Figures from the Real Estate Authority (REA) at the end of May 2022 show that New Zealand now has 20155 licensed real estate professionals, of whom 83% are active agents, with nearly half based in Auckland. Using New Zealand's employed population of approximately 2,826,000 in March 2022, this equates to a real estate professional for every 141 people, and registrations are still trending upwards month by month. Why does real estate attract so many people? Beyond the lure of high earnings, what qualities are essential for success, and what philosophy guides the industry's operations?
Over the past year, New Zealand experienced its longest-ever lockdown while also witnessing one of the most active and remarkable years in real estate. As at March 2022, Barfoot & Thompson, New Zealand's largest privately owned real estate agency, had sold more than 12,000 residential properties over the preceding 12 months, with sales exceeding $14,330,000,000. In February this year, Barfoot & Thompson again won Best International Real Estate Agency at the International Property Awards (IPA), which represent the highest honours in global real estate.
In May 2022, Barfoot & Thompson held its annual awards ceremony, ranking and recognising real estate agents for outstanding performance and exceptional results. This is the company's most prestigious annual awards dinner, with more than 300 agents receiving awards across the Auckland region, individual branches and the company as a whole. Through this distinctive approach to motivation, the century-old company has driven its growth and achieved outstanding success in the industry.
YIJU interviewed Barfoot & Thompson Managing Director Peter Thompson, company-wide Top Sales Partnership winner Cici Wang and company-wide Elite Award recipient Nick Bates to explore the company's century-old business philosophy and the secrets of professional success behind this real estate celebration.
Barfoot & Thompson Managing Director
Peter Thompson
YIJU: Barfoot & Thompson's 2022 annual awards ceremony attracted attention across many industries, with some describing it as the Oscars of real estate. Could you tell us about the history of the awards and why they were originally established?
Peter：The earliest awards were actually a luncheon, usually held after our annual meeting. The company recognised its top 25 salespeople and the leading salesperson from each branch. We wanted to give everyone an opportunity to come together, learn from each other, exchange ideas and improve.
A few years later, we realised the event was not achieving what we had hoped, because salespeople were protecting their client relationships or keeping ideas to themselves. So we decided to expand the awards into regional half-yearly and annual events. These after-work cocktail functions went well initially, but later became less satisfactory because the winners were always familiar faces and newcomers had few opportunities.
Barfoot & Thompson always strives to do everything as well as possible, so we made another adjustment. Alongside the half-yearly awards, we now hold a major awards ceremony at the end of each year. Over the years, our awards have expanded beyond top salespeople and their partners to recognise excellence in property management, commercial property, rural and lifestyle property, and body corporate services.
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YIJU: Why did you decide to create so many awards? What impact do the annual awards have on Barfoot & Thompson?
Peter：Every type of work is different and requires its own specialist skills. More awards give people more opportunities to win and be recognised. They also set a standard for those who aspire to win them.
Our values define who we are. People, family, community and diversity remain our core values. I see the impact of the annual awards ceremony in two ways. Internally, we recognise people who share the company's values and make outstanding contributions. More broadly, the awards can attract more potential vendors and buyers, while helping property owners and tenants understand who can offer them better, more professional service.
YIJU: As a leading brand in New Zealand real estate, Barfoot & Thompson holds an impressive awards ceremony. What business philosophy do you see behind these awards?
Peter：None of these awards is a reward for the family. These honours belong to the outstanding people who provide top-quality service to clients. Our team is at the heart of the company's value. They represent our brand and are essential to it. Yes, we develop strategies and provide extensive resources to support our people, but ultimately it is each individual in the team who makes a transaction happen. The awards express our gratitude and recognition for everyone in the team, and reflect how the company and its people give back to the community.
YIJU: Barfoot & Thompson has more than 1800 salespeople and 80 branches across Auckland and Northland. How do you motivate your staff effectively?
Peter：These awards are one way we motivate our people. More sales and good earnings benefit both individuals and the company. We hold regular weekly meetings and group training three to four times a year. Each year, we hold at least two to three recognition events to thank both the winners and everyone else.
We have a stable, long-serving team, with around 230 people who have worked with us for more than 20 years. We are very grateful to these long-serving staff and fortunate to have everyone's support. This is also an important reason for our business success.
YIJU: What role does staff motivation play in Barfoot & Thompson's culture and in the real estate industry? What plans do you have for the awards ceremony's future?
Peter：Every day in real estate is different. We meet all sorts of interesting people: buyers, sellers, property owners and tenants who place great trust in us. Of course, that depends on us providing professional, high-quality service to help them complete their transactions. Whether you are buying your first home and moving in, or selling a home you have lived in for decades before moving into a retirement home, you will always remember the real estate agents who shared those special moments with you. These milestones become warm memories.
