Gavin Rubinstein is chauffeured on Thursdays and Saturdays when he has his open homes, allowing him to work the phones. Picture: Toby Zerna

THEY dine at Woolloomooloo Wharf, drive hotted-up Mercedes supercars, holiday in Aspen and are dressed by the finest Italian tailors.

Meet Sydney’s real estate rock stars, riding high on the back of an unprecedented five-year boom, who work hard to pocket monstrous commissions but also, if rumours are to be believed, party harder with champagne-fuelled yacht parties and five-figure lunches.

It’s a part of the industry nicknamed “the jungle”, where you have to beat an average of five other agents to get a house listing and 80 per cent of wannabes drop out or burn out in the first year.

That’s partly due to the 15-hour work days and seven-day working week for agents who “never ever switch the phone off”.

While anecdotes of wannabes blowing their huge commissions on ridiculous indulgence abound, at the very top are the ones who are all about the business.

“I don’t think I have ever had a holiday where I haven’t sold a listing,” said 29-year-old residential sales phenomenon Gavin Rubinstein, whose day starts in the gym before 5am.

Recently named the number one residential agent in Ray White’s worldwide stable, Rubinstein — the go-to man for eastern Sydney’s cashed-up cool crowd — is among that elite handful of agents who sell an average of 100 homes in a calender year.

Given the average house price is more than $2 million in Sydney’s east, it means the top agents can take home between $1 million and $5 million a year, depending on sales and the commission they charge.

“I make a point of waking up before my competitors and I eat my lunch at my desk, every day.”

Across the state real estate agents last financial year sold 154,000 properties totalling $120 billion, with $88 billion of that sold in Sydney, where there were 90,000 sales.

Based on two per cent commission in the city, Sydney agents would have grossed around $1.75 billion in commission.

“I make a point of waking up before my competitors and I eat my lunch at my desk, every day,” said Rubinstein.

“There is still that perception among some people that real estate agents are lazy and they don’t want to do the work. And you do see that occasionally but those guys don’t last.”

“Those guys” are the 80 per cent of agents who enter the market every year in search of untold overnight riches and a fast lifestyle.

What they get, according to north shore sales guru Peter Chauncy, is a dose of reality.

Stephanie Hearne at Savills sold this residence for $4.5 million.

“You see a lot of these Gen Ys that start out and they don’t understand the work involved … they don’t want to work 90-hour weeks,” said Chauncy, another member of the 100-sales-a-year club.

“They just have that churn-and-burn attitude. It’s all about getting that listing and selling it quickly and that’s it. They’re not working from 6am until 9pm. Not to mention a couple of hours online after that dealing with overseas buyers. But those guys come unstuck very, very quickly and you see it often.”

Another factor that thins out the ranks, according to top lower north shore agent Stephanie Hearne, is when the hot market cools and you have to actually work to sell a house.

‘I’m burnt out … I just cannot stand people any more’

“A lot of people leave the industry when the market toughens which is always good,” Hearne said with a laugh.

“Those are the people, primarily driven by ego, who enter the industry just to make a lot of money in a short period of time. The ones with stars in their eyes.

“You just know they won’t make it.”

But the relentless hours and pace can also bring even the most dedicated agents unstuck, especially when you add in the raw emotion of buying and selling the great Australian dream.

LJ Hooker’s number one agent John McManus said he has seen that first hand.

“I’ve seen even high-profile agents fall off the perch,” said McManus, a 20-year veteran.

“They’ve said to me: ‘I’m burnt out … I just cannot stand people any more’.

“After a while of being knocked around by vendors and buyers you just burn out and that’s it.”

Stephanie Hearne.

Stephanie Hearne

Savills Cordeau Marshall, Lindfield.

Best advice you ever got?

Work where you want to end up.

Biggest sale?

I sold my colleague’s house for $4.5 million.

The biggest one that got away?

A friend of mine’s house who sold off market for a big number. She wasn’t considering selling and another agent contacted her and their buyer threw out a good number that was too good to refuse. I had a buyer at a similar level who I had been helping. My friend felt really guilty not giving it to me as I sold their last place for a big price. Of course I was thrilled for her and all is good.

How do you counter buyer’s remorse?

