HARCOURTS RENT ROLL ACQUISITION GUIDE
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Harcourts Rent Roll Acquisition Guide
BuildingA BIGGER, BETTER BUSINESS
Purchasing a rent roll is an excellent way to grow your property management business, increase cash flow and build a client database. Rent rolls are valuable assets so it’s essential you have a full understanding of the financial, taxation and legal requirements before you commence a purchase. The Harcourts Rent Roll Acquisition Guide has been designed to assist you with every step of the journey, from understanding valuations to obtaining financing and preparing for settlement. Harcourts International is dedicated to assisting in your rent roll growth journey and we encourage you to reach out to your Property Management specialist for additional guidance.
This guide is intended for general information purposes only for and does not constitute independent legal, accounting or business advice. It is intended to provide a practical overview of some of the matters that may be relevant to a Harcourts franchise business owner when considering, assessing and completing a rent roll acquisition in Australia. The content does not take your personal or business circumstances into account. You should obtain independent legal, accounting and business advice before undertaking any transaction involving your business and real estate. Harcourts uses reasonable endeavours to ensure the information in this guide is current and accurate as at publication date. Information contained in this guide may become outdated and should be independently verified before being relied upon. To the extent permitted by law, Harcourts makes no representations or warranties as to the accuracy, reliability, completeness, suitability, or currency of the information within this guide, and the use of this guide is at your own risk. To the maximum extent permitted by law, Harcourts and its related entities, officers, employees and representatives disclaim liability for any loss, damage, cost, expense or claim arising directly or indirectly from reliance upon, or use of, the information contained in this guide or from any decision made in connection with a rent roll acquisition. All information and material in this guide is copyrighted and owned by Harcourts International Pty Ltd. Except as permitted by applicable local laws, no part of this guide may be copied, reproduced, distributed or made available to any third party without permission. Copyright © 2026 Harcourts International Limited. All rights reserved. Harcourts Rent Roll Acquisition Guide
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INTERVIEWS WITH THE Experts Steve Marinucci Marra Finance Why acquire a rent roll when you can just grow organically? Organic growth is always the best and most sustainable way to grow a rent roll. However, businesses can reach a point where organic growth begins to plateau, where they are losing as many properties as they are gaining. At that stage, an acquisition can provide the scale and momentum needed to move beyond that ceiling. Acquiring an established rent roll can also be an effective way to enter a new geographic area, giving the business an immediate client base and local presence.
indicators such as vacancy rates, arrears and the overall quality of the records also need to be examined carefully. That said, a poorly managed rent roll is not necessarily a bad acquisition. It can present a genuine opportunity, provided you have the systems and capability to improve the service and can clearly demonstrate to landlords that they will be better supported by your business than they were by the outgoing agency.
How do you find the right rent roll to purchase?
What are the biggest challenges throughout the acquisition process?
There is rarely such a thing as the “perfect” rent roll. Ideally, however, it should be located within or close to your core trading area and be easily serviceable by your existing property management team. It is also important to consider the quality and location of the properties, as well as whether the landlords are likely to see a natural fit with your business when the time comes to transition.
The transition of banking arrangements is often the most challenging part of the process. Tenants need to be directed to pay rent into a different account, while landlord payments must also be transferred to a new banking system. Managing this accurately, communicating the changes clearly and minimising disruption for both tenants and landlords requires careful planning and close attention to detail.
What are the red flags when assessing a rent roll?
How do offices achieve the strongest client retention after settlement?
It is essential to understand the history of the rent roll. This includes how long the agency has been operating, how it built the portfolio and where its referrals have traditionally come from. Operational
Strong retention begins with engaging landlords as early as possible. The new agency should take the time to understand each property, the landlord’s circumstances and their expectations of the service.