Each year, we reflect on past experience and hope to introduce something new to the awards ceremony. There may be new awards in future, but it will remain an important occasion for industry professionals to gather and exchange ideas, and our best opportunity to thank all our outstanding people and teams.
Cici Wang, with Peter Thompson(left) and Stephen Barfoot(right)
Barfoot & Thompson Awards
Company-wide Top Sales Partnership winner
Cici Wang
YIJU: As a top salesperson or team at an iconic real estate company, what meaning and value do these awards hold? Did your mindset change after winning?
Cici：As we are the largest real estate agency in Auckland and Northland, I think these awards are very meaningful. They recognise each industry professional. We greatly respect the rankings because they cover the whole company and represent a tremendous honour and acknowledgement of our year's work. All my clients also place considerable value on these rankings. They are the greatest recognition for those of us working on the front line.
2021 was an outstanding year for Barfoot & Thompson, particularly in sales, and we are very proud of that. The annual awards provide a rare opportunity for so many excellent professionals to come together and to see plenty of new faces. It was difficult to meet during the pandemic. Although this year's event was smaller, having the chance to exchange ideas with colleagues made us feel even more like a large family.
Barfoot & Thompson's system is open and transparent. Branch and company-wide rankings are published every month, but the annual rankings are only revealed on the day. For me, more important than the ranking itself is having this annual opportunity to demonstrate the excellence of my results. I have been part of the Barfoot & Thompson family for quite a while, and I am very proud that we long-serving agents can still take the stage to receive the top award.
As for mindset, I believe every leading agent, particularly those near the top of the company-wide rankings, is highly disciplined and does not become complacent. There is certainly pressure, but our approach has always been to maintain our place on this honours list and keep providing excellent service to more clients.
YIJU: How does this incentive system encourage positive competition between staff? What does it mean for a business?
Cici：I think Barfoot & Thompson's competitive system is very fair and impartial. One reason we like the company is that everyone has the chance to make the rankings. If you work hard, your results speak for themselves, measured by the commission each agent earns.
Barfoot & Thompson publishes results both internally and externally, encouraging everyone to learn from outstanding salespeople. This is an excellent incentive for newcomers. They know what to work towards, because one day they too can stand on the awards stage as we do.
Nick Bates, with Peter Thompson(right) and Stephen Barfoot(left)
Barfoot & Thompson Awards
Company-wide Elite Award recipient
2022 Manager of Pukekohe, Branch of the Year
Nick Bates
YIJU: Everyone seemed dressed in their finest at the 2022 annual awards ceremony, as though attending the Oscars. What did you say when you accepted the award?
Nick：It was a very special evening honouring the company's best people. Results like these are something everyone aspires to, and the company put considerable effort into making the awards night wonderful and memorable.
Everyone in the company works hard, and there are many excellent people, so competition for the awards is intense. We were very fortunate to win the award for the company's top branch. In my acceptance speech, I thanked our Pukekohe sales team and every important member of our team, including our property management and administration colleagues. It was truly everyone's combined effort that helped us achieve that coveted top spot.
YIJU: How does this awards system affect your growth or that of your team? How does it encourage positive competition between staff?
Nick：Receiving this honour will certainly have a significant impact on our team's growth. It helps in many areas, such as pitching for new business, becoming clients' first choice and marketing ourselves.
Most real estate agents and other property professionals earn primarily through commission, so competitiveness is a shared characteristic. The vast majority of successful agents have similar qualities: courage, resilience and adaptability. These are also their internal drivers. Everyone wants to do their work exceptionally well and be recognised for it. The purpose of these awards is to encourage people to give their best in everything they do, because that is how you become a leader in this field.
YIJU: The real estate industry has experienced ups and downs during the pandemic. What opportunities are there in the industry now?
Nick：We have always believed that where there are challenges, there are opportunities. Barfoot & Thompson Pukekohe has a strong, stable market share of nearly 60%. Clients prefer to choose someone who gives them confidence and helps them achieve their goals. Demand from buyers and sellers will always exist. Our role is to keep helping clients overcome challenges and realise their property aspirations.
A good incentive system gives staff a platform to show their abilities and the motivation to work hard. A highly regarded organisational culture delivers benefits for both the company and its people. Those working at Barfoot & Thompson firmly believe their mission is to make the places where people live better.
Barfoot & Thompson is the real estate agency that knows Auckland best
In Auckland, 1/3 of home sales are through Barfoot & Thompson,
far ahead of every other real estate agency.
Our services
- Residential sales
- Commercial property
- Property management
- Residential rentals
- Body corporate
- Project support