Posts Tagged ‘Residential Property’

The Ray White group in New Zealand are one of the largest managers of property for landlords in the country with over 12,300 properties managed throughout the group we are proud of our continued development of our property management team. 

As part of our ongoing qualitative based training our property management team came together in Auckland at Cornwall Park just on 80 managers attending.  The day seminar which looked at a number of key areas in property management which included service levels to landlords and tenants, how to management relationships, and also understanding the balance between the requirements of our landlords and the needs of our tenants. 

In addition to this, our team looked at marketing to ensure the continued low vacancy rates of our landlords.  We looked at the integration of internet advertising and Ray White’s association with Trade Me and how that has continued to increase enquiry rates for our landlords.  Our service also continues to broaden with our property managers providing wealth creation plans together with property appraisals and loan assessments.  This provides to our landlords an overall service level that is unmatched in the industry.  Ray White New Zealand offices have experienced continued growth in the property management division and this has been put down to the continued training and development while providing the highest quality service.

With property management now not being regulated it is seen to be more important for landlords who they choose to manage their property and also their rental income.  Ray White are developing policies which will provide security within an integrated system through our agency practice.  The Ray White group plans to release these details over the next quarter which will provide further confidence for our current landlords while providing a clear choice option for new landlords.

Predictions about the future of the real estate market are as changeable as the statistics, but recent figures from the leading real estate group Ray White show that the Auckland market is tightening in favour of the seller. Figures for June and July 2009 for Ray White in the greater Auckland area show that the average number of days on market has dropped to 37.5 from 53 in January and February – a reflection of the reduced stock over winter and a growing pool of buyers.

The pressure is forcing would-be buyers to up the stakes: at the height of the property boom, in mid-2007, properties were selling for an average of just 2.1% below the listing price. As the slump began, buyers started to pick up relative bargains, with sales at an average of 8.3% below the listing price in August 2008. As the market has tightened, so too has the gap between sellers’ expectations and buyers’ hopes, with an average sale price of just 3.9% below the listed figure in July 2009.

The speed of turnover is reflected in the number of sales: the second quarter has seen a 25% rise in the number of properties sold in the up-to-$1 million range (4,781), compared with 3,815 in the first quarter.All this is happening, says Ray White New Zealand CEO Carey Smith, against a backdrop of ‘self-cleansing’ in the real estate industry. “The recession has prompted a significant decline in both agents and offices, with a turnover of agents in the market of 52% in the year to February 2009.

 Times like these demand a rise in the quality of service and results for vendors and buyers.”Ray White has responded to this demand with a new service, Ray White Concierge. The service, free to Ray White clients, takes care of all connections and disconnections of services, including telephone, internet, gas, electricity and pay TV. The service also offers helps with home loans through Loan Market, and  insurance with Sovereign.

The progressiveness of Ray White in the area of IT and customer usability has been in evidence for several years; the company was the first real-estate agency to list on TradeMe, in 2005, and each office has its own web presence.

“It remains an intensely competitive industry, and the quality of service and access to information is what sets agencies apart from one another,” Mr Smith says. “We have developed Ray White Concierge as part of our response to that competitiveness – after-sale service is extremely important and is an area where some agents fall down.”

A boost in activity at the top end of the residential property market has helped Australasia’s largest real estate group Ray White achieve a 10 per cent rise in sales in New Zealand and Australia for the month of May, 2009.

Ray White Joint Chairman Brian White said Group sales for the month of May were $2.4 billion, an increase of 10 per cent on the corresponding month in 2008 and equal to the result in March this year – the best result for the Group since the economic downturn in early 2008.

“To achieve this result in May is outstanding as traditionally the best months for sales are in March and November,” Mr White said.

Ray White New Zealand CEO Carey Smith said May 09 sales saw an increase of 23 per cent over May last year.

“Confidence is obviously returning and we are seeing our main buyer activity in the middle markets with a lot more interest from investors,” Mr Smith said.

“An increase in exclusive listings of 19 per cent over the same period augurs well for sales results in coming months.”

Mr White said the results reflected a notable rise in activity at the top end of the market.

“It’s a positive sign of an improvement in the market, which up until now, has been driven by the first home buyers,” he said.

Ray White is aiming to capitalise on the strengthening residential property market by staging a series of trans-Tasman Auction Spectaculars from June 20 to July 1 across the network.

Auction events will be held in Melbourne on June 21, Brisbane on June 23 and 25, Darwin on June 24, Perth on June 28 and Adelaide on July 1. NSW will host seven auction events across the state between June 23 and 30, while three spectaculars will be staged in Auckland over June 23 to 26.

A new record has been set for the number of people forced to give up properties to mortgagee sales. Mortgagee property sales have hit an all-time high, with 201 recorded for March, Terralink says.  In the 15 years figures have been recorded, the previous highest was 191 last December, Terralink International managing director Mike Donald said. The March total was a 378 per cent increase on the 42 forced sales recorded in the same month last year. “The latest figures are a stark reminder of just how much the economic situation has worsened over the past 12 months for many New Zealanders,” Mr Donald said.

Almost half of the mortgagee sales were in Auckland – 99, up from 10 in March last year. The worst affected parts were Manukau and Central Auckland. Northland also showed a rise, with 19 sales in March compared with none in the same month last year. Mr Donald said more than half of the nationwide mortgagee sales were held by private owners, 60 per cent of whom owned more than one property. This could indicate there are investors who are over-extended. Investing in property is no longer a way to make quick and easy profit.” AdvertisementSmaller finance companies were driving fewer mortgagee sales than they were in February. “For the first time we are seeing that the recession is starting to impact on residential property owners, not just property investors,” Mr Donald said. Terralink derived its mortgagee sales data from legal registrations of actual mortgagee sales.