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Communication needs to be proactive, personal and reassuring. Most importantly, the agency should look for opportunities to add value from the outset, rather than simply continuing the service the landlord received previously. What is the best advice you would give someone acquiring a rent roll for the first time? First, understand your financial and operational capacity to complete an acquisition successfully. Do not rush into buying simply because a rent roll
is available; wait for an opportunity that genuinely suits your business, team and market. It is equally important to ensure that the foundations of your property management department are strong before adding significant volume. Acquiring a rent roll will magnify any weaknesses in your systems, processes or team. Just like building a house on poor foundations, pursuing growth before the business is ready is likely to create long-term problems.
Jarrard McCarthy Principal Licensee, Harcourts Community (QLD) Why acquire a rent roll when you can just grow organically?
What are the red flags when assessing a rent roll?
I believe growth is best achieved through both avenues. Relying on organic growth alone is timely, and can still be a costly exercise when considering BDM wages etc. An acquisition will get you where you want to be quicker. An acquisition is an immediate injection of baseline revenue with metrics and logistics that can all be reviewed and planned for in advance.
Reputation of the business, it’s leadership and staff are the key red flags. There’s a certain amount of professional trust you need to place in the seller of a rent roll and we have been offered businesses in the past that we have declined due to lack of trust.
How do you find the right rent roll to purchase? We stay connected to all the local brokers and let them know of our acquisition appetite in advance. Now we get phone calls as businesses are getting ready to come to the market. Once you’ve established a good reputation as an agency who is professional to work with and allows for an smooth transaction, brokers want to put you forward as an ideal candidate for their clients to sell to.
Other metrics like AAMI play a part in deciding whether to go to contract but the important work is done in due diligence. The state of their document organisation, compliance, consistency of routine inspections and available reports, outstanding maintenance and arrears are all thoroughly investigated during this period.
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What did you find were the biggest challenges throughout the whole process? Re-settling of landlords under new management will always have its challenges. Many landlords don’t like decisions regarding their management being made for them and resent the idea of having their management handed over to another agency without their input. Even different formatting of financial statements or other simple workflow differences can create frustration for some landlords who are used to everything being done in a certain way. This is also the phase where the property managers and leaders need to be at their most vigilant with client satisfaction to ensure the landlords are ultimately comfortable with their move into your agency. How did you achieve the strongest retention of clients post settlement? Nothing beats front-footing a phone call. With every acquisition we’ve done I have directly called every landlord to welcome them to our business and establish a point of contact. I even did this for an acquisition of 530 managements last year with five days of phone calls.
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Now whenever something goes wrong with the management or mistakes are made, I get contacted directly with the opportunity to remedy situations before they just send a termination notice. What’s the best piece of advice you would offer someone looking to acquire a rent roll for the first time? Ensure your organic growth systems are equipped to handle a higher level of natural attrition. Being a larger rent roll naturally means you’ll have more landlords sell, move back in, self-manage or end their management for any other reason. You’ll need to make sure your growth numbers are capable of increasing to cover this uptick in outgoing managements each month. Also, rely on the help available through Harcourts to establish the financial outcomes from making an acquisition. Work through your financials and what the extra income would do for your business, while assessing the increases you’ll need in your cost base to support the new managements. As you grow, promote your more talented staff into leadership roles to ensure quality, standards, and best-practice workflows are established and maintained across the whole department.
