LJ Hooker Terrigal is entering a new era following the transfer of ownership to principal Matthew Farrugia, making him one of the youngest owners in the network, paving the way for its next phase of expansion on NSW’s Central Coast.
Mr Farrugia has purchased the business from one of LJ Hooker’s top agents and his long-term mentor, Tim Andrews. It is a move he admits his younger self could never have imagined.
The 32-year-old did not take the traditional route into real estate but is incredibly grateful for a lucky break that came when he was just a teenager, when he called Mr Andrews on a whim after spotting his phone number on a property signboard.
“Anyone who knows anything about real estate knows Tim Andrews, so these are very big shoes to fill, but I am excited,” Mr Farrugia said.
“We have worked side by side for 15 years and have been business partners for five years. I am looking forward to putting my own spin on things and to having some big plans in the works, but at the same time, I hold my mentor's lessons close.”
Head of Network Australia, Chris Keating, congratulated Mr Farrugia on taking over the ownership of the business. He also paid tribute to Mr Andrews’ outstanding career that earned him Platinum Life Membership in the LJ Hooker Captains Club and consistently placed him among the top five salespeople internationally within the network.
“This is perfect succession planning, where a director is able to recognise and nurture outstanding young talent early on, equipping them with the skills and experience to eventually take the business forward and build on the foundations already established,” Mr Keating said.
“This is a premium market with a range of price points and high desirability; the network needs an operator who understands its dynamics, can deliver exceptional service and has the vision to further grow the brand. Matthew has an impressive track record and is the ideal person to take the business on its next chapter.”
Mr Keating said Matthew’s progression also highlighted the opportunity for aspiring business owners to build their future within LJ Hooker.
“Matthew’s journey shows aspiring business owners what a future with LJ Hooker can look like — joining a local team, developing as a leader and progressing towards ownership,” he said.
“Our role as a network is to back that ambition with training, technology, marketing and business support, while giving principals the freedom to shape their businesses around their local markets. We want ambitious people to see LJ Hooker as a place where they can build not just a successful career, but a business of their own.”
It has been a meteoric rise for Mr Farrugia, who entered the real estate industry at 19 with no experience but quickly established himself as a top performer in the Central Coast market.
He left school at 15 to work at McDonald's, where he trained as a manager, and later worked in a pro golf shop, where he met a real estate agent who sparked his interest in property. When a promised job fell through, Mr Farrugia spotted Mr Andrews’ details on a signboard out the front of a new development for sale and called him to arrange a meeting.
“Matthew turned up at the office in a suit and tie – I didn’t have a role available, but he just impressed me so much that I put him on,” Mr Andrews said.
“It was easy to recognise his potential early on as he was happy to do any job we asked, whether it be letterbox drops or installing signboards. There has always been an eagerness to learn.
“I made a promise to Matthew early on that he would be able to buy into the business, and we worked towards that goal. He has never been averse to putting in the long hours, six days a week; he quickly became a great team member and a great mate.”
Succession planning officially commenced five years ago, with Mr Farrugia purchasing a 20 per cent stake in the business, which gradually increased to 50 per cent. He had just booked a trip to Europe and was preparing to start a knockdown rebuild on his own property, when the opportunity for full ownership came up, prompting him to put both plans on hold.
LJ Hooker Terrigal is moving to new premises early next year, with plans to double in size across the residential, commercial, and rental sectors, as well as increase short-stay holiday accommodation.
“It is a tough market at the moment, but there are buyers and sellers out there; pricing is crucial, and you need to be able to have the hard conversations, and that is not something that I am afraid of,” Mr Farrugia said.
“Our plans are about continuing Tim’s legacy while building something bigger than we have today.
“I think about all those years ago when I made that phone call from a signboard and how lucky I am that someone took a leap of faith in me. I’d like to take everyone with me on this journey and give them the same privilege that I was given.”
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