Ceiling mount, retractable clothes hanger

When my wife and I moved into our house, we were blessed with a ceiling-mount retractable clothes hanger like this one in the picture. I must say that this thing really works a treat. Most of our clothes are indoor dried and all you have to do is to lower the hanger, hang your clothes on it and them pull the cord which brings the clothes higher to the ceiling. The windows is just outside the kitchen and is close to a few air conditioner condensers, which spew hot air and dry the clothes marvellously. The only issue I have with this thing is the lifting and lowering mechanism. I suppose a little oil will solve the issue