Hockingstuart will now have the chance to market to hundreds of extra landlords after acquiring a strata management firm.
The Victorian group has made its fifth diversification play over the past 12 months by acquiring Tritin Property Services, which will be rebranded as Hockingstuart Strata.
Hockingstuart managing director Nigel O’Neil said the group’s agents and property managers would gain an additional lead generation channel and referral rewards.
Tritin services 21 buildings and about 1,500 landlords across greater Melbourne, according to Mr O’Neil.
“We have 50 offices that have developer relationships, so there'll be leads coming into that business from those relationships,” he told REB.
“We expect we'll get a lot more opportunities from leveraging our brand into the strata market, and have a heap of rentals and landlords in the strata world exposed to our brand and want to do business with us.”
Hockingstuart has also added broking, connections, recruitment and removals businesses during the past year.
“With customers becoming increasingly time-poor and the rise of other players attempting to capitalise on the buoyant market, offering a one-stop shop for home hunters, as part of our commitment to customer service, will be key to ensuring the longevity of our business,” he said.
Mr O’Neil said the aim of the diversification strategy is to increase the group’s revenue and market share.
“We've already seen how this strategy has significantly impacted our core business, with the company recording its biggest year to date in 30 years of operation, totalling more than $4.6 billion in sales and increasing property listings by almost double,” he said.
“These results are not a coincidence, but a result of growing our market share by continuing to foster relationships with customers through outstanding customer service and a diverse product offering.”