Posts Tagged ‘real estate’
Earlier this month, Ray White Rotorua agents were involved in the Home Show, held at the new Rotorua Event Centre. Exhibitors included building companies, carpeting wholesalers, stockists of household appliance products, garden centres, interior designers and furniture companies.
There was good attendance at the show with around 8,500 visitors; however Tim O’Sullivan who co-owns Ray White Rotorua with his business partner Anita Martelli has noted that the autumn show attracted towards 14,000, so as to extend their information more broadly they plan to be present at that show next year also.
The Ray White Rotorua branch had originally booked two stands at the show, and then due to a late cancellation secured another at the last minute. Ideally these would have been side by side but with the second stand being only four units away it was found that this gave the team a second chance to catch public attention. The first stand was set up to predominantly promote sales with a huge emphasis on SOLD properties in the area, sparking public interest as to the prices achieved and encouraging them to think about potential results should they decide to put their own property on the market. The second stand complemented with a property management focus, showcasing the complete range of services that Ray White has the ability to provide to investors through their systems.
Those who attended the Home Show were initially attracted to the Ray White stands by the prominent ‘Know How’ signage and Ray White Flags with a Christmas Hamper as a further draw card. Visitors could fill out their details to go into the draw to win the hamper, and then ended up chatting generally about the market. Tim commented “At a guess the draw produced about 400 names and numbers which we are still following up with. We’ve got 6 very good leads for listings.”
The majority of the Rotorua offices current listings were on display. Recent sales were also promoted with a wall dedicated to a SOLD display only. The whole idea had been to give people the opportunity to compare their own homes to recent sales. This also attracted people looking to acquire property to the stand. Through connecting with the Ray White team, interested buyers were able to get a good idea of house prices in Rotorua. Tim explained that “As a direct outcome of the show we had good interest from a couple of buyers in a small sub-division we are marketing at the moment. We wanted to place strong emphasis on “SOLD”. This worked really well and drew people in giving us the opportunity to engage with the public.”
All the agents involved found the show to be an excellent PR exercise. They received many positive comments about the stand and the growing presence of Ray White in the market place in Rotorua. Tim and Anita have utilised very large prominent signage throughout the Rotorua area. Tim observed that “One of the interesting things that came out of the show, speaking with a lot of different people over a short space of time, is that the marketing strategies applied by Ray White Rotorua have created a definite perceived market share, with many people commenting on the Ray White presence in the market place.” Tim and Anita have worked together for 9 years. An opportunity to purchase a boutique company arose in 2011. It was decided that rebranding to Ray White would give the business better brand recognition. Tim commented that “From a client perspective it is easier to sell when part of a bigger brand.”
Towns such as Rotorua are becoming more attractive to Auckland buyers as prices rise in Auckland – particularly for those who already own their own home or have investments in Auckland, but would like to diversify by investing in out of town property. A more favourable Return on Investment compared with Auckland makes Rotorua real estate appealing. This provides further opportunity for Ray White Rotorua to promote their property management services also.
Centrally located within the North Island, Rotorua is a fantastic place to be when you have visitors from around the country or overseas as there are an abundance of local activities on offer, ranging from cultural attractions and exhilarating outdoor activities. In their later years many people from Hawkes Bay have adult children who have moved on to Auckland. Rotorua is only 2.5 hours’ drive from Auckland, offering easier accessibility for catching up with the family. Tim himself ended up in Rotorua by impulsively purchasing a modest investment property when travelling with his Swiss wife 20 years ago. A year later they decided to relocate from Switzerland to the beautiful lakes district.
Agents at the Rotorua office are looking forward to participating in the up and coming home and garden show and are considering having a stand at the Auckland Home Show next year. While working to get listings towards that time, they can advise vendors that their properties will be marketed at the shows.
A ‘Renovation Celebration’ has taken place at Ray White Motueka. Licensee Agent / Principal Alan Atkins said last Thursday’s unveiling of the ‘new look reception renovation’ afforded an opportunity for local professionals involved with Ray White to get together and celebrate both the renovation and growing business confidence here in Motueka and surrounds.
“In one form or another we have been in the real estate business for a long time with almost 20 years now as a member of the Ray White Franchise,” Alan said.
“It is a great privilege to belong to one of Australasia’s largest real estate group. The business tools, support and relationships that the franchise brings to us are invaluable. “This support is perhaps strongest at the regional level. Within the Nelson/Tasman region we have three other independent Ray White franchises and I would like to thank Marc and Susa from Nelson, Ting, Brent and Grant from Richmond and Billy from Golden Bay for all their ongoing support and for Marc, Susa, Ting, and Brent for coming along today to share in our celebration.
