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Mike Pero launches real estate company

Mike Pero has announced the launch of Mike Pero Real Estate, offering customers a reduced commission rate of 2.95% to sell their homes.

Monday, February 14th 2011, 2:59PM

He says it is time New Zealanders moved towards a commission rate that reflects the challenging economic times that we are in today.

The new company is a partnership between Mike Pero and Mike Pero Mortgages and is due to actively launch to the public in March, April of this year.

Pero says a real estate company is a natural progression from Mike Pero Mortgages.

"It sits well with the Mike Pero Mortgages and Insurance brands and will offer the same levels of trustworthiness, value and consistency across the country," he says.

A recent Colmar Brunton survey found that 91% of consumers say that a real estate company offering a commission rate of 2.95% would be enough to put them on their shopping list.

He says for a long time, he has felt that the 3.95% rate charged by most real estate companies was too much.

"It's one of the most talked about topics, and what people grumble about most, when selling their homes," says Pero.

On average, the lower commission rate of 2.95% will save home sellers between $3,000 and $6,000.

 "Times have changed and, like many businesses, real estate has been revolutionised by technology. It's now less about bricks and mortar and more about clicks and mortar."

He says marketing and communication through the internet and mobile phone technologies are massive in the industry - "you don't need to have huge overhead costs that are then passed on to customers through high commission rates".

He says Mike Pero agents will work with state-of-the art technologies, including the latest iPads, with intensive online marketing and modern operating techniques and systems.

"Realistically with a better proposition for the home seller the agents sales will increase, we believe, more than twofold. "

He says effectively, teh company has taken a large part of the administration and management overheads out and shared those savings between the customer and the agent.

Plans for the company also include bringing franchise opportunities down to a salesperson level, which can include exclusive territory

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Lender Flt 1yr 2yr 3yr
AIA 4.55 2.25 2.59 2.89
ANZ 4.44 2.85 3.19 3.49
ANZ Special - 2.25 2.59 2.89
ASB Back My Build 1.79 - - -
ASB Bank 4.45 2.25 2.59 2.89
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.25 2.55 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 2.85 3.15 3.39
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online ▼1.95 ▼1.85 2.35 2.45
Heretaunga Building Society 4.99 3.40 3.50 -
HSBC Premier 4.49 2.25 2.35 2.65
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.40 3.64
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.55 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 2.69 2.99 3.29
SBS Bank Special - 2.19 2.49 2.79
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 2.25 2.59 2.79
The Co-operative Bank - Standard 4.40 2.75 3.09 3.29
TSB Bank 5.34 3.05 3.29 3.59
TSB Special 4.54 2.25 2.49 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 2.85 3.19 3.49
Lender Flt 1yr 2yr 3yr
Westpac - Offset 4.59 - - -
Westpac Special - 2.25 2.59 2.89
Median 4.55 2.68 2.99 2.89

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