Raine & Horne Darwin has boosted it’s rent roll by 30% by amalgamating the rent roll of a major competitor with its existing property management business.
“We now have 1,500 property managements, which makes us one of the biggest players in Darwin’s property management sector,” said Glenn Grantham, General Manager, Raine & Horne Darwin.
For many years now, Raine & Horne Darwin has quietly grown its property management business, as a bulwark against Darwin’s volatile sales market.
“We recognised many years ago that property management provides the business with cashflow. This strategy kept us afloat when the sales market plateaued over the past couple of years,” said Mr Grantham.
“The merger decision was taken after the usual business due diligence was completed, but also recognises that southern state investors are returning to the Darwin real estate market.”
When considering a property management merger of this nature, Mr Grantham says his firm seeks management continuity, good record keeping, high management standards and suitable fee structures, which appropriately recognise the work involved in managing an investment property in Darwin.
“The merger involves the retention of four experienced property management staff, and the new recruits mean we now have a property management team of 20, which is one of the biggest in Darwin,” said Mr Grantham.
“We deliberately keep our rent rolls at levels that are effective for our property managers to administer. We provide each property manager with an assistant. There is a full-time leasing clerk, a business development manager, a team leader and a caretaker.”
“The role of a caretaker is critical given our managements are divided into 13 portfolios. Our caretaker, Monica Allan, can cover any of our property and leasing managers when they take leave. The employment of a caretaker is critical to the continuity of our property management services.”