I tell clients that if it ticks seven out of 10 boxes, you like it and it’s in your price range then it’s a good buy. People who look for 10 out of 10 properties never find them, because they don’t exist.

What’s your post-close tradition?

Teppanyaki at Sakari Japanese on Willoughby Rd with my family.

Alexander Phillips.

Alex Phillips

Phillips Panzer and Donnelly. Currently ranked No. 1 agent in Australia with $430 million of sales this year.

Best advice you ever got?

The harder you work the luckier you get.

Biggest sale?

An $8.5 million sale a few years ago.

The biggest one that got away?

A $12 million listing last year.

How do you counter buyers remorse?

The key is making sure the sale is managed so they don’t get remorse.

What’s your post-close tradition?

I don’t have one, I just move on to the next sale.

Peter Chauncey.

Peter Chauncy

McGrath Real Estate, Crow’s Nest.

Best advice you ever got?

My dad’s advice, which was: “If you want something you just have to work as hard as you can until you get it.”

Biggest sale?

Last year a $4.2 million home in Naremburn.

The biggest one that got away?

I lost a $10 million listing once because of my unwillingness to drop my fee. My pride got in the way.

How do you counter buyer’s remorse?

Close as soon as possible. That day preferably.

What’s your post-close tradition?

I usually go to lunch at China Doll at Woolloomooloo Wharf.

Andrew Jolliffe.

Andrew Jolliffe

Ray White Commercial Sales. Recently named No. 1 agent internationally.

Biggest sale

$500m portfolio sale to Woolworths liquor group ALH.

Best advice you ever got?

Play the long game. Too often, in real estate and other professional service industries, people grab at the opportunity for short term gain. It’s more than OK to be ruthless, but unscrupulous is a place you don’t want to be.

The biggest one that got away?

My view on the one that got away is that it’s only a temporary scenario; it’s never over.

How do you counter buyer’s remorse?

I suspect this isn’t as much as a phenomena in commercial property.

What’s your post-close tradition?

Become paranoid all over again and focus on the next one.

John McManus.

John McManus

No. 1 LJ Hooker agent in Australia.

Biggest sale

A $4.8 million home in Mosman last year.

Biggest one that got away

I don’t know about that one. Can I say potential vendors that choose another agent? I always feel bad for them.

How do you counter buyer’s remorse?

I’ve never had to do it.

Post-close tradition?

Have a lay down. I’m usually so tired by that stage I’m blowing bubbles.

Michael Clarke.

Michael Clarke

Clarke and Humel Cronulla.

Biggest sale? Circa $10,000,000 (it hasn’t settled yet so it remains confidential).

Best advice that you ever got? Is actually a quote: “People will forget what you said, they will forget what you did, but they will never forget the way you make them feel.”

Biggest one that got away? Too many to count! It happens weekly in real estate! I’ve found the key for me is to dust off, learn the lessons from it, recover quickly and maintain my enthusiasm for the next one!

H ow do you counter buyer’s remorse? Keeping up a high level of communication with them and reinforcing the reasons why they chose that home above all else when they made their initial decision.

Post-close tradition? An enthusiastic “high five” with Cherie (my wife) my vendors and purchasers (or an overly-affectionate hug if I’m particularly excited) and then home to my family and a glass of wine

Peter Starr.

Peter Starr

McGrath

Biggest sale? $26,000,000 for a residential building in Millers Point, Sydney

Best advice that you ever got? Be kind to your mother! Treat others as you would like to be treated. It’s hard to go wrong and you can sleep well at night

Biggest one that got away? win some, lose some. I don’t remember the ones I miss. Life is too short

How do you counter buyer’s remorse? I believe buyers usually make the right decision at the time. Remorse is just nerves kicking in, not proof they made a poor decision. So I remind them of that.

Post-close tradition? I don’t really have one.

Gavin Rubinstein.

Gavin Rubinstein

Ray White: No.1 residential agent nationally

Biggest sale: It’s a confidential one I can’t discuss.

Best advice you ever got? Always look after the vendor. Keep their interests as the main priority.

Biggest one that got away? Again I’d rather not say.

How do you counter buyer’s remorse? I’ve never come across it.

Post-close tradition? I honestly don’t have one.