New PM business promises to give away all its money

New PM business promises to give away all its money

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An agency with a difference has opened its doors in Melbourne, with all profits dedicated to developing housing for women and children in need.

Property Initiatives Real Estate launched in March and operates in the same way as other agencies – except it channels its profits into partner organisation Women’s Property Initiatives.

Kristie Looney, who is the agency’s officer in effective control, told Residential Property Manager the business has been benchmarked against industry standards.

“It’s about creating a great real estate service while at the same time helping women and children who desperately need a place to live and are at risk of homelessness,” Ms Looney said.

Women’s Property Initiatives has a portfolio of 66 properties. It offers social housing for disadvantaged women and children, all of whom are on low incomes, and many of whom are escaping domestic violence.

“Over the next five years, the aim is to deliver enough profits to Women’s Property Initiatives to build an additional 10 homes, which will house up to an additional 25 women and children,” Ms Looney said.

“Then, after that initial five years, we'll be able to carry out larger-scale developments on a three-year cycle, so potentially add another six new homes on a three-year cycle.”

In the first few months of operating Property Initiatives Real Estate has grown a rent roll of 10 properties, with another five in the pipelines, according to Ms Looney.

She said the agency is considering purchasing a small rent roll to propel its growth, while recruiting a sales agent is also on the cards.

[Related: PMs get boost to help homeless]

 

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