27/03/2019 - 05:56

Finbar in property management move

27/03/2019 - 05:56

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Apartments developer Finbar Group is moving into property management, a move described by managing director Darren Pateman as the most significant addition to the ASX-listed firm in 24 years.

Finbar in property management move
Darren Pateman says it is the right time to add a new suite of services to the Finbar offering. Photo: Gabriel Oliveira

Apartments developer Finbar Group is moving into property management, a move described by managing director Darren Pateman as the most significant addition to the ASX-listed firm in 24 years.

Mr Pateman said the new division, Finbar to Rent, would provide buyers with a simpler, lower-cost option to manage their investment.

It will also incorporate a comprehensive loyalty rewards program, while its management services will have a fixed fee of 9.8 per cent and no additional costs associated with letting fees or advertising.

Mr Pateman said the new division would ensure customers had the best experience possible when purchasing a Finbar-developed apartment.

He said the establishment of Finbar to Rent also came at a time when investors were starting to show increased interest in Perth apartment products.

“Although the recovery growth curve in the Perth market has been a gradual one, we are seeing investors return to the market, albeit cautiously, and this move will allow us to capitalise on that growth opportunity,” Mr Pateman told Business News.

Mr Pateman said the expansion to property management occurred at a crucial stage of Western Australia’s property cycle.

“We’ve just navigated through one of the most challenging periods in our company’s 24-year history and we believe the time is right for us to be launching this new service to market,” he said.

Finbar to Rent will operate as a subsidiary of Finbar Group and will be led by Joanne Davies, who has about 17 years’ experience in the property sector.

Ms Davies said Finbar to Rent would have a substantial advantage over its competitors, thanks to having intimate knowledge of the properties and access to buildings in advance of completion.

“Our low-cost management service will be a real benefit for investors contemplating purchasing a Finbar

property and a great option for anyone who may have purchased with us in the past,” Ms Davies said.

“It’s very much customer service focused and will allow us a much higher level of interaction and engagement with our customers than we have been privy to previously.”

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