Phoenix Homes is a new hybrid estate agency already taking the market by storm, the brainchild of property experts Myles Bush, Martin Hyre, and Padraic Hickey. Phoenix Homes is a revolutionary real estate company, offering a brand-new approach to business.
With a view to shaking up the stale status quo, Phoenix Homes has taken lessons from the pandemic and offers brokers complete freedom to work when how and where they like, with an 80% commission model. This extraordinary model goes against the regional norm – splitting commission 50/50 between the agent and the agency.
And while some US models charge brokers for desks and marketing, Phoenix offers a workspace for those who want it and leaves each broker to decide if they want to contribute to the marketing of their property portfolio.
And on the first day of trading, Phoenix Homes already has nine highly experienced, mature brokers, a professional admin team, and a 3,000 square feet office in Barsha Heights.
Myles explains: “We sat down and created the dream agency for us. As individuals, we all broker transactions, we’ve all got our own network, and we sat down around a table and decided what we wanted from an agency. The higher commission model is known in America, but no one is doing it here. We’ve fine-tuned it and are so excited to be bringing a fresh new approach to the business. The market has shifted, the world has changed, and we want to create a new sort of company that respects and acknowledges that.
“A friend said to me the other day, ‘all the other real estate companies are like schools, where you are told what to wear, when to turn up, what to say and what to do.’ What we are building is not a school, it’s more like a University, you know.”
Given the experience of Myles and his partners – both long-term friends and fellow real estate brokers – the company already carries clout in the local markets.
Business partners Martin Hyre and Padraic Hickey come with a wealth of experience. Martin has 29 years of agency experience, 10 of which are in Dubai, while Padraic boasts 10 years of Dubai real estate experience
Martin picks up the story: “All three of us were in a position where we reached the part of our careers where we wanted something different. We wanted a better work-life balance than we previously had. We were looking for something which was going to give autonomy back to brokers, and so rather than actually go off and do things independently, we are three really good friends and we decided to do it together. So, we just rebooted, to form Phoenix Homes.”
The vision of a new kind of real estate brokerage came easily to the innovative trio, with Martin continuing: “Why did we pick the name Phoenix Homes? We want brokers to rise to the pinnacle of their careers, and we want them to have everything available to them to be the best they possibly can in their lives, and they’re not going to be able to do that, with other business models that give a 50/50 commission split. 80% of the commission gives them the best possible chances to fill up their bank accounts, retire early, and just have a beautiful work-life balance.”
That work/life balance can only come with experience, a bulging contact book, and the maturity to manage your workload. Junior brokers do not fit in the Phoenix Homes model. As Myles puts it: “If you’re a new broker who wants training, and needs to be told what time to start and end your day, what to wear and say, then we are not the agency for you.”
Bush says joining Phoenix Homes is akin to starting your own agency, without all the capital required. “We need to trust our brokers to get on with it. They will be judged on performance alone. We won’t offer training or expect them to be in the office 9-5 – although, of course, the office and the admin staff are there for when they’re needed. I’d go as far as saying we are looking more to recruit dynamic, entrepreneurial businessmen and businesswomen rather than just brokers.”
And mature, heavyweight brokers joining the agency can choose to spend some of their commission on promoting their portfolio via Phoenix Homes’ channels if they wish. They can also promote their properties via whichever methods they know work best for them, without paying money into the firm.
As the first agency to adopt a clear-cut, uncomplicated 80% commission model, Padraic says he’s confident the agency will grow rapidly, organically, and aims to attract 20-30 brokers by year-end.
Padraic says: “Our model works on trust. On finding mature brokers, who know exactly what they are doing, and how to generate sales and lettings. Anyone who knows me knows my style wasn’t to be chained to my desk all day. I’ve always preferred being out and meeting people. Our clients will trust us because we are all highly professional and experienced – so it doesn’t matter what hours we keep.”
Phoenix Homes will offer sales and lettings of both residential and commercial properties in Dubai, with plans to swiftly open a UK office to assist in international property negotiations.