54 | PROPERTY Bayleys Property Management Queenstown T T Randall Johnston Rental property supply a challenge Stunning vistas like Glendhu Bay in Wanaka continue to draw people to Upper Clutha, Queenstown and Central Otago. Queenstown and Central Otago have always drawn people in like a magnet, and finding rental accommodation for them is an ongoing task that requires professionalism, dedication and flexibility. Bayleys Property Management Queenstown General Manager Richard Hoskin says the level of supply versus demand is an ongoing and well-documented issue in his patch, but is one that cannot be ignored. “There is a shortage of rental properties in Queenstown and the cost of renting is climbing, which does create challenges for tenants. We can get up to 50 applications depending on the properly and its location,” Richard says. “It’s a topical issue for local government and I think if there was an obvious solution or a short term fix; it would already be in place. The only solution is to provide more housing but that’s easier said than done. To build rental properties in Queenstown there are a lot of hurdles to work through, the cost of the land and construction being just one of them.” Richard says while one solution would be to build up rather than out, that would create its own issues that are well understood and so the problem remains. Richard has lived in Queenstown for the last 35 years and says while their used to be noticeable seasonal fluctuations in the economy and the number of people in town; that is no longer the case. “Yes it still gets busy and peaks leading into the ski season, but we are now seeing that the demand is consistent all throughout the year. There is no significant drop off or what we used to call the shoulder season.” That being so and with so many new arrivals; Bayleys supports its owners through providing a very comprehensive applicant screening process. “Often owners want a family rather than groups of people who are here for a good time, not a long time – so we need to try and match the expectations of the owners. Every owner wants high occupancy and good quality tenants and that’s what we provide,” Richard explains. “Due to the nature of the work here, workers do come and go, sometimes at relatively short notice and if they leave their employment – they tend to leave their rental property at the same time. That means we need to step in to keep continuity of business, but that fluctuation is starting to settle and we are seeing tenants wanting to stay here longerterm now.” With four offices in Central Otago; Bayleys Property Management has the district very well-covered. The Queenstown office has been operating for 35 years and Arrowtown for 25 years, while the Wanaka and Cromwell branches have been running for more than 10 years now –with 20 highly-experienced staff across the four. Half of the team is Queenstown-based, and the rest covering the three other branches. “Arrowntown is a captured market for us. We are the only rental property management company that has an office presence there and a highly-experienced team of three.” Bayleys Property Management acquired that business from Ray White three years ago. Leanne Newman set it up 25 years ago and she has stayed on – albeit under the Bayleys banner - as part of that deal, with Senior Property Manager Fenagh Smith and Sue Henderson rounding out the Arrowtown team. “Leanne had done an amazing job to build up the Arrowtown business to the level that it was at. She was so well known in that market, so when the opportunity came up for us, we grabbed it and it has worked out very well.” The other regions are seeing growth too, with Wanaka experiencing a notable boost recently. “We will have a team of six at Wanaka shortly, due to some new business that’s coming through there which is exciting,” Richard reveals. The growth we are experiencing is consistent among all of our offices, but our growth is somewhat limited by the lack in supply of rental properties available – the only real growth you can create in this environment is through acquisition.” Ongoing training is a key focus for Richard and his team, having recently engaged in a training program to ensure its staff are in line with best practice and up to date with the latest industry standards. Simple initiatives - such having their own handyman, who can be quickly engaged for minor repairs, offers a point of difference for the business and has been very well received by tenants and owners alike. While rental property supply challenges remain, Richard is pleased with how the reach of Bayleys Property Management has extended over the last few years and is looking forward to building on its solid foundation in the years ahead. ORIGINAL IS ALWAYS BEST. With our designers, signage team, print team and cafe all in the same space, we provide you with everything your business needs - including a comfortable space to chat to us about it. 03 442 8078 | www.queenstownsigns.co.nz | 87 Gorge Road, Queenstown | sales@queenstownsigns.co.nz
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