With the launch of this office in Fiji, Raine & Horne has plans to open more offices in the Pacific, the Indian subcontinent, and the Middle East in the next 12 months. It has recently opened two offices in Dubai.
“Australia is a global leader in the delivery of real estate agency best practice, and Raine & Horne is a global leader in terms of IT, marketing, training and agency systems, so it stands to reason that we are taking an aggressive approach to global expansion,” Mr Raine said.
“C.J. and Sanjay are both former bankers with a decade or so of real estate experience, and Aveet arrived in real estate in 2014 after a successful career in IT.”
Mr Shergill, who worked for Westpac in Australia and Fiji, has been in real estate with a number of major and independent brands since 2006. He established his current real estate business in Lautoka in 2015.
“Sanjay, Aveet and I have decided to join Raine & Horne as it’s a recognised real estate brand and we have a long relationship with Bill Russell, the firm’s General Manager of International Business,” Mr Shergill said.
“Importing Raine & Horne’s business practices will prove a big tick with Fijians because Australia has the best consumer protection laws, a sophisticated real estate industry and very high standards of agency practice, especially in a franchised environment.”
Raine & Horne Fiji has offices in Lautoka and Nandi and will be opening in Suva, Savusavu, and Rakiraki, in Fiji’s cane-belt region.
“Rakiraki is halfway between Suva and Nandi, on Kings Road, and future development is expected to take off there. It will be mostly leasehold title, although there are some chunks of freehold land in Rakiraki, too,” said Mr Shergill.
Raine & Horne Fiji also plans to establish offices in Vanuatu, the Solomon Islands and Samoa as there is substantial trade and commerce opportunities between these countries. To support this growth, Mr Shergill says the current team will be extended from 10 licensed real estate agents to 30.
There are also plans to build Raine & Horne Fiji’s portfolio of investment properties, although property management is still in its infancy in Fiji.
“There is room for big real estate brands such as Raine & Horne in Fiji and the Pacific region, as there are many smaller players in local markets. The delivery of commercial broking services are other opportunities that Raine & Horne could deliver to Fiji through its broking arm, Our Broker,” said Mr Shergill.
Raine & Horne Fiji is launching at a time when cultural shifts are changing the Fijian property market.
“In the past, a father would decide where family members would live in Fiji. This is changing and Fijian Millennials are making their own decisions about where they want to live and buy property,” said Mr Shergill.
“If you are a younger person buying residential property in Fiji, you should look at native title properties, which have more affordable 99-year leases.
“A freehold three-bedroom house in Martintar, near Lautoka, for example, will be FJ$450,000 to FJ$500,000 and the land will be FJ$250,000. A quarter-acre block in the same region on a leasehold arrangement will cost between FJ$70,000 and FJ$150,000, and it will be FJ$120,000 for a house. This appeals to younger buyers.”
