2011 has been a year of spectacular growth for the Ray White Group. We have welcomed a new office every 10 working days; culminating in 20 new businesses joining and starting up across the country. We have also effectively had 10 new business owners purchase existing Ray White offices.
Our Group stands at 131 offices with just over 1,180 salespeople, 220 property managers and 145 administrators. This year our sales turnover increased by 12%, which saw us transact $3.895 billion in property sales. Our property management portfolio has grown beyond 14,000 and our market share, particularly in the last quarter, has shown good growth across many of the areas we trade.
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The number of sales that will occur within the industry will be 58,000 for the year and will be in line with 2010. The amount of property that has been marketed for sale has dropped by 10% during the year. This has effectively resulted in lower days on market and price increases across most centres throughout New Zealand. Productivity levels for our top 20 businesses increased by 23.8%. There was one interest rate reduction of .5% in March. The official cash interest rate has remained at 2.5% during 2011 and is expected to remain at the same level throughout 2012.
During the year we remained committed to the three pillars of our business growth, being marketing, personal skills and growth. Our marketing platform has seen us redesign our online presence and we have applied a number of superior applications which sees us continue to lead the industry. Personal websites were also introduced during the year. We have rebranded our marketing through the media to present further enhanced property presentation. This is now fully integrated with all publishers.
The growth of the company has been evident with the number of new offices that have joined and there have also been several high profile salespeople join Ray White from other companies.
Within this year’s Christmas message we make reference to the significant events that occurred in 2011 throughout New Zealand. To our people and their communities who have been affected by these events, we pay tribute to you.
Our Group will finish the 2011 year in very good shape. The industry continues to polarise. The significant reinvestment that is required to be a leader in this market is our commitment. 2012 will be a year of continued growth as we enable our plan for genuine leadership.
On behalf of the Ray White corporate team and the White Family, we wish all of our members and their families a relaxed Christmas break and look forward to a successful 2012.