Rachel Waldegrave

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In this Pinnacle Post interview, we sit down with Rachel Waldegrave, an accomplished leader in New Zealand’s marketing and real estate sectors, to discuss her dynamic career journey and her approach to building strong client relationships. Rachel shares valuable insights into the intersection of communications and real estate, strategies for adapting to industry changes, and tips for leading high-performing teams. Whether you’re interested in property, marketing or relationships, this article offers practical advice and inspiring stories from one of the industry’s most respected professionals.

Q: What did you want to be when you were growing up?

A: I wanted to be a journalist. My father was a journalist and worked on Fleet Street in London and genetically, my strengths were in languages, communication, and storytelling, so journalism seemed like a logical fit. However, as I grew older, I also developed a real interest in business. Writing and telling stories sparked joy for me when I was younger but by the end of high school, I decided to pursue a business degree.

Q: You studied management and languages at university and then had jobs in sales and marketing at companies like Nokia and Fonterra. Tell me about that journey from university onwards.

A: I was really fascinated by business, specifically marketing, and I refined that interest during my university studies and decided that it was the field I wanted to work in. After university, my biggest passion and goal was to travel. I managed a retail store in Hamilton during and after university to save money to go overseas and within a year of finishing university, I was in London like many Kiwis of my generation to do the OE (Overseas Experience). I lived in London for a couple of years and did all sorts of jobs because the job market for skilled positions was very tight. Many Kiwis worked in pubs, shops, or as a nanny. I eventually ended up working as a salesperson in a mobile phone store right at the beginning of the mobile phone boom when almost no one had a mobile phone. It was a really interesting industry due to the new technology and massive growth. I worked for an inspiring company that did amazing things with their marketing and promotion. They were the only company in the UK at the time to offer connections to all four networks, showing they thought outside the box. I learned a lot there; they even used staff in their advertising, so I got involved in some marketing and advertising and appeared on billboards!

After a couple of years living and working overseas and traveling extensively with my now-husband, we came back to New Zealand and settled in Auckland. My UK mobile phone experience helped me get a job with a small retail chain selling phones. From there, Nokia recruited me as their national retail manager. They wanted a young person with experience to promote Nokia products and help with marketing across New Zealand. The role included merchandising, point-of-sale, and creating a sales incentive program. I did that role for several years and felt fortunate to work for such a progressive company. I travelled a lot with Nokia, including going to Singapore at least four times a year, as it was our regional head office, and meeting with my counterparts from other Asia-Pacific countries such as Hong Kong, Australia, and Indonesia frequently.

I was then promoted to national marketing manager, overseeing the entire marketing function for phones in New Zealand. We did many fun things such as launching new models with huge events and even having people like Dave Dobbyn perform. There were amazing budgets for those initiatives back then. As a Scandinavian company, Nokia had an awesome approach to staff treatment, particularly female staff. When I went on maternity leave with Nokia, before any paid parental leave was legally required in New Zealand, I received three months full pay and then three months half pay. They also had a wellbeing program with a weekly masseuse and fruit bowls in the kitchen. Nokia was ahead of the curve at the time, and I felt privileged to work with people and organisations doing great things.

Nokia had an awesome approach to staff treatment, particularly female staff. When I went on maternity leave with Nokia, before any paid parental leave was legally required in New Zealand, I received three months full pay and then three months half pay. They also had a wellbeing program with a weekly masseuse and fruit bowls in the kitchen.

I left Nokia to essentially be a mother and took a break from working - I have four children. After a few busy years, I started to feel the need for mental stimulation, so I went back to the University of Waikato and did a postgraduate marketing diploma. I really enjoyed it, and it helped me regain confidence, which can sometimes be lost as a stay-at-home parent. Fortunately, a Waikato-based senior marketing manager role came up at Fonterra, which was unusual as most of their marketing team was in Auckland. I applied and got the role. The postgrad diploma showed I hadn't had a complete hiatus from work and that my brain was still functional. I was with Fonterra for about three years, running the marketing team for their RD1 retail stores, which later became Fonterra Farm Source. We sold gumboots, grass seed, and tools farmers needed. My retail marketing experience with Nokia was helpful for Fonterra as we did similar point-of-sale and display work within the stores.