Janelle Bagley Property Management GM, Harcourts Property Centre (QLD) Why acquire a rent roll when you can just grow organically? Organic growth is absolutely viable, but it’s slow and unpredictable. Acquiring a rent roll gives you an immediate, income-generating base to build from. You’re not waiting months or years to reach a critical mass of managements — you inherit them overnight. For us, it came down to momentum: acquiring accelerated our growth in a way that would have taken years to replicate organically, and it allowed us to invest in better systems, staff, and service sooner. How do you find the right rent roll to purchase? Word of mouth and relationships within the industry are the most reliable sources, we look for the business with a selling principal who can’t do it all and needs someone to come in and take over the rent roll. What are red flags for you when assessing a rent roll? High vacancy rates, a large concentration of properties under a single landlord (too much risk in one relationship), fee structures that are significantly below market, poor or incomplete data in the software, and a high churn rate in the existing management team What did you find were the biggest challenges throughout the whole process? The transition period is where things can unravel if you’re not prepared. Landlords and tenants are unsettled by change, and your team is
under pressure to onboard everything while still managing their existing portfolio. Having a clear communication plan and assigning dedicated resources to the transition made a significant difference for us. How did you achieve the strongest retention of clients post settlement? Speed and personal contact. We reached out to every landlord before or immediately after settlement — not with a generic letter, but with a personal call or introduction. We made sure they knew who their property manager was, what to expect, and that nothing would fall through the cracks. We also delivered on the basics consistently in those first 90 days, because that’s when impressions are formed. Landlords don’t leave if they feel looked after. Keeping on the existing property manager if you can also helps the process of retention. What’s the best piece of advice you would offer someone looking to acquire a rent roll for the first time? Don’t underestimate the importance of cultural fit between the two businesses. The numbers matter, but so does how the outgoing agency has treated their clients and staff. If landlords have been neglected or the previous team was disengaged, you’re inheriting those problems. Go in with your eyes open, invest in the transition properly, and build the relationship with the vendor — a vendor who is genuinely supportive of the handover makes everything easier.
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Samantha Riley PM Department Manager, Harcourts Alliance (WA) Why acquire a rent roll when you can just grow organically?
What did you find were the biggest challenges throughout the whole process?
Fast growth comes from acquiring so it makes sense at certain times for a business to acquire in order to reach some milestones quicker, this also expands your database which in turn you can use to generate more organic growth. More importantly we wanted to increase our market share in our core area so that we could continue to raise our image as the area experts and we were prepared to lose that market share to a competitor. I think that it’s healthy to consider acquiring alongside organic growth especially if we are in a challenging market when the losses are high and/or the organic growth might have slowed. It also allows for further sales opportunities.
The selling agents have always been a big issue with ours, they have an idea in their head of how it goes and what they want but a lot of them don’t want to put in the work. Going from paper to paperless you’re acquiring an older run portfolio and/or paperwork matching the software. The data migration is always a challenge as some migrations don’t bring over all the data and some bring over a lot of dirty data - audits after is a MUST.
How do you find the right rent roll to purchase? Do you research on all your competitors, you should know how they run, their reputation, their offerings and to some extend the fees and services they offer. This will allow you to look at how similar they run to you, the quality of their employees which in turn will give you insight into how clean the portfolio might be. Any competitors that you respect are the perfect opportunity as you know they run a good business. Also look at the area of the properties to ensure that your not spreading out to far and then lastly how they run in comparison - you would have more trouble acquiring a business that runs tasks based when you run portfolio based. What are red flags for you when assessing a rent roll? The financials not adding up, having a large portfolio but having low income - can also be a potential area of growth but worth considering. Bad KPIs such as high vacancies, high arrears etc. Poorly used or set up software. 8
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How did you achieve the strongest retention of clients post settlement? We have found success in bringing over staff with the acquisition where possible and only if they are staff you wish to keep. This provides consistency with the clients and then allows for a better transition experience. I also think that an intro video to all new clients introducing yourself with the exiting owner advising why they are selling and why they choose you and then a single point of contact that they can call throughout the change if they need anything. What’s the best piece of advice you would offer someone looking to acquire a rent roll for the first time? Be prepared, try and plan ahead as much - leave yourself time after settlement for client contacts and introductions as talking to them will prove to be valuable. Audit everything, every document, every file, every bit of data that migrates over you will absolutely find things missing and/or inaccurate.
Jacqui Bartholomeusz Business Owner, Harcourts Local (QLD) Why acquire a rent roll when you can just grow organically?
What did you find were the biggest challenges throughout the whole process?
I don’t believe it has to be one or the other—I like to do both. Organic growth is incredibly important for building a sustainable business, but acquiring a rent roll allows you to use the equity you’ve already built to accelerate that growth, often without needing to substantially increase overheads.