“I would also like to acknowledge my team, I am very proud, of how they have risen to the challenges and the constant change in our industry.” Alan, in a speech to those who attended the renovation celebration, also thanked Berny Chamberlian, their office administrator, whom he said ‘took the brunt of the renovation disruption working for weeks with a temporary desk, the noise and the dust. Thank you for taking it so well’.
Alan also told those at the evening that Cliff Satherley and Greta Harris from the property management team, also had a much improved space and were enjoying the quieter working environment.
Last but not least Alan thanked the dedicated sales team Jo Chapman, Mary Kilmartin, Min Janssen, Karen Holliday, Nicola Chambers, Jacqui McCullough and Anne Gardner. Who kept on working though out the renovations.
With many of the tradespeople coming to the opening, Alan went on to thank: “Craig O’Styke for the demolition and rebuild, Malcolm “Mr Electrical”, Philip Shee for the gib stopping, Mark Christoffersen for the painting and Bob Spence from Flooring Xtra.
As a group thank you for getting it right the first time and bringing the project to completion so smoothly.
“I think I can speak for the whole team when I say that we are very pleased with the results of our renovation, the overall effect of a lighter, brighter environment has made it a much more productive and inspiring place to work. Looking toward tomorrow I am confident we have the best resources and the finest people to continue to move the business from strength to strength in to the future,” Alan said.
The Ray White Group have increased their property sales for the month of September 2013 by 7% on last year’s September result. However the sales are down by 5% on August 2013 results.
The recent introduction of the LVR changes put into place by the Reserve Bank has seen sales in the area of new home buyers and investors taper off and this is expected to continue while there is a realignment of borrowing capacity in this sector. Continued low levels of stock are seeing prices marginally increase, particularly in the areas of Auckland and Christchurch. Overall there was an increase of controlled stock by 4% on the same time last year with total property listings secured being 1,813. Auctions continue to dominate controlled listings with over 500 being completed by the company in September.
Carey Smith, Chief Executive of Ray White New Zealand said “The sales for September have completed an outstanding sales quarter for Ray White. The quarter from July to September 2013 has been the highest level of turnover since early 2007. The Ray White Group’s continued focus on skills and the high level of marketing are attributed to the increase in sales as well as the welcoming of 12 new offices so far this year.”
Ray White Remuera was the top office for the company, completing their highest ever quarter for sales with just over $95 million in sales. Ray White City Apartments were the number two office with 77 sales completed for the month. Ray White Ponsonby were the number three office trading close to $20 million in sales. Other offices to complete outstanding results included Ray White Ellerslie at number four and Ray White Full Circle in Christchurch at number five.
The Northland zone continues to show year-on-year increase with the growth of Ray White now having 13 offices throughout the region. The top business was Ray White Whangarei. In Auckland other offices to conclude strong results outside of the top five national businesses included Ray White Royal Oak, Ray White Glen Eden and Ray White Half Moon Bay. The top businesses in the Central North Island included Ray White Hamilton, Ray White Te Awamutu and Ray White Tauranga. Ray White Wanganui in the Lower North Island was the leading office for that zone. The Upper South Island saw another outstanding sales month from Ray White Richmond. In Canterbury the Ray White Group continues to increase market share and the top three businesses in this zone were represented by Ray White Full Circle, Ray White Metro and Ray White Next Step. Ray White Dunedin was the top business in the Lower South Island. Ray White Oamaru completed a personal best month and Ray White Wanaka also achieved a high level of sales.
The Ray White Group has confirmed two new offices that will be opening during the month of October including Millwater on the Hibiscus Coast and Takanini in South Auckland.
Ray White Papakura has relocated to improved premises at Railside Street West in Papakura. The new office is in a high profile location set amongst other leading retailers located near the main transport hub in Papakura.
Ted Ingram, the business owner of Ray White Papakura, said the growth of Ted Ingram Property Services Limited during the past two years has seen the business grow to having new locations in Papatoetoe, Waiuku and Tuakau. “We consider our Papakura office to be our flagship business and while our previous premises created a good environment, moving to the new location allows us to provide services in the areas of auctions, property management and residential sales together. In choosing the new location we gave particular consideration to our clients as well as our staff to provide easy access to our business while also giving us a high profile location to display property.”
