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A bold move to replace the traditional trust account with an automated direct payments system helped this Brisbane agency reach 866 properties under management in just three years.
Welly Cendana, eResidential partner – sales and marketing, founded his agency in July 2022 with only five properties in his rent roll.
While noting that legacy agencies were still using traditional trust accounts, Cendana said eResidential became an early adopter of a dynamic new automated rental payments platform, Managed, so they could replace the onerous administrative burden of trust accounting transactions.
According to Cendana, eResidential went trust-free and used Managed since inception because it did not want to be “bogged down” with the rigmarole of trust accounting.
“We were one of the early adopters of Managed and the trust-free system,” Cendana told REB.
“That has given us a competitive edge because we can focus on our clients instead of worrying about trust accounts. With Managed, everything is automated. This has become our biggest ace card because all of the legacy brands are using the old trust accounting system. We’ve used our edge to infiltrate the market.”
While more agencies are now opting for the “trustless” route, Cendana said it was a revolutionary concept three years ago when eResidential chose Managed.
How eResidential automated property management admin
One of the core capabilities offered by Managed is the ability to eliminate human error by transferring rental income in real-time. Therefore, no manual transfer of rental payments means there’s no need for an agency to have a trust account to meet legal requirements under the Property and Stocks Agent Act. Managed has compliance built into the system so agencies adhere to strict legislative and regulatory requirements.
This was a major drawcard for Cendana, who wanted a management solution that removes the need for manual reconciliations. But in addition to that, he wanted a system that handles all facets of day-to-day property management, including complete property management workflows, disbursements, inspections, forms, compliance, and maintenance.
Using Managed to automate admin tasks, eResidential rapidly built a rent roll of 160 properties purely through organic growth.
“When I first started building my rent roll, I was still busy doing a lot of sales and everything else that comes with running an agency. I was just a one-man band at the time,” he explained.
“There is no way you can do sales well while also doing trust accounting and all the admin work in property management. With rent money coming into trust accounts, the last thing you want to do is forget to do disbursements because you’re too busy. I had to choose a system that automates most of those tasks. That’s why I chose Managed, and it worked.”
Proactive customer service is key
Cendana also attributed the organic growth to exceptional customer service for both landlords and buyers throughout the sales process. As a result, many of those buyers have converted into property management clients.
“Our clients aren’t just a number. We treat them with respect. Very often, landlords only get a call when something is wrong, but we make sure we stay in touch with them,” he said.
Cendana stressed that picking an efficient system that automates admin tasks is crucial for nimble property managers wanting to grow their rent roll.
He encouraged property managers to try Managed by using a pilot portfolio, pointing out that the industry is increasingly ditching trust accounts for technology that drives efficiency.
“You will see the difference.”
Scaling while maintaining service levels
Alongside organic growth, Cendana said eResidential acquired four rent rolls. This has taken the agency to an impressive 866 properties under management.
To ensure that scaling was sustainable, Cendana trained his team so they thrived as the business grew. They also implemented a robust onboarding system that educated agents with national or franchise backgrounds about their boutique brand.
“Our point of differentiation is that because we’re a boutique agency, our service is more personalised. We constantly engaged with our agents so they understood what we were all about,” Cendana said.
The growth phase continues for eResidential, which is currently negotiating more contracts to almost double its rent roll to 1,100 properties under management.
He concluded: “In 2026, we are aiming for 1,750 properties under management, or possibly 2,000. That includes organic growth and some mergers and acquisitions.”