The biggest challenge was the data migration and the time it took to merge systems accurately. Even with good planning, there’s always a lag while information is transferred and checked.
How do you find the right rent roll to purchase?
Our focus was on building relationships immediately after settlement. We made communication a priority, reaching out to every owner early, introducing our team, explaining the transition process, and being available to answer questions. I put my own personal number on all communications in case anyone wanted to hear from me - I think this signifies a genuine level of care too.
Some of the safest opportunities are businesses where the owner is genuinely exiting the industry all together, with no longer term PM staff staying in their business, that saves any potential loss of managements before relationships can be built. What are red flags for you when assessing a rent roll? There are a few warning signs I pay close attention to. One is when a long-term property manager isn’t staying on after the sale, as they often hold strong relationships with landlords and tenants that can significantly impact retention. I also look closely at whether all Form 6 agreements are current and compliant, as this can create legal and operational issues. Sellers who want an unusually fast transition can also be a concern, and I carefully assess whether the properties meet minimum housing standards to avoid inheriting compliance problems.
How did you achieve the strongest retention of clients post settlement?
What’s the best piece of advice you would offer someone looking to acquire a rent roll for the first time? Have someone dedicated solely to managing the acquisition process who isn’t already a property manager or the business owner. Acquiring a rent roll is a major project with many moving parts, and trying to manage it alongside day-to-day operations can quickly become overwhelming.
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Kylie King Business Operations Manager, Harcourts Greater Port Macquarie (NSW) Why acquire a rent roll when you can just grow organically? Immediate cashflow, accelerated growth compared to organic, increase brand awareness in community, opportunity to increase value of purchased rent roll if it was previously poorly managed, remove competitor in your market. How do you find the right rent roll to purchase? Keep open communication with other agency owners, brokers and industry contacts – let others know you are wanting to purchase. For the purchase to be ‘right’, don’t buy because it’s available—buy because it fits your strategy/ business. Ask the ‘why’ of the sale, buy portfolios in areas (or adjoining areas) where you already have a presence, assess landlord profile, multi property owners are good - but not 1 or 2 owners with all the portfolio, time and openness to complete good due diligence. What are red flags for you when assessing a rent roll? Seller unwilling to discuss all aspects of the portfolio, missing or non-compliant documentation, inconsistent records, high arrears, poor quality data, high employee turnover, very low fees.
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What did you find were the biggest challenges throughout the whole process? Obtaining finance, possible confidential issues, time to undertake full due diligence, preparing employees (especially when maintain confidentiality), integration of people information and systems after the purchase. How did you achieve the strongest retention of clients post settlement? Communication from agency owners (both seller and buyer), build connection asap – especially phone calls/video/in person, try to make it seamless of the client, seller be available for information after settlement, be willing to offload ‘difficult’ clients before end of retention period, buy from similar (or less active) service provider so owners expectations are easily met. What’s the best piece of advice you would offer someone looking to acquire a rent roll for the first time? Don’t buy on emotion—buy on evidence, be thorough with due diligence, buy on business fit not just because its available or for a good price, be prepared for the workload immediately at/after settlement, refer to experienced advisers – e.g. real estate business lawyer, Be prepared to walk away if it doesn’t stack up or becomes too difficult – another opportunity will come.
