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Barfoot & Thompson Ltd

Type: Private

Industry: Real Estate

Founded: Auckland 1923

Headquarters: Auckland City, Auckland, New Zealand

Number of locations: 2 cities (Auckland and Northland)

Key people: Peter Thompson, Garth Barfoot

Barfoot & Thompson is a privately owned, non-franchised real estate company based in Auckland, New Zealand. The company is owned by the Barfoot & Thompson family and is directed by Peter Thompson and Garth Barfoot.

“The company has 60 branches across Auckland and Northland selling residential, rural, lifestyle and commercial property” Barfoot & Thompson., n.d.).

“The company also has a property management division, with Property Managers in 54 of the 60 branches” (Barfoot & Thompson., n.d., 2).

“Barfoot & Thompson is a member of the REINZ, the New Zealand Realtors Network and an associate of Savills” (Barfoot & Thompson., n.d., 3).

History of Barfoot & Thompson

1923 – Val Barfoot purchases a Newmarket land agency for £75. He names the company 'V. Barfoot Land Agent’.

1924 - Val’s brother Kelland Barfoot joins the company. The name changes to Barfoot Bros. Val and Kelland expand the business to include letting and rental services.

1929 – Barfoot Bros moves premises to Queen Street.

1934 – The Barfoot brothers are joined by Maurice Thompson.

1940 - Maurice Thompson is made partner. The company becomes Barfoot & Thompson.

1960s – Barfoot & Thompson is passed on to the second generation - Monty Thompson, John Thompson, Garth Barfoot, and Chris Barfoot.

1968 - Garth Barfoot is made director.

1997 - Peter Thompson, grandson of Maurice Thompson, is made Director.

2010 - Garth Barfoot & Peter Thompson remain as company directors.

History of Auckland Real Estate

The Real Estate industry in Auckland began slowly through the period of colonisation of New Zealand. Auckland had its first boom in the 1880s which also introduced a variety of new selling techniques: “Potential buyers were often given free train or bus passes so they could view the land for sale. The auctioneer of a Mt Albert estate in 1885 even promised to distribute gold watches and jewellery amongst would-be purchasers” (Ministry of Culture and Heritage., n.d.). “From 1890 to 1900 business in Auckland was at low ebb. Property was very difficult to sell, and buyers were few and far between” (Then and now. Land and property sales., 1926Â). Land values soon steadily increased and the property market became active. Sections in the Epsom area became available for £200 and, a year on, there was considerable demand for properties.

The depression and war years slowed the market again: “the Auckland real estate market showed very little sign of growth from 1929 to 1940” (Barfoot, C., 2000). In 1943, the Land Sales Act was approved requiring all agents to have a real estate licence to sell land. Soon after, in 1949, the National Government lifted property sales restrictions and listings and sales increased rapidly (The University of Auckland Business School., n.d.).

“In the 1970s, the property market once again experienced a decline, which was resolved by the cross-leasing of land. During 1972 to 1973 the market became active with an increase of “speculators, both amateur and professional” (Barfoot, C., 2000).

Auckland housing prices climbed steadily in the ensuing 20 years.

As a nation, New Zealanders are said to have a love affair with owning property. May 2010 data from Catherine Harris shows that “around $100 billion is tied up in investment properties”, compared with “$76.5 million shares turned over” (Businesswire., 2010).

Directors

Garth Barfoot

Garth Barfoot is the youngest son of Barfoot & Thompson's founder, Val Barfoot. His career has spanned 51 years and he is the longest serving member of Barfoot & Thompson.

Garth began his career with Barfoot & Thompson in the accounts office and progressed to become a Director in 1968. He is also a former President of the Auckland branch of the Real Estate Institute of New Zealand (REINZ) and was made a Life Member of the REINZ in 1991.

Three members of Garth Barfoot’s family also work for the company, his daughter Kiri Barfoot, son Henry Barfoot and nephew Stephen Barfoot.

“Garth competes in many iron-distance races, is a lifetime member of North Harbour Triathlon Club and sponsors Challenge Wanaka.” (Challenge Copenhagen., 2009).

Peter Thompson

Peter Thompson is the grandson of Maurice Thompson, the first Thompson to join the company.

Peter started his real estate career almost 25 years ago in the rental division at the Otahuhu branch. He continued to move through a number of positions in the firm including sales, administration and management. He was made a Director in 1997.

Peter is on the board for the Auckland Rugby Football Union (ARFU) and is a life member of College Rifles.

Charity

The company is a five star sponsor of Starship Foundation, the charity arm of the Starship Children's Health (hospital) which is part of the Auckland District Health Board. It is set up to provide additional equipment, support and help to staff, patients and families.

