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From Sibling Synergy to PropTech Pioneers: The Epic Tale of Coposit’s Co-Founders and the Property Market Predicament

By Coposit
6/9/2023

Working with family is often considered a challenging endeavour, as it brings forth a unique set of obstacles and blurs the lines between personal and professional relationships. However, for Daniel and Chris, embarking on this path as co-founders seemed like a natural and sensible choice. Together, they have established not one, but two companies, weathering the highs and lows that come with building something from scratch. 

In a candid conversation, I sat down with the duo to delve into their childhood, career trajectories, and the catalyst that led them to create Coposit. 

Creating Coposit: A Journey of Co-Founders, Passion, and Property

During their formative years, Daniel and Chris spent a significant amount of time on job sites alongside their father, a plumber. While most kids might have envisioned alternative ways to spend their time, these experiences ignited a passion for construction within both siblings, which eventually evolved into a love for property. 

Their paths diverged after completing school. Chris pursued corporate accounting, ultimately becoming a chartered accountant, while Daniel ventured into construction management. Nonetheless, their shared passion for property endured. In their early twenties, they each acquired properties, offering them firsthand insight into the challenges and intricacies of homeownership. 

Leveraging the equity from their properties, they identified viable development opportunities. Chris recalls the pivotal role played by two exceptional investors and mentors with extensive experience in the construction and development industry during the initial stages. Over the next two years, they focused on the newly formed development company, Civic Properties Group, which primarily amalgamated and delivered developments concentrated in the Seven Hills area. 

Daniel recounts the moment in 2017 when a couple applied to rent an apartment in one of their developments, The George in Seven Hills. 

“The applicants had a commendable combined income of circa $160k, so we were inclined to accept their rental application. However, we couldn’t help but inquire about their decision to rent rather than buy. Their response? The deposit.” 

Coposit Co-Founders, Daniel Ferris & Chris Ferris

This conversation left an indelible mark on both Chris and Daniel. They realised that the deposit barrier was a pervasive issue faced by prospective buyers across Australia and the world – a challenge they themselves had encountered. Yet, they were unaware of the magnitude and prevalence of this problem. 

Opting to approve the rental application, they presented the couple with an opportunity to purchase an apartment in their upcoming development without the deposit. 

“We struck an agreement with the couple, allowing them to pay off their deposit over 24 monthly instalments of $2.5k. This enabled them to reach the 10% deposit threshold, ultimately acquiring the apartment. Breaking free from the rental cycle, they became a living testament to the effectiveness of our concept – an illuminating moment for us.” 

The proof of concept was irrefutable, as it not only helped the young couple ascend the property ladder sooner but also addressed a pervasive obstacle faced by many Australians: the deposit barrier. The next logical step was to expand this idea into a larger-scale endeavour. 

“We questioned ourselves: Can we apply this concept on a consolidated market basis? The need for such a solution was evident.” Transitioning into the next stage of development at The George, they decided to implement the Coposit concept across the entire project – an undertaking that proved immensely successful. Out of a total of 97 buyers, 66 chose to purchase with Coposit, and in November 2022, every single buyer settled on their purchase. 

“We encountered a diverse range of buyers, each with their unique stories. Some possessed the 10% deposit upfront, while others did not. However, they all shared a common sentiment: Coposit had empowered them to enter the property market sooner.” 

Reflecting on Coposit’s first two years in business, co-founders Chris and Daniel identified building a passionate team as one of the most exhilarating aspects of their journey. “Assembling a team that shares our mission has been integral to our success.” 

Coposit Leadership Team

This passion stems from the fact that home ownership statistics in Australia paint a less-than-encouraging picture for prospective buyers. The average age of first-home buyers is 36, and it takes individuals approximately 6 to 10 years to save up for a deposit. Unfortunately, the housing affordability and cost-of-living crisis continue to exacerbate the situation. 

Chris, Daniel, and the entire Coposit team firmly believe that there must be a better way. “The deposit issue is not a new problem; it has persisted for a long time. We endeavoured to challenge the status quo by shortening the property lifecycle and enabling people to purchase property in a different manner. That lies at the core of Coposit’s existence.” 

The secret to their success lies in leveraging their individual strengths as co-founders. “We have distinct thought processes. I tend to generate ideas, while Daniel leans more towards execution and attention to detail. When it comes to decision-making, we operate collaboratively, but it’s crucial to delineate our roles and avoid stepping on each other’s toes.” 

Working side by side with a sibling does come with its fair share of arguments, but for Chris and Daniel, disagreements quickly give way to collaboration. “We may have our most heated arguments, but five minutes later, we’re discussing new ideas. That’s just the way it is.” This mutual respect and appreciation for each other’s contributions permeate throughout the entire team. 

So, what lies ahead for Coposit? The co-founders exude confidence in the company’s potential to revolutionise property purchasing, both domestically and globally. They have garnered interest from international markets, and an enhanced version of their app and website is set to launch soon. Moreover, the pool of Coposit buyers (or “copositors,” as they affectionately call them) continues to expand week by week. 

However, their work is far from complete. “Taking Coposit from a concept to an idea and now scaling it – there’s still much to be done.” 

With their sights firmly set on reshaping the property market, Coposit’s co-founders remain resolute in their mission to effect lasting change. 

If you are a first-time buyer looking to get onto the property ladder, or if you’re interested in securing an investment property to grow your portfolio, download our app or visit our website and get started! With Coposit, owning your dream home or expanding your investment portfolio has never been more accessible. Take the first step towards achieving your property goals with Coposit and join the growing number of Australians who are revolutionising the way they buy properties.

If you’d like to find out more about our co-founders and follow along their journey, you can find them on LinkedIn; Daniel Ferris and Chris Ferris.

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