Finbar announces significant new addition to its business offering

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    Perth, 25 May 2020: Western Australia’s leading apartment developer,
    Finbar Group Limited, (ASX: FRI) (Finbar the Company) has today
    announced that it has established a new division by appointing an
    experienced in-house sales team to focus exclusively on the marketing and
    sale of Finbar properties.
    The move is a significant one for the developer which has previously
    outsourced 100% of sales of its projects to several external residential
    sales agencies.
    The team will be led by former Knight Frank Head of Residential in WA,
    Neil Kay, as director and licensee of Finbar Sales and his long-time former
    Knight Frank colleagues, Lilly Wong and Neha Shah.
    The team has worked together for more than 13 years in off-the plan project
    sales and with Finbar in an external sales capacity since 2006.
    On announcing the appointment, Finbar Managing Director, Darren
    Pateman, said that while the appointment of an in-house sales team had
    been a strategic consideration of the company for some time, the ability
    to secure a highly experienced, pre-existing team, all of whom had worked
    with Finbar for many years, had prompted them to act quickly to bring the
    team in house.
    “Having an internal sales team has been considered many times over the
    years, however the fact that a team we knew and who we had worked with
    for so many years was available, crystallised our decision that it was the
    right time to move,” Mr Pateman said.
    “Neil, Lilly and Neha bring with them a wealth of experience in project
    sales and they are very comfortable with the Finbar brand, product, and our
    customers, so it just made good business sense.”
    Mr Pateman said establishing the team when there was instability in the
    market presented many opportunities and gave Finbar and the team an
    opportunity to bed systems and processes down while the market was in
    recovery mode.
    25 May 2020
    The move follows the establishment last year of Finbar to Rent, which
    services investors who purchase Finbar properties providing them with a
    streamlined offering that matched buyers with tenants via a high service,
    competitively priced property management package.
    “Finbar to Rent allowed us to cement a more direct relationship with
    our investors, a number of whom own multiple Finbar properties, and
    the addition of our sales team will only add to that connection with our
    customers and the level of service we are able to offer our buyers.
    “It allows us to really streamline and focus our sales and marketing spend,
    give us more contact hours at sales offices, provide a continuity of service to
    our customers and to really provide them with the entire package from start
    to finish,” he said.
    The move will also bring the Finbar Loyalty Club under the sales banner
    and add another layer of ongoing client contact and service to the in-house
    Mr Pateman said the in-house team would initially focus their efforts on the
    recently completed Sabina in Applecross and subsequently Civic Heart in
    South Perth when it is launched later this year.
    Licensee Neil Kay said that he and the team had been selling Finbar
    properties consistently for more than 14 years and knew the product and
    the company inside out.
    “This long standing relationship with Finbar and knowledge of their product
    has made it a seamless transition to move ‘in-house’.
    “It’s a great opportunity for us to continue to work together as a team on a
    product we have great confidence in and to make a significant addition to
    the Finbar brand,” he said.
    Mr Pateman said despite the challenging conditions in the Perth market,
    which has been further impacted by Covid-19, the move showed a level of
    confidence in the market’s ability to recover and recover strongly.
    “It is a mark of our resilience and ability as a company to weather economic
    downturns with confidence and to put ourselves in a position to capitalise
    on upward momentum when the market begins to turn,” Mr Pateman said.
    He said WA, in particular, was well poised to recover faster than other
    markets with its geographical isolation set to become one of the city’s
    major selling points in the wake of the global pandemic.
    Finbar Group Limited, its controlled entities and its jointly controlled entities, is a property development company
    whose core business lies in the development of medium to high density residential apartments and commercial
    property within the Perth Metropolitan Area and the Pilbara within the State of Western Australia
    “Civic Heart alone is a $400 million dollar project and we think a wellresourced internal team who have an intense understanding of the Civic Heart
    product and Finbar benefits will give this project the best chance of success.”
    Mr Pateman said however that stamp duty reform was essential for
    the construction industry to continue to provide thousands of Western
    Australian jobs.
    “Considerable investment is required for us to launch projects like South
    Perth’s Civic Heart which will be a major direct and indirect jobs boost at a
    time when Western Australians need it most.
    “That is why we, alongside other industry leaders, continue to lobby the
    State Government to make further changes to the stamp duty rebate beyond
    purely ‘pre-construction off-the-plan’ phase only so that we can help lead
    the economy into recovery post-Covid-19.
    “The current economic turmoil will pass and it will then only be a matter of
    time and we will be positioned better than most to capitalise on that with a
    multifaceted offering from development to sales and property management
    to allow us to further improve our market share.”
    Finbar currently has a $1.3 billion pipeline of work, $960 million of which is
    already approved with several projects expected to begin construction in 2020.

    Media enquiries:
    Georgie Sweeting | gtmedia | Ph: 9227 8195 | 0417 179 024

    courtesy of Bell Direct
    ( DYOR )
    i hold FRI

    will be a mighty effort if this survives the waves of crises it has faced in the last 6 years

    take care

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