Accommodation provider Aspen Group has invested in 84 properties in the Perth real estate market, appointing The Agency as sole property management provider for the $20 million investment.
The deal marks a significant uplift in The Agency’s Perth portfolio from 1,025 to 1,109 and takes the national property management portfolio to 4,671.
From January to the calendar year to date, the Perth rent roll has grown by 34 per cent from 827 to 1,109 managements, while The Agency’s national rent roll grew by 10 per cent, from 4,216 to 4,671 under management.
The Agency Managing Director Paul Niardone said they were excited to embark on this important relationship with Aspen Group, who were major players in the accommodation market in Perth, and across the nation.
“As a national real estate business, The Agency’s relationship with Aspen Group began through our east coast operation and we are looking forward to our joint trajectory,” Mr Niardone said.
“This engagement shows a major vote of confidence in our award-winning property management team, who consistently achieve above-industry results in terms of vacancy and churn rates.”
Aspen Group joint-CEO John Carter said they were attracted to The Agency because of the brand’s extensive geographic reach across Perth, provision of a dedicated portfolio manager out of the Mandurah office, and the company’s use of advanced technology, software and reporting tools.
“The Agency provided the best total proposal for our management and reporting requirements and we look forward to working together to provide best-in-class product and service to our residents,” Mr Carter said.
The new accommodation portfolio purchased by Aspen Group is located in Perth’s metropolitan growth corridors, including in the City of Rockingham and City of Swan, with the aim of providing competitively priced, long-term housing to families.
The Agency Portfolio Operations Manager Marianne Smith said their first objective was to reduce the portfolio’s vacancy rate down from 10 per cent.
“The Agency Perth currently holds a portfolio vacancy rate of 2.2 per cent, while the REIWA industry average is 2.9 per cent, so we are extremely confident in improving occupancy,” she said.
“The other exciting initiative we have recently integrated is the cloud-based management system PropertyMe, we are seeing impressive operational efficiencies arise, which Aspen Group will benefit from.”
The Agency’s unique non-franchise model sets the brand apart, allowing for uninhibited referrals across the national network without the confines of territorial boundaries or separately owned businesses that restrict traditional real estate models.
Since The Agency’s inception, building the national property management portfolio has been a key strategy in establishing the brand’s foundation, providing a strong base for growth.
National Head of Property Management Maria Carlino and CEO Matt Lahood have placed significant emphasis on aligning the sales and property management arms of the business in order to create strategic business opportunities.
“Ensuring that The Agency’s national sales and property management teams are closely aligned is one of our key business differences,” Ms Carlino said.
“The opportunity to manage the Aspen Group’s portfolio in Perth arose from our high-profile Sydney agent Ben Collier, who works very closely with our property management team.
“We are able to amplify two-way referrals not just between the property management and sales teams, but also between the east and west coasts of Australia.”
