16 Oct 2024
Words The Hotel Conversation

ResortBrokers enters 40th year on the back of its best year of sales and strongest pipeline of listings

ResortBrokers, the national accommodation property specialist agency started by Ian Crooks in 1985, entered its 40th year of business this month with its strongest ever pipeline of listings.

Last financial year, the agency posted its best yearly results in terms of volume and combined asset worth. For the first quarter of FY25, the agency’s settlements are up 11.3% on last year.

Mr Crooks, who remains active in the agency as Chairman, says ResortBrokers’ success has been due to several factors, not least of which is establishing enduring relationships of trust with buyers, sellers and other stakeholders across the accommodation property industry.

“The connections we’ve made across the industry now span four decades,” says Mr Crooks. “We’ve connected vendors with purchasers, owners with operators, and industry professionals with one another.”

“It’s been extremely pleasing for us, and for me personally, to set people up in the accommodation industry for the first time and then watch them thrive. I’ve always maintained the accommodation business is the best business to be in, and still do.”

ResortBrokers proudly remains a family concern led by Ian’s three children, Managing Director Trudy Crooks and Directors Tim Crooks and Carla Cook, with Carla’s husband Alex Cook.

What started with Ian Crooks as its sole agent is now a national network of over 30 brokers, active in every state and territory.

“We’re in every part of the country,” says Mr Crooks, who was constantly on the road during ResortBrokers’ formative years. “Our brokers live in the areas they serve so they understand their local market and its occupancy drivers.”

“We sell state capital CBD hotels, regional motels, caravan parks, manufactured home estates, roadhouses, workers’ accommodations, management and letting rights, and large off-the-plan hotel developments — and right across the price spectrum.”

“Over the decades, we’ve also developed our competencies across all accommodation models. There’s no accommodation asset type we won’t or can’t transact with the highest competency. The benefit of being a specialist agency is we’ve been able to build market leading capabilities within our chosen field.”

When Mr Crooks started ResortBrokers, most hotels and motels were operated as freehold going concerns. Mr Crooks pioneered the leasehold concept which split the leasehold from the freehold. This innovation significantly broadened the number of operators who could afford to buy an accommodation business.

“Many small family businesses were born out of this change,” says Mr Crooks. “Today, we estimate around 70% of all the motels in Australia are operated under the leasehold concept.”

After four decades in business, Mr Crooks says it always pays to take a long view of the accommodation property market. He cites Covid, the GFC and especially the 1990s recession as the most challenging periods for both the agency and accommodation property owners and operators across the country.

“You have to ride out these downturns as best you can,” says Mr Crooks. “And be ready for the rebound. Because there’s always a rebound.” END