Part 2: Choosing a Trainer or a Syndicator
By Emily Schulz
You’ve decided you want in on the racehorse game and now you got the types of ownership down pat (click here if you missed Part 1)
Now to choose whether to go directly to a trainer or slide on in with a syndicator! We’ve supplied a few hints and tips to answer all those burning questions you’ve been dying to ask.
There’s a smorgasbord of different training philosophies and syndication experiences to choose from when getting into racehorse ownership, but where on earth do you start?! Whether you’re looking for a top notch stable or a simple hands-on approach, you’ve come to the right place - let Fred pave the way to the rest of your life.
Long gone are the days when you would only find out if your horse was alive if an invoice arrived in your mailbox. The times are constantly changing, and communication and involvement are at an all-time high in racing, it’s important to keep up. Treat searching for a trainer or syndicator like you would choosing a school for your child. This involves lots of research, depends on what your budget is and what experience you’re after with your future racehorse.
Trainers
There are just over 3,000 trainers around Australia and each one is different from the next, whether it’s their attitude, facilities, values or beliefs about racing. Many started out as track riders or jockeys before weight got the better of them, even stable staff wanting to give it a go and some just have training run deep in their bloodlines for many generations. A lot of people look at strike rates and consistent results as a measure of which trainer to choose but what’s most important is that the trainer you pick has a wealth of knowledge to take care of your racehorse to the best of their ability as the true athlete they are, and they will be sure to reward you on the racetrack.
How to meet trainers?
The old school way would be to go through a directory and give a trainer a call. They don’t bite however they may not answer. The best time to call would be after trackwork but before the races start depending if they have runners or not (around 9-11am on weekdays), any other time is most likely mayhem, especially for a bigger stable. If you have a friend that is a racehorse owner, have a chat with them about their experiences, they may be able to give you a recommendation or someone to steer clear of. If you’re at the races, feel free to say ‘Hello’ to a trainer you’re interested in pursuing but maybe not after their horse has just lost a race!
Another great way to meet trainers would be at the horse sales which are scattered throughout the year in every state depending on what kind of horse you’re after (weanling, yearling, ready to run, etc) or how eager you are to get to the races. Sales are held in a fun and relaxed environment where you can grab a beer and a bite at a marquee and mingle with trainers and breeders to learn more. Some trainers have open invitation yearling parades to show off their latest sales purchases, this can be a suitable approach if you’re wanting to check out their facilities and see their current horses and staff. If you’re keen on early mornings, you could organise to attend a trackwork morning with a stable to see the horse’s morning routine. These are stable dependent but usually start around 4am and finish up around 9am.
What type of trainer are you looking for?
So, you’ve met a few trainers now and getting the gist of what they’re about. You may come across a large-scale trainer who will do only what they want with your horse (for example, choice of races and jockeys), their success should speak volumes and it’s best to let them take the wheel. Some trainers are more than happy to get you involved and help you learn along the way, it’s really dependent on how much involvement you want and how much business you’re giving them. There are also trainers that suit different horses, and this requires a bit of research to which will suit your taste. Certain trainers may have a lot of success with fillies or difficult horses. Some trainers may know how to get 2yo’s up and running for good sprint races whereas others are more suited to taking their time training stayers (long distance horses). You may want a jumper or a trainer that has a licence to train both flat and jumps. Some trainers are known for letting their horses mature in their younger years to race as an older horse (4yo+) with good results or they could be known for bringing horses back from injury.
Whatever your preference, ideally, you’re looking for a trainer that knows how to tweak a training program to suit each individual horse's needs to get the very best out of them for the owners and horse’s wellbeing. It’s important your trainer places your horse in the right class of races for it to be competitive, this will ensure owners pick up a prize money cheque each time it runs which hopefully covers its running costs and then some.
Where do you want your horse trained?
With 387 racing clubs around the country, you have plenty of options no matter where you live. You may want to find a trainer that is local to you so you can go and visit your horse at the stables. You may want to pick a trainer that is central in your state so your horse doesn’t miss out on potential race meetings due to long distances needing to be travelled. There’s lots to think about when deciding and the best part is, you can own a horse in every state if you want and if you’re lucky enough your horse may run in a big race taking you interstate which is a great experience.
