Scholarship recipients take on new careers in real estate

An innovative education programme aimed at attracting new career professionals into the real estate market has seen 21 career development scholarships awarded throughout New Zealand.

The scholarship programme – administered by leading real estate agency Bayleys – has been credited for creating the biggest ever single intake of new personnel into the New Zealand property sector. The 21 new sales and marketing personnel encompass all sectors of the property market – including residential, commercial and industrial, and country.

In addition to the scholarships, Bayleys appointed a further 16 new personnel through separate transition employment packages to assist their career move into real estate sales, with another 18 more people joining the company over the coming three months when they have acquired the relevant qualifications.

The scholarship packages valued at $50,000 each were awarded to recipients throughout the nation – from the Far North to Otago. Some 400 people applied for the limited number of places on the Bayleys scholarship programme, and came from such varied backgrounds as farming, airline cabin crew, the financial markets, retail, hospitality, broadcasting, and the state sector.

Included in each scholarship package is full training with an ITO-approved organisation under the new Real Estate Agents Act, an intensive four-day training course in Auckland, and $5000 worth of property advertising in Bayleys’ suite of national magazines.

Bayleys managing director Mike Bayley said scholarship recipients were chosen not only for their passion and enthusiasm in pursuing a new career path, but also because they demonstrated strong ‘people’ skills and were optimistic about the long-term future of the wider real estate sector and the roles they could play in that market.

“These scholarships underpin the long-term viability of the real estate sector - by bringing on board a fresh new wave of talent and partnering that talent alongside respected stalwarts of the industry whose knowledge and experience over a number of decades is invaluable,” Mr Bayley said.

“Ensuring that knowledge is passed on is critical to the next generation of real estate sales consultants. We have never been a company driven by staff numbers – for Bayleys it’s about quality of employees, not volume. That’s why Bayleys sales consultants earn on average three times more than the industry standard income.

“The introduction of the new Real Estate Agents Act last year was a turning point for the industry, and allowed Bayleys to fully embrace the new requirements and procedures regulating the way the industry now operates. That ‘new way’ of doing business under the act is fundamental to the Bayleys scholarship programme, and has seen our agency take the industry lead by implementing more professional practices from the grass roots level up.”

Bayleys recruitment manager Carol Henry said she had been overwhelmed at the sheer volume of scholarship applications received by the company.

“We obviously tapped into a little-known talent pool by offering a comprehensive scholarship package, and with more than 400 applications coming through, those numbers and the high quality of applicants reflect that the real estate profession is now viewed as a serious profession,” Ms Henry said.

“The common theme which came through from all applicants is that they were drawn to the scholarship programme because of the training provisions associated with the package. Through training they can upskill, improve, and become better at what they do.

“Several ‘rookie’ sales consultants also joined from competing real estate agencies – citing a lack of training or personal career development support for leaving other employers to join Bayleys.

“While remuneration was obviously important to the new recruits, another crucial consideration for them was Bayleys’ commitment to training. To deliver on that training obligation, Bayleys has expanded its training capabilities to ensure all scholarship recipients are empowered with the essential skills they need succeed in this industry.”