From Banking to Broking Tony Romano’s Integrated Approach to Commercial and Business Sales
From Banking to Broking Tony Romano’s Integrated Approach to Commercial and Business Sales
The deal had been a year in the making. The owner of the manufacturing business, who was well past “retirement age,” had spent five decades building it, and could finally move on.
For Tony Romano, a business broker from NAI Harcourts in Perth, the transaction wasn’t just another commission, it was personal. “I was really determined to get a great outcome,” he said, reflecting on the pressure facing the owner and his family. “It had that sort of human element.”
That blend of commercial discipline and human focus runs through Tony’s career, which has led to the creation of an active business broking operation.
A Second Career
Tony didn’t start in real estate or business broking. He spent more than 30 years in financial services, primarily in retail banking, culminating in a role as regional manager in Perth with Bank of Queensland. However, by 2009, he was ready for a change.
“I got to the point where I thought, ‘I’ve done this for 35 years. It’s not fulfilling anymore’,” he explained. He left banking, obtained his real estate licence, and stepped into an entirely different environment. This move proved challenging at first.
Coming from a structured corporate career into residential real estate, where agents often operate almost independently, required a significant adjustment. “I found it very hard to adjust,” he admitted. But that discomfit ultimately guided him toward a better fit.
Finding His Fit
After a year in residential real estate, Tony moved into a commercial real estate agency as he believed that aligned more closely with his strengths. The business-focused nature of commercial real estate suited his finance background.
During four years in that environment, he worked across residential, commercial, and business sales. And business broking began to emerge as the natural extension of his skills.
“With my financial services background, I always felt confident understanding balance sheets, profit and loss statements, return on investment,” he recalled. “It wasn’t foreign to me.” Over time, that confidence translated into enhanced capability.
Building a Broking Arm
In 2015, Tony and a colleague, Sam Fazio, moved to the Harcourts Group, forming a commercial real estate arm that gradually shifted away from residential real estate. Business broking started as a complementary revenue stream alongside commercial sales, leasing, and property management.
From those early days, the division grew steadily. The team expanded, more agents joined the business, and business sales became a meaningful contributor to the firm’s overall performance.
Today, “it’s become about 35 percent of our business,” Tony shared. “And it’s got the capacity to get up to 50 percent.”
That growth has not come at the expense of the core commercial real estate offering. Instead, the two have reinforced each other, creating a broader, more integrated service model.
The One-Stop Model
One of Tony’s key insights has been the value of integration. By combining commercial property services with business sales, the firm has positioned itself as a “one-stop shop” for clients.
We can sell their business, assist them to buy a business, sell their property, lease it, manage it,” he explained. “Virtually, we can take care of any needs you have for real estate services.”
This model not only differentiates the business in the Perth market, where few commercial agencies are interested in business sales, but also creates opportunities for cross-selling. By meeting a wider range of each client’s needs, they can also maximise revenue-generating opportunities.
The approach has also shaped internal culture and recruitment.
Supporting New Brokers
Tony has found that offering a mix of services that includes business broking can be particularly valuable for new agents entering the industry. Tony explained that the early stages of a real estate career are notoriously tough, with inconsistent income and long lead times.
By giving recruits access to multiple revenue streams, the business helps them stay active and engaged. “It keeps them busy and not thinking about the negative aspects,” Tony noted. Over time, many of those agents developed competence in both commercial real estate and business broking.
Out of a team of about 25, 15 are now involved in business broking alongside other disciplines. That versatility has become a defining feature of the organisation.
The Recent Deal That Mattered
Among Tony’s recent transactions, the sale of the manufacturing business stands out. The size and complexity of the sale was noteworthy, but the emotional weight it carried mattered far more.
The business sold for about $2.5 million, but finding the right buyer proved difficult. While there was strong interest, many prospective purchasers either lacked the financial capacity or the operational experience required for the specialised operation.
After months of unsuccessful attempts, a breakthrough came from within. The general manager and another staff member decided to explore acquiring the business themselves.
“I’d said all along that this would be a perfect business for your staff,” Tony recalled. With persistence and careful negotiation, the deal came together.
For Tony, the result was deeply satisfying at a professional and personal level. The owner’s declining health added urgency and high emotions. “They were under a lot of stress,” he said. “But they were very loyal to me, and I really wanted to achieve this.”
The experience reinforced a core belief that behind every transaction lies a human story. “Never lose sight of this - there’s always people at the other end,” he shared.
Perspective On Technology
While Tony acknowledges the growing influence of artificial intelligence, he approaches it with measured optimism rather than concern.
“I view it as an advantage,” he explained. “It’s information to be used in a very positive, effective way.” He sees particular value in areas such as market analysis, communication, and demographic targeting.
However, he is clear about its limits. “You can use AI to get a base, but you’ve got to put your own human touch on it,” he emphasised. “You read it, and it’s got no soul in it.”
In a people-driven industry, he believes authenticity remains essential. “We’re in the people business,” he stated. “The company still needs to have a soul.”
Looking Ahead
Over the past decade, the business has grown from a suburban operation into a prominent commercial and business sales office in West Perth.
Tony remains focused on further expansion of the business broking division, seeing clear room for growth without compromising the broader operation. Increased investment in business image, resources, and capability is already happening.
At the same time, he continues to draw energy from the work itself. “I still get up in the morning with a bit of a spring in my step,” he shared.
It’s a sentiment that captures the essence of his journey, a second career built not just on experience but on renewed purpose, with financial acumen meeting human connection, and where every deal delivers more than just a financial result.
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