The fees associated with training a racehorse are all dependent on the experience your horse will have and what facilities they have access to. In short, you get what you pay for. A higher day rate is expected from a larger trainer who gets consistent results across the board. This may mean your horse has access to better feed and supplements, more staff attention, state-of-the-art facilities, multiple properties to suit your horse’s training style and so much more. In saying this, every trainer has an opportunity to win races which is what makes this sport so great, you can have all the money in the world but that doesn’t equal success on the racetrack. You can usually find out what is and isn’t included in the day-to-day costs on a trainer’s personal website. Keep in mind, there are costs that are not covered such as farrier work, vet and therapy costs, transport, trackwork and race fees to name a few.
Big trainer or small trainer?
No matter how big or small a trainer may be, they must know each horse they train by name, how they look and what they’re up to in their training. If they don’t, how do you know your horse is getting the right attention to detail? Training partnerships are now very common, this could be either the joining of two stables, of trainer and assistant trainer or family ties. This allows there to be more work-life balance as well as the workload for trainers being split. For example, when a trainer needs to be at the races but also at the sales, it’s hard to be in two places at once so partnerships allow trainers to be spread far and wide.
Bigger stables tend to have large teams of skilled staff behind them, not just in the stables but in the office assisting with admin, sales, management, marketing and communications. This requires a lot of man (and woman) power which is what you’ll be paying for. They may also boast brilliant facilities which could include different track surfaces at public or private properties, treadmills, water treadmills, walkers, water walkers, uphill tracks, barriers, pools, saunas, bush tracks, indoor arenas, jumps, beaches close by, day paddocks, spacious stables, rehab facilities and whatever else makes you jealous you’re not a racehorse!
Smaller trainers are based both at city and country tracks. They will have lesser facilities than their bigger counterparts but no lesser passion or heart for the thoroughbred and training. It’s good to support the little guys who put in the hard yards day in day out with a more hands on approach. It’s not uncommon to see a smaller trainer throw their horses up against the big guys at city meetings and triumph. Those are the stories we love to hear!
No matter what type of trainer you choose, everyone has an opportunity to be in the winner’s stall. As long as they can manage your horse’s health, identify any issues before they happen, understand the psychology behind a racehorse’s success as well as manage owners appropriately, you’ll have fun. We’re not really asking for much!
Syndicators
As discussed in Part 1, getting into racehorse ownership via a syndicator is a great entry point. Some of the points stated above are also relevant to trainers of syndicated horses. We must stress, racing is already a gamble so always deal with a licensed syndicator, their licence number should be listed on their website and any horses they advertise. It is a syndicator’s responsibility to manage owners and everything involved with the racehorses they syndicate. This allows you, the owner, to have a no fuss approach leaving the hard work to the experts while sharing in the enjoyment.
Going through a syndicator is not just about racehorse ownership, you get to meet like-minded people, share in the thrills and spills of racing as well as take part in other unique experiences. These can include but are not limited to international travel opportunities, awards nights, owner social events, race day dining experiences and even refer a friend discounts!
What to look for in a syndicator?
Each syndicator will likely use the services of an accomplished bloodstock agent, this is kind of like a buyer’s advocate in real estate terms. The role of a bloodstock agent is to assess each horse at the sales, generally a few times over their growing stages before they even step hoof in the sales complex. They are able to grade them and give a price range estimate depending on many factors such as the racetrack and breeding success of the horses sire and dam (parents) and siblings as well as their conformation (to be discussed in Part 4). A good bloodstock agent will have a great reputation and years of experience in the role. Do your research on who is choosing your future champion of the turf and what success they’ve had.
Syndicators may be directly aligned with one trainer or have horses spread out over many trainers at different price points to suit a wide range of budgets. Ask them which trainers they send horses to. You may not have direct contact with a trainer but there are great opportunities to access them at yearling parades, stable open days and other events.
What is an administration fee?
