A real estate network has announced the launch of a ‘bespoke’ agency model, which will open the doors to business ownership for successful agents.
Richardson & Wrench’s new offering is targeted at sales staff who would rather invest in their own profile than sink their capital into traditional “bricks and mortar” real estate.
R&W executive director Andrew Cocks said the model will provide an opportunity for mobile operators to grow a rent roll without having to do any hands-on work, which will be co-ordinated by the company-owned R&W Property Management.
Agents will keep a proportion of the revenue and “own” up to 50 per cent of the asset value of any properties referred into the rental pool.
“Richardson & Wrench property management is being operated centrally – which is brand new,” he said.
“So basically what they do is the agents will refer any property management leads into the central service and then they don’t do any work other than maintaining a relationship with their landlords.
“They will get a percentage of the value of the asset – whatever is the value of the asset that they build up over time, they will get a share of that.
“This is a very unusual thing; not many people are doing this,” he added.
Mr Cocks said the other positive is it enables him to make sure the rent roll is always managed and operated by professionals.
“If you go back to a small office, where they are trying to do so many things with a small team of people and they don’t have a specialist for every single job, some people are going to be doing parts sales and part property management,” he said.
“I think this gives people the confidence of knowing they are going to have a professional level of service delivery to help their landlords.
“If you listen to anyone who has a BDM responsibility for property management, one of their biggest bugbears is not being able to engage with the sales force to get referrals from the sales activity – it comes down to what is their motivation?” he added.