Network Update
STOP PRESS
As the June 2024 financial year has just come to a close , we can report that we sold $ 86 billion of property over the last 12 months . This was 19 per cent up on the previous year , driven by the strength of the Australian market and growth in our market share . We listed over 124,000 properties which was up 18 per cent on the prior year , and we sold 90,100 of them . Total properties under management as at 30 June 2024 was 240,700 , broadly in line with the year before , while property management revenue rose by 14 per cent .
We received more than 50,000 customer reviews during the year and our customer satisfaction scores increased slightly over the period although our response rates fell by three per cent .
Our market share across Australia and New Zealand now sits at a new record of 14.2 per cent , increasing from 13.3 per cent . Our auction market share was consistent at 22.5 per cent .
Unlike recent years , there was a great deal of variation in how the different markets moved during the year . Some were well up , others down , and many were flat . And within each state , there was no consistency across different regions . While this is different to what we experienced in the few years post the pandemic , it is consistent with what we experienced pre-pandemic , and reminds us that property cycles remain firmly with us .
With the economic outlook for the new financial year looking mixed , we will need to ensure we remain focussed on what is happening now and not wait , or hope , for inflation and interest rates to fall .
We are extremely proud of the commitment of our members over the past year to deliver such results and position us so strongly to continue our momentum . We start a new year , determined as ever to ensure it will be our best year of our 122 year journey .
WHAT COUNTS ?
Our data platforms are providing us with insights on our activity and performance that we dreamed about having only a few years ago . The information covers nearly all aspects of our work , including lead generation and appraisal conversion , to auction bidders and days on market , to sales and market share , and so on . It extends to property management , administration and profitability . Presented digitally and constantly being updated automatically , these insights can be accessed from anywhere at any time .
The data we now collect through the recently released NurtureCloud buyer module has taken us to new horizons . We can now illustrate the work we are doing with buyers to achieve the best possible results for our vendor clients , and ensure that we are maximising new listing opportunities through this buyer work . Importantly , it proves to our clients that as the largest real estate group with the best technology , we will create the most competition for them . Our data platforms are now a point of difference in living rooms .
Our data not only shows us what has happened , but also what works best , and also what might happen in the future . From the very precise insights , like what time is best to make your buyer call backs and which of your customers are likely to come to market in the next few months , to more complex areas such as what markets should we be focussing on to grow our business , and what profit benchmarks leaders should be aiming for throughout their leadership journey . We can predict with a very high degree of accuracy what our group monthly sales value will be one to two months in advance .
In addition to the value provided to customers , these insights provide all of our leaders with the opportunity to make better decisions and lead their teams . A popular phrase in business books is “ what gets measured gets done ”. It implies that if we can set targets for activity , and we know they ’ re being measured , we are much more likely to work hard to hit them . We are motivated to achieve peak performance by setting targets that encourage us to challenge our potential but don ’ t overwhelm us with pressure . It encourages us to expand our teams and delegate responsibility for certain activities because we are confident we will know if they are being done .
Our leaders can also signal what is important to them by relentlessly displaying and communicating to their teams the information that is most important to them . In the meeting rooms of our own corporate offices , the TV screens now display rotating charts selected from our internal data platform by our local leaders to illustrate the metrics they are most curious about and / or focussed on improving . Of course , we aren ’ t saying that anything that
cannot be readily quantified is valueless . The phrase “ not everything that counts can be counted , and not everything that can be counted counts ” is one of my favourites . This is especially relevant to us and our industry , where much of what we provide to our members and customers is an experience .
We do a lot of our work in the “ not everything that counts can be counted ” world . We have always said the future of our group is defined by the ambition of our leaders to build fine businesses of which they can be proud . The same goes for the family experience we seek to provide our members to support and nurture that ambition , as well as the way in which we challenge each other to keep growing . The importance of these things are not diminished by the fact that they are hard to measure , and so we consistently search and listen for as much evidence of their health , or lack thereof , as we can find .
And then there are things we can measure but the numbers don ’ t tell the whole story . Let ’ s take prospecting . We know how important it is . There is endless amounts of NurtureCloud data to both assist us maximise our opportunity and effectiveness , and measure how much prospecting we are doing . But it doesn ’ t measure how good our calls are , how much energy we are bringing to this work , or what our clients think about the conversations . Our most recent Real Estate of Origin event was another important instalment of the REOO tradition , illustrating again that leadership , teamwork and creativity are what matters most .
Dan White Managing Director Ray White Group