Waikato Business News July/August 2019

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8 WAIKATO BUSINESS NEWS July/August 2019 CONVERSATIONS WITH MIKE NEALE OF NAI HARCOURTS HAMILTON Thinking of selling? What to consider in a changing market The property market, whether it be residential, rural or commercial, is and always will be a cycle. Often the decision of when to sell is driven by other factors that relate to personal circumstance or choice, not necessarily where we may be in the cycle. With a changing market and in fact any market, there are always opportunities for both sellers and buyers. Everybody has different reasons for selling and in New Zealand there are several methods of selling property which sellers need to consider - this will often relate to the situation or specifics of the particular property. When you are considering selling a property, it is important to understand the process and the various methods, whether it will be marketed widely or not, with or without a price and if there is a fixed timeframe. Auctions: • No fixed price • Creates urgency through a fixed timeframe • Creates open transparent competition between buyers • Bidders are purchasing on an unconditional basis Tenders: • No fixed price • Creates urgency through a fixed time frame • Creates an element of competition • Purchasers are likely to be conditional i.e. due diligence or finance Deadline Private Treaty • No fixed price • Creates urgency through a fixed time frame, but can be sold prior to the deadline date. • Creates an element of competition • Purchasers are likely to be conditional, although the incentive of being unconditional early can motivate some potential purchasers to avoid competition (Tenders or Deadline Private Treaty sale methods should be considered for complex properties or where there are ownership structures that have complex signoff or approval processes). Private Treaty • Usually with a fixed or ‘asking’ price • No time pressure or urgency for pur- Mike Neale - Managing Director, NAI Harcourts Hamilton. chasers to act • Will likely either be sold quickly (therefore potentially undersold) or remain on the market for an extended period of time (purchasers may deem the asking price to be unrealistic and therefore not enquire) • Conditional and unconditional offers can be made Tips: 1. In a changing market it is more important than ever to have a robust marketing programme in place, to leave no stone unturned in order to find not just any buyer, but the best buyers. 2. In relation to your particular property, check the track record and specialist market knowledge of the agents who you are selecting from. Interview more than one agent for the job. 3. Consider incentivising the fee structure for the sale. With an incentivised commission structure, sellers and agents are both rewarded - the harder the agent works and the higher the price, the agent then also gets some added financial benefit. I recall one incentivised fee structure that started at 2 percent as a base, which increased to 20 percent for an absolute premium – and you will be glad to know that we got to that premium level. 4. The element of competition is key to maximising any sales price. 5. Not all auctioneers are created equal – and it’s not just about showing confidence and building rapport with the room, but most importantly about their negotiation skills with the potential purchasers to maximise the price they will pay, especially if the reserve is not yet met Cash is becoming king again, as finance becomes more difficult to secure, so you need to be dealing with the most credible buyers. Remember you only have one opportunity to put the property on the market for the first time – and the longer the property remains on the market unsold, the more purchasers ask the question about the issues with the property and whether the vendor’s price expectation is realistic or not. Little known fact: Waikato hospital has 24 operating theatres – according to my anaesthetist (due to my recent misadventure!). NAI Harcourts Hamilton Monarch Commercial Ltd MREINZ Licensed Agent REAA 2008 Cnr Victoria & London Streets, HAMILTON 07 850 5252 | hamilton@naiharcourts.co.nz www.naiharcourts.co.nz J5460P The Instillery’s Mike Jenkins addresses the Grow Waikato audience. Waikato tech sector poised for growth By RICHARD WALKER Waikato is the region of opportunity when it comes to tech. It has been New Zealand’s fastest growing tech area for the past two years, and exporting is a particular strength. Company-X co-founder David Hallett highlighted