BresicWhitney posted record results in its 2021/2022 financial report, following the new leadership structure lead by Thomas McGlynn and Will Gosse.
The Announcement:
The Financial Year 2021/22 saw Sydney property group BresicWhitney record over $50 million in revenue for the first time in its 19-year history.
Growth was also recorded across department fundamentals as its Leadership Team of Thomas McGlynn and Will Gosse guide the agency’s next phase in the face of a changing market.
For the 2021/2022 Financial Year, BresicWhitney reported $52 million of revenue, compared to the $47.8m for the 2020/2021 Financial Year.
This is an increase of 9 per cent. FY22 also saw the business welcome a new leadership structure, following the appointment of existing Director Thomas McGlynn as Chief Executive Officer (CEO) and fellow Director Will Gosse as Chief Operating Officer (COO).
Sales Volumes
Sales volumes reached 1115 for FY22 compared to the 1112 recorded in the previous year.
The group’s average selling price (ASP) increased to $2.18 million, up from $1.93 million in FY21. An increase of 12.8 per cent, it reflects the group’s continued strategic investment in and engagement with the premium end of the market.
Sales Value
Also driven by growth in the ASP was the value of properties sold by BresicWhitney in FY22. With a total value of $2.43 billion compared to $2.15 billion in the previous Financial Year, this is impressive growth of 13.1 per cent.
Auction Bookings
Auction bookings increased 8.5 per cent with a total of 883 compared to the 814 booked in FY20/21. This coincided with the increase in sales volume.
The auction ‘booked to call’ ratio dipped to 35 per cent in FY22, from the 45 per cent reported in FY21, reflecting the market’s peaks and troughs over the year.
BresicWhitney sold many properties prior to auction in the first half of the Financial Year due to heat in the market.
Conversely, in the second half of the Financial Year, it noticed a shift towards private treaty and post-auction sales, as conditions changed.
CEO Thomas McGlynn – who is also the group’s Chief Auctioneer – called 106 online auctions in Sydney’s 107-day-lockdown in 2021.
While this presented challenges, a silver lining of the lockdown conditions for the real estate industry had been its impact on the advancement and uptake of technology, Mr McGlynn noted.
Property Management
Another key achievement for BresicWhitney in the FY22 was the growth of its Property Management portfolio to over 3000 residences.
The 3021 assets under management at the close of the Financial Year is an increase of 5.2 per cent from the 2871 the year prior.
The group also had its most successful year on record for new investment management agreements with 622 properties, versus 518 the year prior. This is an increase of 20.1 per cent.
BresicWhitney’s Head of Property Management Chantelle Collin said: “While the events of the past two years have been somewhat magnified in property management, our place in the investor and occupier relationship has given us an intimate understanding of the complex concerns both sides have faced”.
“To achieve these results in such testing conditions is evidence of the team’s resilience, adaptability and continued focus on providing holistic investment advice to our clients.”
CEO Thomas McGlynn said, “The results speak not only to our Strategic Direction and Mission to be Sydney’s leading property group, but to our unrelenting commitment to our people and our clients”.
“For the business to generate its highest revenue on record despite the cooling market reflects our focus on opportunities amidst the challenges, and the trust our clients continue to instill in us.
“It also demonstrates the skill and wise judgement of all our people. The value of the sound advice and counsel they provide for our clients and for one another cannot be understated,” he said.
Mr McGlynn added that investment in the group’s people had been key in the FY21/22 and would remain a strategic focus.
“We cannot achieve great results without great people, and great people thrive when they feel supported and empowered.
“This is as important at a market peak as it is when conditions change or slow. We remain committed to providing meaningful growth and development opportunities and experiences for all our people, from our leading agents to our operational and administration professionals.”
BresicWhitney COO Will Gosse echoed this sentiment and confirmed the role the group’s values had played in achieving success.
“Our values have long been part of the BresicWhitney identity, but the tangible impact they had on helping motivate and guide us during the lockdown, and more recently the market uncertainty, has been significant.
“We’re thankful our people feel connected enough to our values to draw on them in times of adversity and recognise them as key to the experience and opportunities we provide for clients and employees.”
Mr Gosse – who’s responsibilities include overseeing the group’s growing in-house creative team – added that ongoing investment in the external brand had been another factor in the Financial Year successes.
“The market has always appreciated our brand as a point of difference, but we noticed that through these times of peak uncertainty, sellers and investors looked more to brands they trusted as a sort of stabiliser or anchor,” he said.
“We know that property-related decisions represent some of the most significant times in life for people and we’re honoured by the role we continue to play in this space,” he finished.
Source: BresicWhitney
