APARTMENT developer Finbar has launched a new one-stop-shop property management service for owners of their apartments.
Managing director Darren Pateman said Finbar to Rent would allow the company to keep the management of its properties in-house and the focus was on allowing those who invested in Finbar properties, past and present, to derive the most out of their investment and to benefit from a fixed-fee management service with no ancillary costs.
“This move is about ensuring Finbar’s customers have the best experience possible when buying one of our apartments as well as rewarding them for their ongoing loyalty,” he said.
“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 will be led by Joanne Davies, would only manage Finbar-developed properties and would offer a set fee of 9.8 per cent (including GST) with no additional letting fees, advertising costs or other extras.
Ms Davies said the package was expected to save investors $2800 per year on a typical two-bedroom inner-city apartment compared to other standard agency fees, and also included a depreciation schedule and landlord insurance with no lock-in contract.
Mr Pateman said the launch of the new business was the most significant addition to Finbar’s existing business model in its 24-year history and also ensured the company had the systems in place and was prepared for the growing international trend of ‘Build to Rent’ developments as a possible future asset class.