the opportunities during a Grow Waikato forum in July. They exist partly because the sector has ground to make up. Waikato’s tech sector comprises 6 percent of regional GDP, below the New Zealand average of 8 percent. Meanwhile, tech makes up 4 percent of employment in the region, also lagging the larger regions. Matching the national average would see more than 2000 jobs created and $350 million added to GDP, currently around $1.5 billion. Hallett highlighted exporting, an area where Waikato punches above its weight with a 7.7 percent share of tech exports. “The best way to grow is to export. Trade surplus is a really good thing because it means the market's no longer constrained,” said Hallett, one of four speakers on digital technology at the event. “When you're exporting and have great international vision it means you're paying your taxes with foreign dollars. That's a really really cool place to be, and it helps us grow our country,” he said. “That's what the tech industry enables us to do.” A government initiative, Growing Innovative Industries in New Zealand, released earlier in the day, earmarked digital technology as one of its four industry transformation plans. Hallett welcomed its reference to supporting growth in the ICT export industry, along with its mention of a level playing field for New Zealand firms to compete for government business. “The procurement process in New Zealand is horribly broken so obviously they 're going to have a look at this.” Hallett was joined by CultivateIT operations manager Jannat Maqbool, Instillery director Mike Jenkins and South Waikato economic development manager Paul Bowden at the Grow Waikato forum organised by Labour MP Jamie Strange and held at Wintec’s Atrium. Maqbool outlined CultivateIT’s involvement in Waikato events in its role as a connector, and Jenkins, who is on the NZTech board, gave a background to his company’s rapid growth as a cloud enabler. That was helped by the “epic young talent” in Waikato coming out of the tertiary providers, he said. It’s the kind of young talent Bowden wants to see in his district, aided by a proposed digital development hub in Tokoroa. The hub, which is likely to require PGF funding, will include a space for developing young people’s digital skills, support for startups and a co-working space. “It's designed to be at the heart of the community, at the heart of everything we're trying to do in the South Waikato,” Bowden said. He described the growth of IT as central to the district’s traditional primary industries base, including dairy farming and forestry. “The forestry sector will be operating remote drones, it will be operating remote cutting devices, autonomous vehicles will be taking the logs to ports, so they as industries need IT skills,” he said. “What we're trying to do is not just about the future businesses, startups and entrepreneurs, it's also about supporting existing businesses that we've got to make them even more successful, and to create great opportunities to reduce digital disadvantage and inequality in South Waikato.” Hallett welcomed the planned Tokoroa hub as part of the way forward. “What they are talking about in South Waikato is really important to assist people and help them go through those formative stages of building a company.” In future, he also wanted to see more companies in the AI space, “playing with robotics, virtual reality, augmented reality. These are the areas where you can achieve amazing things.” The time was ripe for disruption of existing methods. “If we look at the way we do things and apply automation and some of these ideas we can achieve some really cool businesses and have global potential.” Startup seed capital was important, as was a regulatory environment suited to rapid growth businesses. “It would be great to see a lot more joint ventures between tech companies or tech entrepreneurs and existing companies to leverage their IP. “My big one, which is really important - CultivateIT is really enabling this - is the fostering of inter-company collaboration, businesses that traditionally compete, fostering that relationship so they can work together. If we work together for the economic benefit of our regions, of our country, that's the win for all of us.” • NZTech chief executive Graeme Muller says there are nearly 21,000 firms in the New Zealand tech sector, collectively investing $580 million in research and development, 35 percent of all R and D in the country. Tech employs more than 108,000 people and contributes to nine percent of New Zealand’s total exports.
