Property managers have always operated in a compliance-heavy environment, but the responsibilities placed on agencies and property owner continue to grow.
Across the broader real estate industry, new regulatory requirements are adding to that pressure, including changes such as Australia’s expanded AML and CTF obligations on the sales side of the industry.
For property managers, however, the day-to-day challenge is often much more practical: a property needs work, the cost can be significant, and the owner needs to find a way to fund it.
RealtyAssist CEO Tom Kellaway said growing compliance requirements were only one part of a much broader challenge facing property owners and managers.
“Property managers have always had to navigate compliance, safety and maintenance requirements, but the amount they are being asked to manage continues to increase.”
“We’re seeing greater regulatory obligations across the broader real estate industry, but for property managers the issue is often much simpler — something needs to be fixed, upgraded or paid for, and the property owner needs a way to get it done.”
“That might be compliance-related work, but it could just as easily be a hot-water system, general repairs and maintenance, a body corporate special levy or an improvement the owner has been putting off. We want to help remove funding as one of the barriers to getting that work completed.”
Fabian Ekker, National Head of Property Management at Belle Property, said the concept immediately resonated with the day-to-day challenges property management teams face.
“When I first saw Rental+, my reaction was that it just made sense. Property managers deal with these situations every day, repairs, maintenance, compliance work, special levies and unexpected costs, yet the funding conversation has traditionally been the missing piece.”
“It’s one of those ideas where you almost wonder why something like this hasn’t existed in a more practical way before.”
“If it helps property owner get important work done sooner, while fitting into the way property management teams already operate, that can make those conversations much easier.”
According to RealtyAssist, Rental+ gives eligible investment property owners another way to fund a range of property-related expenses through a loan, with repayments spread over time via rental income rather than requiring the entire cost upfront.
More than just compliance
While compliance-related works are an important use case, Rental+ has been designed around the broader range of costs that can arise throughout property ownership.
These can include repairs and maintenance, urgent property works, safety and compliance-related upgrades, body corporate special levies, property improvements, minor renovations and other eligible property-related expenses.
RealtyAssist General Manager Esbjorn Torstensson, who is also a rental property owner, said significant or unexpected property costs can quickly put pressure on a property owner’s cash flow.
“As a rental property owner myself, and from the many conversations we’ve had with property managers, I know it can be a real shock to suddenly be faced with a long list of work that needs to be done on a property.”
“Taking smaller expenses out of the rent is one thing, but when the costs start adding up, having another way to fund the work without immediately dipping into savings or adding to the mortgage can make a real difference.”
“It’s something we’ve been asked for years, and it’s finally here.”
For property managers, those costs can become a sticking point when an issue has been identified and a quote obtained, but the owner is hesitant to proceed because of the upfront expense.
Luke Kenyon, Head of Product and Growth at RealtyAssist, said Rental+ was deliberately designed around the processes property managers already follow.
“Property managers deal with these situations every day. Something breaks, a levy is raised, a property needs work or there is an opportunity to improve it — and suddenly the owner is facing a significant expense.”
“We’ve built Rental+ around the property manager’s existing process. They’re already identifying the issue, organising quotes and having the conversation with the property owner. We don’t want to add another layer of work, Rental+ should fit naturally into what they’re already doing.”
“Their role is simply to refer the property owner to RealtyAssist. From there, we take them through the application and allow them to make their own informed decision.”
“The issue often isn’t whether the work should happen. It’s how the owner is going to pay for it. Rental+ gives eligible property owner another option to help get that work moving.”
Helping property managers move the conversation forward
For property managers, identifying the problem is often only the first step.
They may organise a quote, explain what needs to be completed, and work with the property owner on the next steps. But when the cost becomes the sticking point, progress can slow or stop altogether.
Kellaway said RealtyAssist wanted Rental+ to give property managers another option without asking them to become finance experts.
“Property managers already have enough on their plate. We’re not asking them to take on another complicated process or provide financial advice.”
“Their role is to make the property owner aware that another option exists. If funding is the thing holding the work up, Rental+ is designed to help move that conversation forward.”
Beyond urgent or compliance-related work, Rental+ can also support property owners who want to invest back into their property. Even getting work done between tenants.
That could include minor renovations or improvements designed to modernise an ageing property, address maintenance that has been deferred or improve the overall quality of the home.
Rental+ forms part of RealtyAssist’s broader suite of property finance solutions designed to support property owners across different stages of the property journey.
Rental+ is available through participating real estate agencies.
To learn more about RealtyAssist and the property finance solutions available through its lender, visit, https://www.realtyassist.com.au/rental-plus-referral-program
Realty Assist Australia Ltd (CRN 556299, ACN 639 613 808) is a credit representative of Propel Funding Pty Ltd. Credit provided by Propel Funding Pty Ltd (ACL 493433, ACN 601 271 381). Subject to approval. Fees, charges, terms, conditions and lending criteria apply.