New Domain CEO’s Focus Can Be Summed Up In One Quote
- Pellegrino is the Ex-Google Australia & New Zealand Managing Director
- Pellegrino is looking closely at the time between property transactions, rather than just how to win more listings over REA
- Data will be at the centre of the Domain strategy going forward
Jason Pellegrino has just taken the reigns as the new Domain CEO, in the midst of one of the worst real estate markets Australia has seen for some time, and the industry is keen to work out what kind of a leader he will be for the second-placed listings portal, and in his role as a powerful influencer within the real estate landscape.
In an interview with the Australian Financial Review, one comment can sum up exactly what the industry can expect from the ex-Google Aus & NZ Managing Director – and he may have shown us his hand.
Speaking about Australian’s love of property, he talked about how home owners change properties every 10 years and how Domain is looking to capitalise on the activities that take place between transactions.
“For the rest of that decade (between transactions), the opportunities evolve. The typical mortgage is refinanced every four years, so over that decade you’ve got another two and half times to provide another opportunity. Insurances happen every year, renovations might pop up over that 10 years, major renovations or even interior design, furniture selection, finding people to service or maintain or provide assistance in the house.”Jason Pellegrino, Domain CEO
Build, Buy or Partner
That’s the strategy for the Domain CEO who seem to be shifting the company’s focus away from running a listings and digital advertising portal, and towards a more complete property & lifestyle experience.
And given the recent merger between Fairfax & Nine Entertainment, this puts Pellegrino at the head of the digital arm of Australia’s largest media company – a strong (and well capitalised) position that could see a real challenge put to REA Group’s realestate.com.au platform and other digital lifestyle platforms.
The Google Approach to Real Estate
Pellegrino also spoke to the AFR about wanting to take his learnings from Google and apply them to real estate, by using data to predict a consumer’s wants and needs before they have identified it for themselves.
“If you look at the world leading experiences, take Netflix or Stan on content, over 70 per cent of the content consumers watch on those platforms is actually recommended rather than searching. That gives you some insight that successful organisations are using their data to assist their users beyond them asking for the specific answer,”Jason Pellegrino, Domain CEO
…And The Trump Approach To Industry Leadership
The Domain CEO is also infamous for documenting his outspoken thoughts on Twitter, much like the US President, Pellegrino says that he sees this as a way to build an authentic brand, through accessibility.
“With technology and access to communication, as a leader, you don’t have the choice of trying to put on a facade. Consumers are being drawn to brands that are authentic, employees are being drawn to companies that are authentic, and followers, which are critical for the success of any organisation, are drawn to leaders who are authentic. For me to have a professional facade and a personal facade is counter to what I think actually is critical important for the ability to show great leadership to attract talent and followers to that journey. “Jason Pellegrino, Domain CEO
But despite his thoughts on being publicly outspoken on social media, it seems his new paymasters may have been privately outspoken on his views, as his twitter account has been taken down since joining Domain.
Apprentice Takes On His Master
Speaking of REA Group, the Domain CEO’s first job was at KPMG as an auditor, working under partner Roger Amos who coincidentally (and ironically) holds a board seat at REA group.