Graeme Fraser, Auckland Business Performance Manager for Ray White, said “The move to the new location for Ray White Papakura will certainly provide benefits. Since Ted Ingram took over the franchise in 2005 the business has continued to grow in Papakura and the new premises reflects Ted’s commitment to the growth of his agency in Papakura and aligns with the overall growth of Ted Ingram Property Services Limited.”
Ray White Papakura’s new location is 7/14 Railway Street West, Papakura. The contact details remain the same. Telephone 09 295 2002 or website http://rwpapakura.co.nz.
Ray White is pleased to announce the opening of Ray White Newlands, which is located in the northern suburbs of Wellington approximately 8 kilometres from the city centre. Newlands is located in an area which looks over the Wellington Harbour and the Hutt Valley and has a local college, intermediate and also primary school.
The Newlands office forms part of the Wellington City Real Estate group owned by Vicki Collins. Ray White is the only real estate office in the Newlands area. Vicki Collins said the office was her company’s first steps into expanding their business across Wellington. “Newlands is an ideal market that is continuing to grow and has a diversified selection of property.”
Carey Smith, Chief Executive of Ray White New Zealand, welcomed the move into Newlands as the first real estate agency in the area. “Vicki’s local knowledge of the Newlands area over many years will be of benefit to the new office and office manager Robert Cutts also has good marketplace knowledge.”
Newlands is an active marketplace that has an average sale price of $366,000 which represents good value given its close proximity to the city. There are approximately 95 listings available in the area and sales numbers have remained active, with the average days on market being approximately 14.
The first quarter reflected this confidence with 14,500 sales. Our group market share hit a new high and this set a platform for what we felt was going to be a year that saw the industry return to better times. In April the Government started to mute on the basis of changes to LAQCs and also personal taxation advantages. Their dissertation behind this was to make property less friendly and steer people towards personal saving with the benefit of tax deductions and a higher awareness of Kiwi Saver. In the midst of all this came two interest rate increases. These were minor but enough to move property into an unfriendly position and to again be questioned as to its value from an investor point of view.
The second quarter plummeted. Sales were almost 30% down on the previous year and close to mirroring the numbers of 2008. Our group was acclimatised to these conditions, but you got the feeling this was going to set in for some period of time. In June we had our third interest rate rise which was enough to send the signal to the market that property sales were going to go into hibernation. Most in the industry understand that to have buyers you need to have sellers. Sellers come to the market when there is confidence that they can market their property to receive a satisfactory return on the price that they may have originally paid. The lack of confidence from sellers then began to domino towards the buying market.
Although trading for the Ray White Group decreased through the 134 offices, the top businesses within the company increased their turnover by more than 7%.
The number one office is the newly established Auckland Commercial business which is headed up by Bruce Whillans. Bruce has been appointed to a number of substantial commercial portfolios and these have now been successfully sold by Bruce and his team. They completed just over $34 million of property sales for the month. The number two office throughout New Zealand and the number one residential office was Ray White Remuera. The office completed over $23.5 million worth of sales. The Ponsonby office was number three in the Group. The listing numbers for this business have increased for the month. The number four office was located on the North Shore being Ray White Glenfield. They completed a highly successful month with over 30 property sales. The number five office was Ray White Mt Albert, having a staff of 24 on the sales team. They completed 13 auctions and 13 exclusive listings, transacting over $6 million in property sales. Overall the top five businesses in the Group increased their turnover by 7% to trade just under $90 million in property sales.
Papamoa was the top business in the Central North Island. Palmerston North was the number one office in the Lower North Island. Richmond had a successful month in the Upper South Island being the top office in their zone. In Canterbury, Lincoln completed over $6 million in sales to be the best business in that region. Arrowtown were the number one office in the Lower South Island, having a successful month completing over $5 million in property sales.
As an industry leader in property management throughout New Zealand, Ray White are seeking an individual who has extensive knowledge and understanding of property management. The position will align with our ambition to grow our property management business through our 132 franchised offices in New Zealand. For more information regarding this position please see the advertisement which will be appearing in the REINZ magazine on 1st May. For other positions available with the Ray White Group please see the Opportunities page
Ray White welcomes the new Real Estate Agents Act together with the new Real Estate Agents Authority (REAA) that aims to provide greater transparency and professionalism in the industry and more protection for consumers involved in residential and commercial real estate transactions.