External Links

Auckland District Health Board. (2010). Kia ora and welcome to Auckland District Health Board (ADHB). Retrieved October 20th, 2010 from http://www.adhb.govt.nz/

Auckland Rugby. (2006). Auckland rugby homepage. Retrieved October 20th, 2010 from http://www.aucklandrugby.co.nz

Barfoot, C. (2000). Selling Auckland. The story of Barfoot & Thompson. Birkenhead, Auckland: David Ling Publishing Limited.

Barfoot & Thompson. (n.d.).1. Welcome to Barfoot & Thompson. Retrieved October 20th, 2010 from http://www.barfoot.co.nz/Home.aspx

Barfoot & Thompson. (n.d.), 2. Welcome to Barfoot & Thompson rentals. Retrieved October 20th, 2010 from http://www.barfoot.co.nz/Rentals.aspx

Barfoot & Thompson. (n.d.), 3. National and international affiliations. Retrieved October 20th, 2010 from http://www.barfoot.co.nz/About-Us/Stories/National-and-International-Affiliations.aspx

Barfoot & Thompson. (n.d.), 4. About Barfoot & Thompson. Retrieved October 20th, 2010 from http://www.barfoot.co.nz/About-Us.aspx

Barfoot & Thompson. (n.d.), 5. About Barfoot & Thompson. Retrieved October 20th, 2010 from http://www.barfoot.co.nz/Community.aspx

Businesswire. (2010). Market close: NZ shares fall from 19-month high. Retrieved October 18th, 2010 from http://www.scoop.co.nz/stories/BU1004/S00351.htm

Challenge Copenhagen. (2009). Garth Barfoot – 73 years young and still going strong. Retrieved October 20th, 2010 from http://www.challenge-wanaka.com/sponsors.html

College Rifles Rugby Union Football & Sports Club Rugby Union Football & Sports Club. (2010). College rifles rugby union football & sports club rugby union football & sports club homepage. Retrieved October 20th, 2010 from http://collegerifles.co.nz/

Grimes, A., Aitken, A., Mitchell, I., & Smith, V. (2006). Housing supply in the Auckland region 2000-2005. Retrieved October 6th, 2010 from http://www.chranz.co.nz/pdfs/housing-supply-in-the-auckland-region-2000-2005.pdf

Harris, C. (2010). Rental property value overinflated. Retrieved October 18th, 2010 from http://www.stuff.co.nz/business/budget-2010/3711932/Rental-property-value-overinflated

Hickey, B. (2010). What the Credit Crunch means for New Zealanders, for Interest.co.nz, and for advertisers. Unpublished notes, Auckland, New Zealand.

Henderson, K., & Scobie, G.M. (2009). Household debt in New Zealand. Retrieved October 7th, 2010 from http://www.treasury.govt.nz/publications/research-policy/wp/2009/09-03/twp09-03.pdf

Ministry of Culture and Heritage. (n.d.). Real estate history. Retrieved October 4th, 2010 from http://www.teara.govt.nz/en/real-estate/2

Ministry of Economic Development. (2005). The informal capital market. Retrieved October 13th, 2010 from http://www.med.govt.nz/templates/MultipageDocumentPage____1049.aspx#P97_18496

North Harbour Triathlon Club. (2007). Welcome to the North Harbour Triathlon Club website. Retrieved October 20th, 2010 from http://www.nhtc.org.nz/

NZ Realtors Network Limited. (2010). Listings from New Zealand Realtors Network. Retrieved October 20th, 2010 from http://www.nzrealtors.co.nz/

REINZ. (2005). REINZ is moving on up. Retrieved October 20th, 2010 from https://www.reinz.co.nz/

REINZ. (2010). REINZ monthly housing price index – New Zealand. Retrieved October 12th, 2010 from https://www.reinz.co.nz/shadomx/apps/fms/fmsdownload.cfm?file_uuid=8ADC19C2-18FE-7E88-4261-C7B4949A3802&siteName=REINZ

Starship Foundation. (2010). Starship Homepage. Retreived October 20th, 2010 from http://www.starship.org.nz/

Starship Foundation. (2010). 2. Supporting Starship. Retreived October 20th, 2010 from http://www.starship.org.nz/foundation

Then and now. Land and property sales. The increase over 36 years. Some of the earliest years. (1926, February 2). Star.

The University of Auckland Business School. (n.d.). Business history project. Barfoot & Thompson company profile. Retrieved on September 27th 2010 from http://www.businesshistory.auckland.ac.nz/barfoot_thompson/company_profile.html

Thompson, P. (2010). Auckland housing experiences modest price bounce. Average sales price in September increases to $523, 861. Retrieved October 5th, 2010 from http://www.nzherald.co.nz/property/news/article.cfm?c_id=8&objectid=10678286