hire several new team members and raise our series A investment, allowing us to expand into new verticals and amplify our existing ones.
We’ll be bigger, better, bolder and more resilient in 2021, and ready to tackle the opportunities and challenges that come our way. Bring it on.
We’re in the process of hiring an experienced new business development manager, head of marketing, snr property research analyst and a property and settlements manager. If you’d like to learn more about the roles we have available, please contact Michael at mc@milkchoc.com.au.
Get in touch to find out how we can help you with your property journey.
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