Global real estate firm hits NZ
Local appetite for an alternative real estate network has led a Sydney-based international property agency to set up shop in New Zealand.
Raine & Horne, which has more than 300 offices around the world, was undeterred by the ongoing housing market downtown, and launched its New Zealand offering on Wednesday.
The network would start with four offices in the North Island, and would focus on expanding into the South Island later this year, the agency’s executive chairperson, Angus Raine, said.
‘‘It follows extensive consultation with real estate principals across the country, which revealed significant appetite for another major real estate brand in New Zealand.’’
That was particularly the case in the softer market where many, particularly independent, businesses, were realising there was value and safety in being a member of a big brand, he said.
‘‘Given our affinity with New Zealand and the similarities in how our two countries transact real estate, we have been eyeing an expansion across the Tasman for some time as a natural next step in our evolution.
‘‘While it’s fair to say the New Zealand market is facing some challenges along with the distressing damage caused by Cyclone Gabrielle, we feel the timing is right for us to support the real estate industry and property consumers.’’
The agency would be taking an aggressive approach to its New Zealand expansion, and was seeking to acquire other networks as part of it, Raine said.
Established local agent Keith Niederer, who has worked in real estate since 1987, had been appointed the agency’s New Zealand network manager, and had hit the ground running.
He said the network’s first office, in Taupo, should be open by the end of the month.
‘‘There will be other offices opening up shortly, although confidentiality agreements mean we can’t say where they will be yet.
‘‘Further announcements about them will come shortly, but the agency is looking to purchase around 15 to 20 offices here.’’
In New Zealand there were a lot of real estate offices about 3km away from each other, but operating under the same brand, he said.
‘‘That leads to frustration for many agents, and it is not the way we will operate. We will be focusing on consolidating with the right people and the right business, and making sure they are successful.
‘‘So while some might say there are too many real estate offices and agents here, we see plenty of opportunities out there to improve services and really look after people.’’
One of Raine & Horne’s appealing features was the significant investment it had made in property technology and online systems for marketing, training, sales and property management, Niederer said.
‘‘There is a lot of interest in what we are offering, and we are getting lots of enquiries from people who want to sign up.
‘‘We are looking for, and assessing, opportunities, and the end goal is to run a profitable business with good people.’’
Raine & Horne was established in Australia 140 years ago, and had been led by the same family ever since. It started its international expansion in Malaysia in 1989.
With offices in Australia, Asia, the South Pacific, India, and the Middle East, it managed more than 120,000 properties and sold more than $A10 billion worth of properties annually.
Niederer said the agency had looked at establishing a commercial business in New Zealand many years ago, although it had not done so then.
‘‘But it has been looking at doing something here for several years now. Covid put a stop to that for a while, but the agency felt the time was right to make a move.’’