Michael Cavey is director of newly launched online property auction site
How did you get started in the property industry?
Like a lot of people, I have rented, bought and sold several properties, and with the bidRhino solution we believed that we could bring great value to the industry for agents as well as those who buy, sell, rent or lease.
What lead to the establishment of bidRhino.com?
I was looking for a new challenge, and after selling an investment property, the thought occurred to me, why do we only market our properties online, why can’t we sell, lease, rent or buy online too? After a lot of research online, and looking into the concept of online auctions, I found no online property auction portal back then. To me it seemed a very logical step to enable people to transact property online, and buy/rent and sell/lease online as well as market and search for property, it just made sense that this was a natural next step for the industry, and bidRhino.com was born.
What forecast do you see for the growth and take-up in this type of auction service in Australia?
I see online property auctions being the norm in 10 years. I think it will take a little time for segments of the market to feel comfortable transacting online, but not too long. I believe some agents may take a bit of time to accept that this is the future of property transactions, and that it isn’t a threat to them or the industry, but an innovation that they can leverage and use to great benefit to be more effective, successful and save themselves time too.
A lot of developers and agents see this now, the market is ready and the feedback we get is very positive from consumers, investors, developers and agents.
What drives you – has there been someone or something that has inspired your career?
I think my inspiration comes from achievement. I like a challenge and working with a team to successfully achieve an outcome. To provide a new service that has such positive benefits for the industry is a great motivator.
What is the most challenging aspect of your job?
Although we don’t believe our solution is cutting edge, it is relatively new to the industry. I think communicating the fact that online transactions are safe, secure and a massive benefit rather than a threat, is the biggest challenge, but it is a positive one and allows us to tell our story and gather feedback that helps us make our solution better.
What is the highlight of your job?
Meeting and working with people throughout the industry. It is such a diverse group of people across the market and working with such a range of different people is fantastic.
What building or product do you wish that you had designed?
Never thought about it for a building, but for a product, I think the iPhone. It has been designed so well from the start, and it is now such a large part of people's every day lives and used so widely.
Also read: Online Auction Portal Set To Shake Up Property Sales
What is the most pressing issue facing the real estate industry?
Underquoting. This seems to be eroding confidence in the industry, and a key pillar of our solution is to help build trust and transparency across the sector, by ensuring that there is transparency and clarity in the process. This is for both rentals and sales.
What or whom have you learned the most from?
I believe that experience has taught me the most -- often about what not to do as well as what to do, but having worked across a range of countries and industries, with many different people, the experience and lessons you pick up along the way are lasting and of great benefit.
What are you still learning?
Balance. I think when you are passionate about your job, getting the right balance between work, family and relaxation is an ongoing juggle. It is something that continues to challenge me.
What are three books that have either influenced you professionally or personally?
Well Wilbur Smiths “When the Lion Feeds” has to be there, this was the book I read as a kid that gave me a great love of reading, but I haven’t read too much lately as I have unfortunately not made the time to do so.
What would you like to be doing five years from now?
Apart from running a successful online auction platform in bidRhino.com, I would hope to also be helping people of all ages and backgrounds develop their own business. I think everyone should have a go at following their dreams and I’d like to be a part of helping some people do that.