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One rising real estate company has launched a new revenue-generating innovation for its frontend network that will complement its sales pursuits without hamstringing them.
@realty has launched a full-service property management structure that enables its 450 sales associates to build an asset-based business, without having to manage the traditionally laborious backend operation associated with property management.
The @realty Rentals platform enables sales associates to build and own their rent roll while eliminating time-consuming and repetitive property management tasks.
Director of @realty James (JJ) Taylor said that the initiative is in keeping with the several innovations currently sweeping the industry.
“The @realty Rentals structure is effectively a joint venture between the sales associate and @realty, whereby the sales associate is able to maintain and build a residual and perpetual asset over time, for little or no capital investment,” Mr Taylor said.
“We appreciate, however, that the real estate industry is built upon relationships and trust, so our sales associates remain hands-on with clients in terms of all frontend transactions as before, including all owner and tenant liaison, rental appraisals, property inspections and vacates.”
Mr Taylor said that the JV is based on a 50/50 split of the management fee and that all other fees, including the letting fee, are retained by the agent.
He also said that the initiative was developed principally with the network’s sales force in mind.
“@realty Rentals was created out of the need for sales associates to be able to provide the best service to their clients while securing their future pipeline.
“Instead of passing a rental property to another agency, they can now include it in their portfolio, manage the rental property, earn from a recurring income stream and secure their future listing of the property.
“Sales associates nationally understand the need for a competitive advantage in today’s rapidly evolving environment, and with these changing needs, the advantages of partnering with a well-connected, competent partner to assume day-to-day tasks associated with investment properties are obvious. The @realty platform effectively streamlines as much as possible for growth potential.”
Mr Taylor said that it is a smart way for agents to secure their financial futures.
“In addition to building stronger relationships with their clients, our sales associates are building an asset for themselves that has a salable value of approximately two to three times the annual income.
“This can serve as a retirement plan or exit plan for the @realty sales associates.”
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