I started to feel the need for mental stimulation, so I went back to the University of Waikato and did a postgraduate marketing diploma. I really enjoyed it, and it helped me regain confidence, which can sometimes be lost as a stay-at-home parent.

Q: How did you end up in real estate?

A: My father had been involved in real estate my whole life and while I was interested in the business, I never thought I would do it myself. However, my husband Steve decided to go into real estate after we returned from overseas, largely influenced by my father. Steve saw real estate as an industry where effort directly correlated with success. He eventually worked for my father, which is how we ended up in Hamilton.

When I was at Fonterra, I was working massive hours, easily 60-hour weeks, and it was high-pressure. I wasn't enjoying the culture and as you get older, workplace culture becomes more important than just career progression or remuneration. In the background, Steve kept telling me that if I worked as hard in real estate as I did at Fonterra, I'd be incredibly successful and make a lot of money. Finally, I decided to listen. I realised real estate is still marketing, but just a different product - property. I thought if I could apply my strategic marketing skills and experience, it could be interesting and something I could succeed in.

Steve kept telling me that if I worked as hard in real estate as I did at Fonterra, I'd be incredibly successful and make a lot of money. Finally, I decided to listen. I realised real estate is still marketing, but just a different product - property. I thought if I could apply my strategic marketing skills and experience, it could be interesting and something I could succeed in.

I left Fonterra and persuaded my PA to come with me. This was a strategic move because as a mother of four, I knew I couldn't do everything myself if I wanted to be successful. I needed someone for admin, and we worked well as a team. In my first year, I set a goal to win the national Rookie of the Year for Bayleys, and I achieved it, which was a real career highlight. It's always nice when a plan unfolds as desired. Having a big, gnarly goal is good, especially in an industry with no limits to what you can achieve, and it helps spur you on through the highs and lows.

Q: What would you say are the significant, career-defining moments that led to your sustained success in real estate?

A: Honestly, it might sound corny, but I think it was the hard parts and struggles from my previous roles that helped me succeed in this industry. Real estate, as one of my dad's old managers used to say, is "not a game for sissies". It can be a really hard industry with huge highs and lows, and much of it is outside your control. People can sometimes treat you badly, so you really need to develop grit and resilience. If you don't have it, you'll suffer through the lows, feeling hurt when people disappoint or lie to you.

Developing that sense of grit and resilience to bounce back when things don't go your way is what I took from my other roles. At Nokia, as a 25 or 26-year-old national retail manager, I often had to speak to management in their 40s or 50s. It was a time with many sexist older men who had no time for a young woman trying to discuss product sales. This was challenging, but over time, it built my resilience for uncomfortable conversations and taught me to be brave and assertive even when I didn't feel like it.

I previously experienced a workplace culture where people were focused on climbing the ladder and sometimes at the expense of others. That environment didn’t align with my values, but it taught me valuable lessons about what I would and wouldn’t accept - both from an organisation and from myself. When I transitioned into real estate, I made a conscious decision to always stick to my values and moral compass, never compromising just to close a deal. That grit and resilience have been key.

Over time, particularly in real estate, you realise your reputation is everything. Some competitors might do anything for one deal, putting pressure on people. They might get that one deal, but they lose that client because people don't want to feel taken advantage of or bullied. Having that moral compass to look after people and do your best for them, coupled with the grit to keep going even when you get "slapped in the face," are not so much career-defining moments, but things I carried from past jobs that laid the foundation for my current success.

Having that moral compass to look after people and do your best for them, coupled with the grit to keep going even when you get "slapped in the face," are not so much career-defining moments, but things I carried from past jobs that laid the foundation for my current success.

