Value add for Herron Todd White
Written on the 15 September 2009
AUSTRALIA’S largest property valuation company Herron Todd White has been pretty lucky in the eyes of CEO Brendon Hulcombe, as banks and property trusts seek neutral advice in an uncertain climate.
Hulcombe says Herron Todd White is very protective of its independence, as credibility comes with clear advice.
“We’re not looking at the world through rose-coloured glasses and can take it as we see it – we don’t have to talk up the market,” he says.
“A lot of it is because we’re primarily aligned with the major banks and banks take a really large share of lending, whether that’s for residential or commercial property, and that’s flowed through to our business.
“There’s been an increase in mortgage and repossession work so a lot of property trusts and funds are look at valuation – people are looking for real advice.”
He highlights that work levels are better than they ever have been, setting consecutive records over the last two years, with $65 million in revenue last financial year.
“We’ve done acquisitions, multiple mergers and our market share has increased so it’s hard to do apples and apples comparisons,” he says.
“We have over 600 staff now – let me say there’s no indications it will reduce and making a few potential plays could increase that number. Even through market share growth we need to put more people on.
“We could have 20 new valuers on tomorrow and could absorb them in the workload.”
As for the property outlook, Hulcombe says the indicators are all pointing in the right direction for the next couple of years, but caution is needed in the residential sphere when the first home buyer’s grant expires at the end of the year.