Steve Waugh makes perfect property pitch

As the likes of billionaires Andrew Forrest, Gina Rinehart and Anthony Pratt looked on, former Australian cricket captain Steve Waugh sat for the evening between Narendra Modi and Tony Abbott.

“I was impressed with how well they got on and had a genuine relationship — it was genuinely great for both countries,’’ Waugh tells The Weekend Australian.

“I had met Mr Modi once before. He just looked like a guy who wanted to get things done. He is that sort of guy, not a lot of small talk but genuine. I told him I was doing business in India and he just said: ‘If you need any help, let me know’.’’

They might come from polar opposite backgrounds, but Waugh and Modi have something in common other than a love of cricket. When Modi’s travelling caravan moved north a night later for the next leg of his Australian visit, he was greeted like a rock star by a giant crowd at Sydney’s Olympic Park. It has been the same in a smaller way for Waugh in India.

Waugh’s fame as a cricketing legend on the subcontinent has opened doors for his fledgling property company, Waugh Global, that others could only dream of. Its online platform and management service allows Australia’s growing Indian expatriate community as well as expats in Britain and the Middle East to buy apartments and houses in the outer suburbs of India’s biggest cities.

But for Waugh the introductions have come with a catch.

In a survey recently I was ranked number 8 or 9 most trusted person in Australia. So that was better than not being in there

“I see myself as both an asset and a liability for the business. I get us in the door and they promise you the world, but they are never going to say no to my face,’’ Waugh says bluntly.

“My networks and contacts get us to a certain level. Then you need to do the due diligence.’’

Hard work is something Stephen Rodger Waugh has never shied away from.

In his cricketing days, he captained the Australian team through a glorious era of test and one-day triumphs and led from the front with his gritty, determined style at the batting crease and in the field.

In his business life — as a property investor, author and philanthropist — there have been some failures and some tough lessons. But the modus operandi remains the same.

“Whoever you partner with, your interests have to be aligned. But at the end of the day you just have to work hard. Unfortunately it is the same in everything, you have to work harder than the person next to you. And not be afraid to break the mould,’’ he says, looking you straight in the eye.

“A lot of things in business I am going into not knowing much about them. If you have an idea, back yourself because you will regret it later on if you don’t. That is something I have learnt from sport — to trust myself that I will find a way to work it out.’’

I see myself as both an asset and a liability for the business. I get us in the door and they promise you the world, but they are never going to say no to my face

Last year he started what is known as The Captain’s Ride to mark the 10th anniversary of his charity known as the Steve Waugh Foundation. It is an invitation-only, six-day on-road cycle for 70 riders that Waugh himself leads.

Waugh was genuinely shocked by how hard the first ride was last year, but he managed to finish. This year he has taken his training to a new level ahead of the October event.

“I knew I could work at it and if I met the right people and researched it a bit, I could achieve. It is the same in business. Always back your ideas and your concepts and if you have a thought, go for it,’’ he says.

Waugh will always be thankful for what cricket gave him. But unlike many other greats of the game, he has opted to pursue new interests in the 12 years since he last pulled on the baggy green cap in a test match. For a start he’s written 13 books since he retired.

“My cricketing network is strong. Yes, I know people and they are great mates. But I wanted to branch out and do my own thing in business. I wanted to go outside my boundaries a bit and test myself,’’ he says.

“I always loved cricket. Coaching and commentary were options when I retired. But I wanted to create new networks and have some new interests. When people ask me what I see myself doing in five years, I always answer that I hope I am doing something I didn’t think I would be doing.’’

Waugh has invested in residential and commercial property for the past 25 years and lives near the sweeping beaches of Cronulla in Southern Sydney. Just don’t ask how much he owns.

“I’ve dabbled in it, I know enough about it,’’ he says curtly. For a moment you see the glare that stared down some of the world’s fastest bowlers from 22 yards before he adds: “I tend to keep my affairs to myself as much as I can.’’

He’s back on a perfect wicket when you turn to the subject of India, where his charity has raised more than $15 million.

“Property is something I am interested in. I can see the potential and opportunity there, especially in India,’’ he says.

My cricketing network is strong. Yes, I know people and they are great mates. But I wanted to branch out and do my own thing in business. I wanted to go outside my boundaries a bit and test myself

Waugh Global is part owned by Waugh and former Morgan Stanley investment banker Dean Honan.

They claim the company, which generates revenues from sales commissions and fees for listings and is already profitable after a year in business, has carved out a reputation as the premier real estate platform for non-resident investment into the subcontinent.

“By the end of the year we will be the only property company in the world with a sub-continent real estate portfolio,’’ Honan says.

Over the past year Waugh Global has signed 12 of India’s largest property developers and tied up with 100-odd brokers around the globe. It now has projects set to launch in Sri Lanka, Pakistan and Bangladesh.

Honan spends plenty of time on the ground in India. Waugh says he has no choice.

“You have to be face-to-face in India. You can’t do business there via email or over the phone. You have to build relationships and trust. And you have to hang in there when the obstacles come up. It is like a test match,’’ he says, noting the company always plays a straight bat and has a zero-tolerance policy if people don’t pay.

“We have sent the message out that we are only going to work with companies that have integrity, values and do the right thing. When you cut people out of your organisation that were there at the start, it sends a message that we do stand for something, we don’t want to just go along for the ride,’’ he says.

By the end of the year we will be the only property company in the world with a sub-continent real estate portfolio

The big breakthrough for Waugh Global came in March when it made 109 property sales for Singaporean real estate development and asset management company Assetz Property in Bangalore.

Honan admits the company initially underestimated the demand for its product, and so its technology platform is set to be relaunched at the end of this month.

He says it remains on track to meet its publicly stated target of $1bn worth of transactions on its platform by March 17.

Its looming challenge will be accessing capital and it is now talking to family offices and high net worths in Australia about raising external funds. Indeed Waugh is keen to offer Australian investors an opportunity to invest in the business in the future. But going public will only be an option when there is another leg of the growth story to tell.

“The key is to get a really solid foundation — it is like sport, there is no use pretending you can play test cricket if you haven’t done the work. We have to get runs on the board and prove to ourselves we have a very good business before we take the next step. We have some work to do. We have made a good start but I want a solid foundation before we look at other options,’’ he says.

A key part of that foundation will be diversity, so Waugh Global plans to expand into Australian real estate market in 2017. It is already a licensed agent here.

But don’t expect Steve Waugh to be plastering his face on advertisements everywhere promoting the fact. As on the cricket field, Waugh prefers to let his deeds do the talking. Protecting “Brand Waugh’’ remains paramount.

“Business opportunities come to me every day and 90% of them I knock back because I am very selective in what I do. In a survey recently I was ranked number 8 or 9 most trusted person in Australia. So that was better than not being in there.’’

This article originally appeared on www.theaustralian.com.au/property.