Syndicators will have their own way of charging for their service. Some make it easy with a flat rate each month no matter if your horse is in training or spelling, if anything comes up, it’s all covered under the one cost. Others will have a monthly fee that will fluctuate depending on what percentage you own and what training stage your horse is in. Some may also pay their suppliers directly so that you don’t have to deal with lots of little bills. Depending on how many horses you have and what syndicator you go through, you may get a discounted rate or one rate no matter how many are in your stable.
On your bill you may find an administration or management fee of around $50-100 a month depending on the service provided. This covers all the day-to-day administration and management tasks such as weekly updates on your horse. If you don’t receive at least one weekly update (video, photo or audio) when your horse is in full training with a syndicator, this may be a red flag as you’re paying a premium for this service. Always check your bills, syndicators are only human and sometimes mistakes are made. Some syndicators don’t charge an administration fee, you just have to pay for the upkeep of the horse, if this is more your go, do your research on these types of syndicators.
What to look out for?
A syndicator should take the time to answer any questions you may have before you get into ownership, after all, that is the business they are in. If a syndicator is hesitant to explain anything you’re asking, this should be a red flag. As discussed in Part 1, if your syndicator cannot produce a PDS for the horse you are looking to buy, this should be a red flag.
There are large and small syndicators, you will get a different experience with each. Some syndicators only focus on yearlings at the sales and their progress to race day and others give their attention to tried horses giving them a second lease of life. Large syndicators have grown over time so they have experience with many trainers and owners and how to deal with certain situations. If a syndicator deals with many trainers, this gives your horse a great opportunity to succeed at the right level. If they are not up to scratch with their first trainer, they may benefit moving to another. Boutique syndicators focus more on quality over quantity when it comes to buying horses. They like to keep their books small so a full focus can be put on their owners and horses.
No matter what size syndicator you go with, only 20 names go in the racebook, so if this is important to you, it’s best to buy a 5% share or more. There is also a limit to how many owners can be in the mounting yard at one time so if your horse has 30+ owners, the syndicator should have a fair system on how to delegate ticketing and race day privileges when your horse gets to the races.
What to expect from both
You are looking for a trainer or syndicator that prepares regular progress updates whether your horse is spelling, in pre training or full training, this is the new norm. Obviously, you’d like to know in advance your horse's race plans, so you can put a bet on accordingly, or promptly if they injure themselves so this should be a bare minimum requirement.
Yearlings require education before they join the big kids in the stables, if your trainer or syndicator buys yearlings from the sales, ask them who does their breaking in and what fees they charge (this will likely be included in your purchase price). You may be able to go out to the farm and see first-hand what this process is all about, getting your horse used to having a human on their back – very important! Another question you may ask is, where will your horse spell? Do they have their own property or will the horse be spelled at different agistment properties depending on the time of year? Your horse's welfare is just as important while they are away from racing.
The importance of protecting our magnificent sport, the integrity of racing and keeping our standards high is to ensure that you along with your trainer or syndicator have a plan for your horse after it’s racing career is over. If you cannot house the horse for the rest of its life (30 years average life expectancy), it is important to find one for them. Trainers and syndicators should have experience in doing so but if you’re up for giving a horse a home, why not! Thoroughbreds are so versatile, they have many post racing career options such as dressage, jumping, pony club, pleasure, lawnmower and much more.
So now you know all of this, you’re wondering, I wonder if I can try before I buy? Well, you’ve come to the right place! If you haven’t already, download the Fred App here and connect to one of your friend’s racehorses. You’ll be able to join in the group chat and see the ups and downs of owning a racehorse, meet other owners and see what it’s like to be a part of a stable!
Well there you have it, you now have a lot to think about when deciding on a trainer or syndicator. The main thing is that you do your homework and know what questions to ask. Always trust your gut and any red flags, there’s plenty of trainers and syndicators to go around, it’s their loss if you’re not interested in them!
Check out the Fred Marketplace on the Fred App as your first port of call to find a trainer or syndicator.
Keep your ears pricked for Part 3: How To Choose A Racehorse