Under the new Act, anyone who is carrying out, or wants to carry out, “real estate agency work” must be individually licensed by the REAA as an agent, branch manager or salesperson, unless specifically exempted. “Real estate agency work” is defined in the new Act as any work done or services provided, in trade, on behalf of another person for the purpose of bringing about a transaction. “Transaction” is defined widely as the sale, purchase, or other disposal or acquisition of (i) a freehold estate or interest in land, (ii) a leasehold interest in land; (iii) a licence that is registrable under Land Transfer Act 1952 (LTA); (iv) an occupation right agreement within the meaning of the Retirement Villages Act 2003; or (v) any business (either with or without any interest in land).
agents to carry out real estate agency work on his or her own account (whether in partnership or otherwise);
branch managers to carry out real estate agency work for or on behalf of an agent; and
salespersons to carry out real estate agency work for or on behalf of an agent, provided the salesperson is supervised by an agent or a branch manager when carrying out any real estate agency work.
The new Act will extend to people carrying out the sale and purchase of businesses on behalf of others (business brokers),although this will not apply to the sale and purchase of shares unless the shares entitle the holder to a licence that is registrable under the LTA. There are 2 approved guides for consumers New Zealand Residential Property Agency Agreements Guide and the New Zealand Residential Property Sale and Purchase Agreements Guide.
At the real estate agent’s branch office, branch managers are now an option rather than a requirement, but any person assisting an agent with real estate agency work is likely to need a licence, at least as a salesperson, and the element of proper supervision and management required for all salespersons must be met either by an agent or a branch manager.
Some further key changes under the new Act and related regulations include:
New regulatory body. The independent REAA has been established to replace the role previously performed by the industry’s Real Estate Agents Licensing Board. The REAA is responsible for licensing, complaints, disciplinary action for unsatisfactory conduct, industry standards (including the newly issued Professional Conduct and Client Care Rules 2009) and consumer information.
Improved disclosure obligations. Real estate agents have additional legal responsibilities, including obligations to provide certain information to consumers. This information includes approved guide publications, new requirements to disclose conflicts of interest and also disclosure by the agent of the source of, and estimate amount of, all rebates, discounts or commissions that the agent will receive.
New rules on agency agreements. A client of a real estate agent must be given a copy of the agency agreement within 48 hours after signing it. Sole agency agreements have a cooling off period until 5pm on the working day following signing, allowing time for the client to cancel the contract. However, if work undertaken on a transaction during the cooling off period enables the conclusion of a contact, that contract will be binding.
Public register. There will be a public register of every person licensed under the Act which will include a record of whether a licensee has been subject to disciplinary action in the last three years.
No compulsory REINZ membership. Membership of the Real Estate Institute of New Zealand is no longer compulsory for agents.
New complaints and disciplinary processes. New complaints and disciplinary processes have been introduced, including a new Real Estate Disciplinary Tribunal, administered by the Ministry of Justice, to deal with more serious complaints of unsatisfactory conduct or misconduct by any person (or officer of a company) licensed (or formerly licensed) under the Act. Under the new system, licensees can face a fine of up to $10,000 or, in the case of a company, $20,000 for complaints bought against them and for serious misconduct complaints heard by the Tribunal, individuals can be fined up to $15,000, or $30,000 in the case of companies. Agents can also be ordered to pay up to $100,000 in compensation to the complainant or have their licence cancelled or suspended. Under the old regime, most complaints were dealt with at REINZ sub-committee level, which meant that decisions about disciplinary action were made by fellow real estate agents, and $750 was the maximum imposable fine.
It was early on a Saturday morning that I went down to the news agency in Mt Albert to collect what was one of the first New Zealand Herald real estate sections in tabloid. But what made this day more remarkable was the fact that our company had officially changed its name to the public through a White Out statement of 30 pages to now be known as Ray White Real Estate. Exactly 10 years ago we became Ray White. There was a period of history before this that involved two brands; United and Ray White United. But it really wasn’t until we were brave enough to run with Ray White that we started to get traction. It was our sales team who drove the change to Ray White. It gave them consistency in their presentations; it gave them the ability to draw from a greater history; and most importantly it offered a future to our salespeople when they were talking with vendors.
At that time we had 71 offices and we were turning over just under $600 million a year. Today we produce 10 times that turnover and our business has doubled adding 70 offices and 650 salespeople. It is one of those moments where we can quietly reflect on our success as it is just a line in the sand. The next 10 years we have so much to look forward to as the real estate industry redefines itself into a value and service offering that will be recognised in the community to be of greater need.
Thank you to our foundation members and to all those who continue to entrust Ray White with their future career. The best years are ahead of us.