Q: What advice would you give to someone entering real estate?

A: You really need to look within yourself and ask if you have resilience, and if not, how you can build it. There's a lot of hard slog and no shortcuts in real estate, so you need a really good work ethic. You need to be able to keep getting up off the floor when you get knocked down, because it happens to everyone, even the most successful salespeople.

Practically, before entering real estate, you need savings set aside. This is a commission-based business, so you need to be prepared to survive for six months with no commission, as it might take that long or longer, to close your first deal.

I'm constantly amazed by how many people start without a strategic plan. They haven't thought about how much money they want to make in their first year, or how many units they need to list and sell based on average sale prices. It’s basic mathematics. Many people go along "on a wing and a prayer" without a plan, but failing to plan is planning to fail. A plan keeps you on track, otherwise you can waste all your time on distractions without making money. Our job is to list and sell property for clients and I see many people get bogged down in social media marketing, or thinking coffees and lunches are the way to get clients. I'd focus more on getting properties to sell and doing an excellent job selling them, which then snowballs. A plan is essential for that success.

Our job is to list and sell property for clients and I see many people get bogged down in social media marketing, or thinking coffees and lunches are the way to get clients. I'd focus more on getting properties to sell and doing an excellent job selling them, which then snowballs. A plan is essential for that success.

Q: You started in real estate later in your career. Would you recommend someone straight out of school or university gains some career experience before entering real estate?

A: When I started, I was about 40, and I definitely think having prior careers helped me with life experience. However, we now see many young people coming in straight out of university, sometimes even out of school. If you're going to start very young, I would strongly recommend working within a team; don't try to do it on your own, that's a mistake. You're much better off working with an experienced agent because you'll learn so much from them. You can piggyback off their existing systems and processes, shadow them to see how they pitch for listings, negotiate deals, and create marketing. Even roles like being a personal assistant or administrator in an office can be a good way to see if you like the industry and gain experience before going out on your own. Most successful agents now work in teams and it's a tricky industry if you're trying to come in alone, so I'd definitely recommend that team approach for a young person.

If you're going to start very young, I would strongly recommend working within a team; don't try to do it on your own, that's a mistake. You're much better off working with an experienced agent because you'll learn so much from them.

The great thing about this industry is there's no cap on your earnings potential, which is amazing and exciting for a young person. You could come in and, if you're really good, earn a significant amount. Many successful young agents blitz the figures of traditional fixed-salary roles that would be quite low-level straight out of university or school. You must also remember that it is commission-based, so if you're not making sales, you're making zero.

You must also remember that it is commission-based, so if you're not making sales, you're making zero.

Q: What are your career highlights and lowlights specifically in real estate?

A: Winning the National Rookie of the Year award was really rewarding because I had set it as a goal. Other highlights could be selling a really expensive property, or having record-breaking sales in Hamilton but often, for me, it's more about having enjoyable working relationships with my clients.

One example that stands out is helping an elderly couple sell their architecturally designed home that they had lived in for 50 years. The wife had poor health, which was creating pressure on the husband to move to a retirement village as she was already living in the hospital there. I helped him through that stressful process, and everything went according to the plan I laid out: a four-week marketing campaign, a tender process, and we received an amazing cash offer that sold for more than our appraisal range. He was delighted. I could take that pressure off his shoulders, allowing him to move on with his new chapter. I've visited him in his new little house in the village, and he's happy, he even joined a bike riding group! Those are the career highlights for me, knowing that person could move on to their next chapter feeling good about it. For me, that's at the heart of what we do - helping people. This is one of my key drivers, more so than being the number one agent or earning a million dollars. It’s about the people and the connections.

For me, that's at the heart of what we do - helping people. This is one of my key drivers, more so than being the number one agent or earning a million dollars. It’s about the people and the connections.

