As the CEO of the Real Estate Institute of New Zealand (REINZ), Bindi Norwell has a varied job that can range from working on new digital innovations one minute to talking to the government about changing regulations around buying and selling houses the next.
Is that an Aussie twang?
It is. I’m from just outside Melbourne. I grew up in the countryside, then moved to Melbourne to go to university.
What did you study?
Start your property search
I actually did a Bachelor of Behavioural Science. I was going to be a psychologist but then I felt like I was too young and decided to do business instead. My employer at the time paid for me to do an MBA while I was working for them. It was tough — all my friends would be out partying at the weekends and I would be at home studying. But it turned out to be one of the best things I have ever done and it was worth it in the end.
Has your psychology degree been helpful in business?
Definitely. You learn a lot about empathy and understanding people, and also having a balanced perspective. It has also helped with learning how to communicate and to lead.
What brought you to New Zealand?
I came via the UK, where I went to do my OE from Melbourne and ended up staying for 10 years. I had several positions with British Telecom, including as head of strategy. They had just sold off their mobile arm at a time when mobile was really taking off. My job was to work in strategy and innovation to come up with ways of making revenue to fill the gap. We set up various ventures to see what would work — some went really well, others failed. It was trial and error, very interesting times.
While I was there I married my New Zealand husband, who’d travelled over from Melbourne with me. We had two kids — Bianca is now 12 and Max is 10 — and it got to the stage where it was getting hard living in London with small children. We wanted a better lifestyle for them, and then I got approached about a job in New Zealand with a consulting firm, so we moved here in 2012.
You got the job with REINZ in 2016. What attracted you to it?
I always wanted a great leadership position where I could have real influence. My passion is being able to lead and to empower people to do good work. I liked the idea of supporting 15,000 real estate staff across the country and coming up with ways to innovate and help the industry. It was a very exciting job to get.
Plus I really love property. I’ve never sold real estate but I have owned and renovated properties. We had three in London that we renovated and rented out, then eventually sold. I can appreciate how much work is involved in maintaining properties and looking after tenants.
I love reading house and garden magazines — I have piles and piles of them — and watching property TV shows.
What’s your home here like?
Once again we bought a house with good bones that needed a lot of work. It’s an old home where all the rooms are closed off. We could see the potential in knocking down walls, opening everything up and putting the kitchen in the middle. It’s ongoing — I came home the other day and the side of the house was off. We’ve been living in dust for quite a while. I’m looking forward to it being finished.
What’s the best part of your job?
I like the variety. Every day is different. I love the fact we’ve been able to come up with innovations that help our members, such as RentalSmarts, an online tool that finds similar properties to the one being listed using a form of Artificial Intelligence so property managers can see what current rentals are in the area. It’s really rewarding when we come up with new ideas and are able to deliver them.
Are there misconceptions about the real estate industry?
What people don’t always realise is it’s actually a very highly regulated industry. We don’t get a lot of complaints about agents — a lot of work has been done over the years to improve professionalism within the industry. It is actually very transparent and there are a lot of protections in place, and if somebody does something wrong there is recourse — they can lose their licence.
There’s also the misconception that agents make huge amounts of money. Some of them do, but others don’t — the median salary is around $80,000. Because it is commissioned-based work, it is risky. You can put in a huge effort for weeks and weeks into trying to sell a house for someone only for the person to pull the plug and go with someone else.
And what people don’t always get is that a lot of agencies do a huge amount for their communities. They get involved in supporting great causes and donate millions and millions of dollars to charity.
What change would you like to see in the industry?
I would like to see more young people going into real estate. It can be quite daunting at a young age because it is commission-based. Older people may have a bit of equity behind them which helps, because they’re going into a job where they might not make a lot of money until they are established. We’re doing a lot when it comes to support and education to help young professionals coming into the industry.
What do you do in your time off?
Spend it with family. We like to get away as much as possible to our beach place. We have no wi-fi there — well, I still have it on my phone so I am always available — but the kids don’t have it so we go for walks on the beach and bike rides, we play games and we enjoy down time together.
