Real estate co offers investor 'shopping service'
1 October 2008
Real estate company offers specialist 'shopping service' to investors
First National Progressive has intensified its services to property investors, offering a special service to help investors shop wisely in the current property market.
Co-owner of the Christchurch-based company Joe Mullins said lowering interest rates, lower house prices and the potential for better rates of return were attracting investors back to the property market.
The level of interest prompted Mr Mullins to set up a separate property management unit of his business and dedicate three property managers to proactively work with investors.
His team is contacting current and potential landlords gathering their criteria, and matching their shopping lists to properties on the market.
“Criteria differ from investor to investor. Someone wanting an 8% yield and not concerned about capital gain would consider properties in certain suburbs that others wanting capital gain wouldn’t,” Mr Mullins said.
First National Progressive’s area is home to the University of Canterbury and the Christchurch College of Education, which encompasses a big market for rental properties.
“Even though there are more properties on the market at present, quality rentals are still in demand.
“We have gradually grown our property management services over the past four years and have more recently noticed the need for an intentional investor-based service.
“Unlike owner occupiers who move on average every seven years, investors need to be continually kept up to date with things like changes in local market conditions, yields, zoning, innovative purchasing arrangements etc.
“While all our salespeople do work with investors because of the nature of the job, dedicating three of our staff to specialize in that area means we can offer investors the best service in Christchurch.”
Mr Mullins says rents have remained static in recent months, but the lower prices of houses and lowering interest rates meant investors were able to get a better rate of return, and that was attracting a lot more inquiry.