Joint Managing Director at Morton Real Estate
Challenges: Price decline
What have been the challenges? In a word, sales. While our transaction numbers have been OK, the average sale price has been down substantially. We’ve had to reduce costs, which is not something that can be done overnight. Organically growing our rent roll has also been a challenge.
Actions: Focus on the fundamentals
It’s been a case of getting back to basics. For both sales and property management, we’ve been carefully reviewing every property, having the hard conversations, reducing expenses and ensuring processes are followed to the letter. For our network of offices, this has yielded results.
Predictions: Positive outlook
The worst is definitely over. With every downturn, we have to remember the lessons of the past; that is, as the market comes back, profits will be maximised. More and more, I also think the industry is less fearful of disruption and disintermediation. By doing your job and doing it well, there’s a path through the challenges, and strong agents and agencies will thrive.