New real estate agency pays profit forward

A new real estate agency launching in Brisbane is giving back to the community by putting its profits towards housing assistance for vulnerable and at-risk people.

Launched by not-for-profit organisation Mangrove Housing, Mangrove Realty is directing its profits into projects which provide affordable housing for the 700-plus women over 65 who live on the streets of Brisbane, support victims of domestic violence to find a home, and offer affordable housing for Brisbane families.

Mangrove Housing CEO Teresa Reed said Mangrove Realty was a traditional real estate agency, the difference being profits made from agent commissions and property management fees were used to support Mangrove Housing’s work.

“We’re focusing primarily on property management for the first six months before looking into expanding into sales,” Ms Reed said.

“Clients can have their properties launched on the open market, advertised through and, but we’re also reaching out to the community housing sector as well which means affordable rent.

“In those cases, the client will still get the full rent, as the community housing sector makes up the difference.”

Ms Reed said Mangrove Realty offered both full-priced and below market rates, depending on the landlord’s wishes. 

“No matter what, we still donate profits back to Mangrove Housing, but if the owner wants to include a discount for the tenant, then that’s fantastic,” she said.

“There are more than enough tenants that need affordable housing and not enough housing to go around.

“Just treat us like a normal real estate agency, but the profits we make we give back to secure more affordable housing.”

Mangrove Realty welcomes the business of any member of the general public requiring property management assistance.

“Our target market is the whole marketplace,” Ms Reed said.

“Owners who want the same or better service than they would receive from larger agency brands. They will know that a portion of their fees or commission go towards doing something great within the community.”

Mangrove Realty’s offerings extend beyond property management and sales, with a partnership with Brisbane-based maintenance company Mangrove Maintenance and Cleaning.

The specialists in residential and commercial property maintenance, community housing maintenance, garden services and bond cleaning also donate profits back to Mangrove Housing to provide housing assistance to high risk and vulnerable Australians.

Mangrove Realty landlords will have access to Mangrove Maintenance and Cleaning discounts and package deals.

Already the agency has 20 properties on its rent roll with plans to expand to three Brisbane sites within three years.

“We’re talking hundreds of properties in terms of growth targets, particularly in areas of need like Wynnum, Logan and the Redlands,” Ms Reed said.

She said they’d welcome any feedback as the agency grows, as the focus was firmly set on delivering a premium service.

“While growth is the challenge and target, we’re always concentrating on quality to make sure people come back as repeat clients,” she said.

“People genuinely want to give back or to do something that leads to a greater outcome but they’re time-poor and can’t give up a Saturday to help.

“Property management is what they’d normally pay someone to do, and now we’re making sure that profits get used in the most important way.”

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