This article is from the Australian Property Journal archive
WESTERN Australia-based apartment developer Finbar has launched a new business that will provide owners of Finbar apartments with a “one-stop-shop” property management service, which promises to save investors up to $2,800 a year.
The business, Finbar to Rent, will operate as a wholly owned subsidiary of the ASX-listed group.
Finbar managing director, Darren Pateman, said the business would enable the company to keep the management of its properties inhouse and reward customers for their loyalty with a cost-effective service that promises to save them both time and money.
He said the launch of the new business came at a time when investors were slowly beginning to return to the Perth market and was aimed at making the process of buying and leasing a Finbar apartment as stress free and cost effective as possible.
“Although the recovery growth curve in the Perth market has been a gradual one, we are seeing investors return to the market, albeit cautiously, and this move will allow us to capitalise on that growth opportunity.”
Finbar to Rent is expected to remain revenue neutral to the core business. It will company, led Joanne Davies and will only manage Finbar-developed properties and would offer a set management fee of 9.8% (including GST) with no additional letting fees, advertising costs, or additional extras.
The expects this to save investors $2,800 per year on a typical two-bedroom inner city apartment compared to other standard agency fees, and includes letting fees, advertising, a depreciation schedule, and landlord insurance with no lock-in contract.
Australian Property Journal
