With a couple of decades’ industry experience, few know real estate like John Wills of Bayleys Ponsonby. Verve sat down with him to find out more.
How has the pandemic affected business?
The lockdowns and alert levels were extremely uneasy times. I thought that there was no way people would consider going out and spending upwards of $2 million on a new home. But, as we started moving down the levels the phone just kept ringing. It was unbelievable. Buyers were out in force like never before.
How do you feel about the market quietening down?
I am actually okay with it. The 2020-21 unicorn market was not sustainable, or healthy. Now, I do feel for vendors who simply want to sell for ‘real reasons’. Many are finding the process long and arduous. The residential market rolls on because people’s housing needs change through the likes of job transfers, kids leaving for university, or wanting a dedicated home office. The general ‘days on market’ stat is frustrating many sellers at present. But properties are still selling, and there’s a group of buyers definitely prepared to act.
How are you preparing for a quieter market?
I think that service, proactivity, quality conversations, and attention to detail are what matters most in a market like this. Salespeople need to proactively find the buyer for clients. It’s not the time to sit back and hope something good will happen. We need to use our networks, experience, databases, and targeted marketing.
For my own sales business, I’m making sure I continue to offer ‘service with a smile’, no matter what’s going on in the market. I also want to make sure my name and personal brand is highly visible out there.
Personal thoughts on the market?
There’s no question the market changed in December 2021. Buyer demand has dropped away, and people are a lot more cautious and considered at present. Having said that, my personal view is that there is still a very strong underlying demand for property and there are a lot of people sitting on the sidelines waiting to make their next move. Yes, the general cost of living and increased interest rates have played a part, but in my opinion, it’s the access to money and intensive mortgage application process and criteria that are slowing things down the most. When this changes, I think we’ll see the market run very strongly again. There are definitely buyers out there, and there will be a heck of a lot more if and when lending criteria frees up just a little bit.
Please feel free to get in touch in confidence:
John Wills 021 333 053
john.wills@bayleys.co.nz
Bayleys Real Estate Ltd, Ponsonby
LICENSED UNDER THE REA ACT 2008