WAIKATO BUSINESS NEWS July/August 2019 9 Support for young Pacific people Pacific young people living in Waikato will get backing to help access life-changing learning and earning opportunities. Five Waikato providers signed up at the July launch of the Tupu Aotearoa initiative in Hamilton. “Tupu Aotearoa is about changing young people’s lives through new opportunities and pastoral support. Whether it is help finding the right kind of job or training, advice on preparing for interviews, or career counselling,” says Minister for Pacific Peoples Aupito William Sio. “Tupu Aotearoa will empower young people aged 15 to 39 years to grow new life skills, kick-start their career prospects, and earn a good living, as well as provide employers with a skilled, motivated talent pool they need. “There are now more Pacific Te Wānanga o Aotearoa launches centre of innovation and entrepreneurship people born in New Zealand than ever before. Pacific have one of the fastest growing youth populations in Aotearoa, many proudly bilingual with bicultural parentage throughout regional New Zealand. This is a generation that is fast becoming the future workforce and consumers, entrepreneurs, sports, creative and community leaders that regional economies will be reliant on.” Tupu Aotearoa is the new name for the Pacific Employment Support Service (PESS) which reflects the expansion of the programme to regional New Zealand. The five Waikato providers are: The launch of Ahikōmako. Te Wānanga o Aotearoa has launched Ahikōmako, the Centre of Māori Innovation and Entrepreneurship. Ahikōmako is an entrepreneurial whare (house) where Māori innovation and business ideas can seed and prosper. Based at the Mangakōtukutuku campus of Te Wānanga o Aotearoa in Glenview, Hamilton, Ahikōmako provides a modern co-working space, business support, training, resources and business connections to help build sustainable business success. Ahikōmako houses an innovation hub - Te Toiotua - a vibrant, creative space that uses modern technology from 3D printing and movie production to photography, robotics and augmented reality to further advance business ideas. Ahikōmako will house exisiting programmes (kaupapa) such as Kōkiri, our Māori business accelerator programme, and Pakihi, a series of workshops and mentoring sessions designed for Māori business success. Aisha Ross, director of the Innovation Development Group at Te Wānanga o Aotearoa, said the Ahikōmako name was inspired by the ancient Māori legend when Māui tricked his ancestor Mahuika into sharing fire with him. After realising Māui had deceived her, Mahuika set the world alight. The inferno was eventually doused but the remnants of fire remained in the kōmako tree. “Our tupuna (ancestors) • K’aute Pasifika Trust - a charitable trust based in Hamilton that provides health, education and social services to Pasifika communities and all other ethnicities. • Solomon Group – the largest youth services provider in the country. • SENZ Charitable Trust – a charitable trust aimed at improving economic wellbeing and living standards and strengthened Pacific families and communities. SENZ is an existing provider of support services through Tupu Aotearoa in Auckland. • In-Work New Zealand Limited – New Zealand’s largest provider of government support services designed to help people into work. In-work is an existing provider of support services through Tupu Aotearoa in Auckland. • Alignz Recruitment - a Samoan family-owned and operated New Zealand Company discovered they could make fire by rubbing pieces of kōmako together.” “Fire evokes us to think, to be creative and to bring people together. We see Ahikōmako as playing a key part in building and growing sustainable Māori businesses for regional economic success.” Ahikōmako is supported by foundation partners Waikato-Tainui, Te Humeka, Te Waka, and Hamilton & Waikato Tourism. Major funders for this new venture are the Provincial Growth Fund and Te Puni Kōkiri. At the signing of the Tupu Aotearoa Collaboration Agreement were, from left, Laulu Mac Leauanae, chief executive, Ministry for Pacific Peoples, Meta Tyrell, national relationship manager, Alignz Recruitment, Adrian Roberts, managing director, In-Work Zealand Ltd, Nouha Achmar-Tavita, director, Moving Mountains, Barrett Ruakere, director, SENZ Charitable Trust, Leaupepe Rachel Karalus, chief executive, K’aute Pasifika Trust, Ruanna Tagalosa Letalu, director community relationships, Solomon Group, Patrick Rennell, chief executive, Horowhenua Learning Centre Trust. Experience care as it should be, experience the Braemar way. Braemar Hospital is one of the largest private surgical hospitals in New Zealand, and it’s here in Hamilton. With more than 100 world class specialists, 10 state-of-the-art operating rooms, 84 beds including 32 private rooms, at Braemar you’ll receive the highest level of care. Choose the very best. Choose Braemar. braemarhospital.co.nz Waikato Branch – Upcoming events/courses At the Institute of Directors we’re on the pulse of governance. Connecting, equipping and inspiring directors through thought leadership and our extensive network, professional governance courses, events and resources. 16 August 2019 ‘Budget 2019’ with Minister Grant Robertson Time: 12.00pm – 2.00pm, FMG Stadium Waikato Function in partnership with the Waikato Chamber of Commerce. 21 August 2019 ‘Women in Business Leadership and Governance’ Time: 12.00pm – 2.00pm, Avantidrome, Cambridge CPD: 2 points CPD: 2 points To register, please contact: Megan Beveridge, Branch Manager Waikato.branch@iod.org.nz, 021 358772 or www.iod.org.nz 5 September 2019 ‘Lessons from sports governance' Time: 5.00pm – 7.00pm, Arena Lounge, Claudelands Event Centre Function in partnership with the Waikato Pacific Business Network CPD: 2 points Waikato branch is kindly sponsored by: J1121P
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