Professionals to shut down real estate offices
Up to seven real estate agencies on Auckland’s North Shore, which employ more than 50 staff, are set to close tomorrow due to the property market slump.
Classic Real Estate, which operates under the Professionals banner, owns agencies in Albany, Greenhithe, Coatesville, Helensville, Kumeu, Mairangi Bay and Browns Bay.
Professionals is currently working on restructuring the business so some of the offices might stay open.
“But some will definitely be closing,” Professionals spokeswoman Sharee Martin said.
Classic Real Estate’s website said it employed 55 salespeople and 17 administration staff but Ms Martin said the number of agents had shrunk to about 40.
“Certainly, this will be a significant loss to us,” she said.
The Classic Real Estate website currently has 165 properties for sale and 89 rental listings.
Ms Martin said what happens to the vendors and owners would depend on their relationship with their agent.
If their agent has been employed at another agency, some might wish to transfer their listing there.
Or if Professionals is successful in keeping some of the offices open, these agencies could take over.
Ms Martin said that while it is clearly unfortunate, she hoped the majority of vendors would not suffer any disruption to their property sale process.
Classic Real Estate, which says it consistently makes 70-90% of Coatesville’s and Greenhithe’s property sales and also holds a significant market share in Albany, was founded and majority-owned by Havard Daniels.
It is understood he is exiting the real estate industry.
Professionals has more than 70 offices across New Zealand.
It operates under a co-operative structure.
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