In terms of lowlights, it's when a deal doesn't work, especially after putting a huge amount of time and effort into it. I had one last year where three property sales were linked together. I had invested so much time, overcoming hurdles with each, including one property with unconsented work, which makes it really difficult to sell. I managed to hold everything together, but then I went on holiday, and as it often happens, the whole thing collapsed like a house of cards. Those situations can be massively disappointing, which goes back to the need for resilience. You think about spending six months working on something, only for it to be "flushed down the toilet" through no fault of your own.

Q: How do you manage stress and deal with the pressures and lows of real estate?

A: If a deal falls through, I usually allow myself 24 hours to sulk, feel sorry for myself, feel down, and rage about it, then I tell myself "next" and move on. That's a skill I've developed and worked hard on. In our industry, you really need to look after yourself emotionally, mentally, and physically, otherwise, you won't survive or have the necessary natural resilience. Exercise is a massive stress relief and part of my life, helping me stay mentally fit for clients. Time in nature like bushwalks and hikes and spending time with family is also very helpful. You must take care of those other parts of your life to be successful in this industry. There will invariably be low lows, whether it's a collapsed deal or going a few months without a sale and worrying about where the next one will come from, and I've seen people almost break due to that worry. That's where your six-month fund comes in. Being fiscally responsible and saving for a rainy day is important, especially for young people. When things are going well, they can go really well, and it's easy to get swept up in a great lifestyle with fancy cars and dining out. But you need to squirrel away for a rainy day because those dips will definitely come to all of us.

In our industry, you really need to look after yourself emotionally, mentally, and physically, otherwise, you won't survive or have the necessary natural resilience. Exercise is a massive stress relief and part of my life, helping me stay mentally fit for clients.

Q: How do you deal with an economic downturn in real estate?

A: I've been selling for about 11 years now and right from the beginning, because of my marketing background, I knew a database was the most important thing to grow and nurture for a continual, steady flow of business. I captured people's details and put all my personal contacts into my database. I maintain regular contact using various tools like a monthly electronic newsletter, quarterly physical mail, Christmas cards, and phone calls. Looking after past clients often results in repeat business or referrals, which is massive. I also focus on networking with colleagues, not just in Hamilton but in other offices, which has been a real source of referral business.

Looking after past clients often results in repeat business or referrals, which is massive. I also focus on networking with colleagues, not just in Hamilton but in other offices, which has been a real source of referral business.

Regarding coping with the downturn, having all those contact touchpoints means I invariably still get business. While it's been harder to sell property with prices dropping over the last year, I'm still "at the table" and have the opportunity, as people still call me to list their property. Turning listings into successful sales is reliant on your skills as a salesperson and negotiator. A lack of experience, especially for young people, can make it challenging to have difficult conversations. If you've appraised a house at $1,000,000, but buyer feedback is at $800,000, it's your responsibility to tell your seller where the market sees the property. You're not doing them or yourself any favours if you can't deliver what some might call "bad news". If you can't deliver it, you won't make a sale. That happened to a lot of people last year as they avoided the difficult conversations. If you want an industry to practice difficult conversations, real estate is a good choice, because we practice it every day. Invariably, nine times out of ten, the seller wants a higher price than the market is prepared to pay, and most buyers want to get the property under its market value. There's always that little gap, and that's fine, because if the gap wasn't there, we wouldn't have a job. I always remind myself it's a privilege to do what we do, and if it wasn't difficult, we wouldn't have a job, so you just must get good at it. It always comes back to people and communication. If you can communicate articulately and explain the situation, you have a much better chance of success which helps smooth out those dips or bleak market periods, allowing you to still put deals together.

If you want an industry to practice difficult conversations, real estate is a good choice, because we practice it every day. Invariably, nine times out of ten, the seller wants a higher price than the market is prepared to pay, and most buyers want to get the property under its market value.

Q: What advice would you give people who are thinking about doing an OE (Overseas Experience)?

