Ray of light pierces property gloom

Should you be the owner of a major real estate franchise, passing your Saturday morning by reading the paper, having a cup of coffee and wondering just how your business will survive a slump that has already sliced 50 per cent off industry turnover, expect a phone call from Carey Smith.

While you may be thinking purely about survival, the New Zealand CEO of the Ray White Group sees opportunity - takeover opportunity.

Just as he has done for the past 12 years, Smith has written himself a letter, summing up his achievements in 2008 and the goals he wants to achieve in 2009. That letter has been sealed and given to his brother - Smith won't look at it again until the end of this year, when he'll take stock of how he's done. In the meantime, he'll set about achieving those goals.

This year, one of those objectives is growth by takeover. "I think there's going to be a lot of opportunity for mergers and acquisitions," he says.

"I think this year will be a year that if we're proactive, we will benefit. I need to be ringing people that otherwise I would not normally ring and that normally it would be difficult to make the phone call to - that would be direct competitors - to say I'd like to get together.

To read the full NZ Herald story click here

Posted: 28 Feb 2009

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