Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Bayleys continues to expand its real estate services

Bayleys continues to expand its real estate services in Taranaki

Leading real estate agency Bayleys Taranaki is continuing to expand its business activities across the region – acquiring the rental portfolio of a competitor and subsequently becoming one of the area’s biggest residential rental property companies.

Bayleys Taranaki has this month completed the purchase of the rental portfolio of houses managed by boutique property management firm Executive Living Ltd which administers letting of high-end homes in and around New Plymouth – predominantly servicing senior management employed by companies in the oil and gas sector.

The buy-out of Executive Living Ltd’s rental portfolio comes just a few weeks after Bayleys acquired the similarly sized rental portfolio of Taranaki homes administered by Property Place Ltd in November.

The Executive Living Ltd residential rental portfolio of houses will now be integrated into Bayleys’ existing inventory of homes, including those from Property Place Ltd, being let and managed – growing the business by 33 percent. Executive Living Ltd will now focus solely on apartment rentals.

As a result of the Property Place acquisition, the company’s former property manager Tracey Jago joined Bayleys as a portfolio manager.

The acquisition of the commercial activities from both Executive Living Ltd and Property Place Ltd tops off 12 months of rapid expansion by Bayleys Taranaki, which earlier in 2012 bought out rival real estate agency Harvey Taylor and integrated its personnel within the Bayleys sales ranks across both the residential and commercial and industrial sectors.

Bayleys Taranaki co-owner Neale Parkinson said the company’s on-going expansion reflected a growing return of confidence to the region’s real estate markets – underpinned by the industrial and rural sectors.

“Taranaki’s economy is in the fortunate position of deriving a considerable proportion of its revenues from black gold, oil, and white gold, milk. Demand for both products, while fluctuating over the short term, has continued to show growth over the medium and longer terms,” Mr Parkinson said.

“This broader economic confidence has in turn supported the Taranaki housing market and helped otherwise mitigate some of the pricing falls seen in other cities around New Zealand. As the wider national economy continues to improve, Bayleys, like many other Taranaki businesses, is taking a more optimistic view of commercial activity – hence undertaking the acquisitions that we have, in the time frame that we have.”

Mr Parkinson said that the growth of the agency’s rental portfolio past a critical mass stage would benefit customers by delivering a more streamlined and efficient service with far lower overheads – enabling fees and charges to be kept to an absolute minimum.

“With the much bigger property rental and management portfolio which we are now responsible for, the cost of fixed overheads - which every company has to bear - is now spread far greater. That makes for a far more efficiently run back-office system,” he said.

“From another perspective, the larger property portfolio means we can negotiate better contract rates with trade and services providers such as plumbers, electricians and builders, whom we manage on behalf of rental clients.

“The overall financial performance improvement in these efficiencies for our clients in just a short space of time has been marked, and will continue to improve even further as the Executive Living properties are integrated.”

Mr Parkinson said Bayleys Taranaki would continue looking at other commercial expansion opportunities in the province, with a view to growing the scope and scale of its activities this year.


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news