A: I say absolutely do it! Travel is one of my greatest loves, and I picked that up from my parents, who were and still are big travellers. Experiencing different cultures and seeing new places opens your mind to all the possibilities out there in the world. It might even lead you to a career you hadn't thought about when you were young, but even if it doesn't, having that broader mindset and understanding that people come from different backgrounds and cultures, which informs who they are and how they make decisions, is invaluable in any career.

I also think that as you get older, you tend to get burdened with more responsibilities like property ownership or relationships. There's never a better time to travel than when you're young and "footloose and fancy-free". If you can go when you're young, you don't feel the pull of responsibilities back home, so if a new opportunity arises, you can grab it because you're not tied to a specific return time or people expecting you. I've told my kids I want them to get their qualifications and then go traveling. I think it gives you a life education that's truly invaluable especially if you consider a career like real estate - spending time overseas and meeting new people is a useful part of your education. I would absolutely recommend an OE.

I think it gives you a life education that's truly invaluable especially if you consider a career like real estate - spending time overseas and meeting new people is a useful part of your education. I would absolutely recommend an OE.

Q: Many of our readers are young professionals in their early to mid-20s who are starting to think about their financial futures. Do you have any advice or wisdom you could offer them?

A: Well, of course, I'm going to say invest in property! I can only speak to what I know, and I've seen so many clients do really well from investing in property. I feel it's a rock-solid investment, especially if you can hold onto it. While some people flip properties quickly, the longer you hold property, the more value it will accrue. As a long-term investment, I think bricks and mortar are fantastic to own. That's the strategy I've used, and it's worked well for us.

Q: What advice would you give your younger self?

A: This is a funny thing; I am really pleased to say that I have no major regrets. If I look back, there's not much I would have done differently. I probably wish that I had more self-confidence at a younger age as I was quite shy and probably didn't back myself as much as I should have. I should have been a bit braver and believed in myself, but traveling helped me a lot with that which is why I'm so enthusiastic about it. I can see how every decision I made has led me to this point in a career that I truly enjoy and find fulfilling. In a funny way, while I never thought about it when I was young, it feels like the logical conclusion to all the chapters that came before. For me, working with people was always what I was going to do. Being able to read people, and while I'm not necessarily telling their stories and writing, I am helping them tell their own stories in terms of moving on to their next chapters. Even the way I talk about it makes sense. I'm happy with where I am and the journey I took to get here. I don't have any regrets.

Q: If neither time nor resources were a constraint, what ultimate goal or dream would you have pursued or would you pursue?

A: I think now, and this is probably more because of my age and stage, if there was any other area I was always really interested in, it's health and wellbeing. Particularly cooking, nutrition, and feeding people. If money, time, and resources were not a constraint, I would set up a cook school. It would be a community centre, open to everyone without payment for courses. I believe good food and cooking for your family are at the heart of what we could do to improve our society. Many people are totally disconnected from that, and if they had some basic skills in that area, it could be transformational, not just for them, but for future generations - their children and grandchildren. I would say that's one area that I still feel might be out there in the future, perhaps when I've had enough of the pressure of the real estate industry. I have a daughter who is training to be a physiotherapist but is also very into nutrition and wellbeing, so I could see us potentially doing something together in that area in the future.

I believe good food and cooking for your family are at the heart of what we could do to improve our society. Many people are totally disconnected from that, and if they had some basic skills in that area, it could be transformational, not just for them, but for future generations - their children and grandchildren.

About Bayleys Real Estate

Bayleys is New Zealand’s largest full-service real estate agency, specialising in residential, commercial, rural, and lifestyle property. With a nationwide network and a reputation for market expertise, Bayleys delivers innovative solutions and exceptional results for clients across the country.

Read more here: https://www.bayleys.co.nz/rachel-waldegrave

Rachel’s LinkedIn: https://www.linkedin.com/in/rachel-waldegrave-3b09828b/