Ray White makes first inroads in US

THE A$30 BILLION Ray White Group has made its first foray into the United States with an office opening in the key American city of Atlanta, Georgia - one of the fastest growing cities in the United States.The team responsible for the opening and development of this business has and will continue to be driven by prominent Gold Coast real estate industry identities Andrew and Greg Bell of the Ray White Surfers Paradise Group, as well as Tony Bargwanna of Ray White Hotels.Ray White has been engaged by a number of investor groups within the USA to sell and manage thousands of properties in the world’s largest real estate market.Chairman of the Ray White Group, Mr Brian White, said the new initiative was a further step in driving the family-owned company into broader markets.“We believe this deepens our value delivery to our clients,” he said.“This new business has already confirmed sales with investors in Beijing, Jakarta and Singapore, as well as, of course, Australia. To date, 45 sales of Atlanta homes have been made in these markets.”This has resulted in the creation of a rapidly expanding management portfolio which already has more than 1,000 properties under management, a number which is expected to grow to more than 5,000 by the end of the financial year.Mr White said the group would continue to use its global networking reach to introduce clients to the recovering US property market.Mr Andrew Bell, CEO of the Ray White Surfers Paradise Group, said the agency had been engaged to manage and sell properties primarily in the sub-$100,000 category.“We’ve been presented with an enormous opportunity to fill a major void in the US property market – that of management of multiple properties for institutional investors who for the last few years have capitalised on the acquisition opportunities in the US property market,” Mr Bell said.“Lovely four-bedroom suburban homes on large blocks in the Atlanta region can be purchased in the sub-$100,000 price category.  The prices of US properties in Atlanta is astounding given that it is one of the fastest growing cities in the US has a population that has grown from two million to six million since 1997.“Our challenge will be sourcing enough properties to keep up with demand."The sales aspect of Ray White’s USA operation will be headed up by Greg Bell.Mr White added, “This initiative has been in the development and research phase for more than 12 months.  We were keen to ensure we entered a market that had clearly begun its recovery phase.  Purchasers are enjoying strong yields on quality refurbished homes priced under US$100,000.”“Investor groups in the United States have expressed admiration for the way Australian real estate agencies manage residential property and they are keen to be able to recommend a quality service to purchasers who will come from many different countries and cultures.“The Ray White Group manages in excess of 300,000 properties across its entire network.  It is a very exciting time in the continued growth of the Group.”The move marks Ray White’s first official US agency which opened in Atlanta on October 1.The Ray White Group has offices in the Indonesia, China, India, South Korea and Malaysia.