Caroline Register Business Owner/ General Manager - Property Management, Harcourts Holmwood (NZ) Why acquire a rent roll when you can just grow organically? Because you cant always get that net you desire, its great to diversify and we certainly have needed to over the years, and if you do the right checks and balances, you know exactly what you are buying and can add value often quite easily. Thus meaning they stick around with you! On this though, you can acquire some fabulous new team members; one of ours is Lynne Cawthon, she came with our Mike Pero purchase and well. Has been number one in NZ time and time again for her gains. Also sometimes, it’s not all about the business, its about the amazing people you benefit from too! How do you find the right rent roll to purchase? We tend to know our market really well, we most often hear or see what is up for sale, through brokers and also having a name for ones that do consider acquisitions, they often come and check if we would be interested at that time. So it’s a raft of things, but “signing up” to receive information from those brokers who work on rental portfolios is ideal, but also allowing the industry to understand you would always like a chat, even if it isn’t always the right time in the business. Conversations with other companies and individuals in our region at any event is key too, connecting so they perhaps call us first. So that answers how to find them in general, now to “the right one”; Again it really comes from your knowledge and what you sometimes hear around the traps, but we always take the opportunity to do some due diligence low level first, check their main stats and overview (which are usually provided pre offer), then moving to an offer and deep due
diligence. So often, the key stats and overview at the start pre offer, gives a great gauge on how it is operationally. Being mindful – the perfect portfolio, means you can’t add much value, and there is a risk in that! So we don’t mind having to roll the sleeves up and sort the operation out to a degree, to give improved service. Particularly during retention period. If the portfolio was particularly messy and with low compliance and data held, we would have a lengthy retention period and clause that in the agreement substantially. It would also reflect in the amount offered for purchase. What are red flags for you when assessing a rent roll? So whilst there are red flags, they don’t always put us off, we just factor it into our offer (unless it’s a right diabolical mess). Things such as: • Poor compliance data • Poor reporting for DD • Many unhappy clients (sometimes interviewing the team can provide this) or we hear of an Aussie firm that surveys the clients, from the original agency, whilst in DD. We will be doing this on the next acquisition. • Unhappy team / poorly performing team • An owner / director and shareholders who have loads of their own rentals on the rent roll, and / or many connections that are personal to clients on the rent roll – build that into clauses around length they must remain on portfolio • The list goes on really HOWEVER, it’s good to find some issues, as that is an opportunity to offer better service as I go on about above, you can clause things out and also amend your offer.
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What did you find were the biggest challenges throughout the whole process? Re negotiating the price and terms after our offer and acceptance and post DD, took some time, the hard conversations, but it worked and it needed to. Getting data at handover where it was a new software system we had to learn, it just took some time, so having someone at the ready who knows the system the portfolio coming over uses, is handy To be honest, I enjoy these kinds of projects, so there weren’t any massive challenges after all the purchases settled, it went quite well, we over prepared, we made sure the team members were welcomed well and on all occasions bar one, it went well. How did you achieve the strongest retention of clients post settlement? Calling all of them, starting with the largest. Welcoming the team members incredibly well and scripting them that the narrative is that it’s all
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business as usual, just a change in company name and location, and that’s all. Having the departing business owner and I write a release together to the clients, pre settlement. So that the departing business owner can call any with concerns days before we change over. Helps to understand who to focus on first from our side also. What’s the best piece of advice you would offer someone looking to acquire a rent roll for the first time? Do it! Have a mint checklist, super detailed. Deep dive during DD. But be aware of perfection portfolios, whilst they’re super easy, that can be hard to impress. That was like 4 pieces of advice but oh well! We have purchased about 5 portfolios over the years, smallest was 30, largest was about 480, welcome a call from anyone anytime if they want to chat.
DUE Diligence Due diligence refers to the task of checking through the rent roll you are looking to purchase to confirm the value and condition of each property file. Purchasing a rent roll without completing a due diligence on the properties is like buying a house without an inspection or building report – reduce your risk and do the work now!
• What property management software is being used? • How easy will it be to integrate? • Are landlord’s fees currently less/more than what you charge? • What percentage of properties are in rent arrears and how long have they been in arrears? • What are the number and length of vacancies?
The following are a list of questions that can be asked to the seller/broker. We also have a spreadsheet that you can complete which will provide you a detailed snapshot of the rent roll and where there are gaps in the management. Discovering a gap doesn’t mean you should step away from the purchase, but there are key factors to consider that will affect your ability to manage the new rent roll effectively. Questions to ask the seller/broker during due diligence: • What is the Geographical location and type of properties being managed? •W hat is the ratio of furnished/unfurnished, houses/units? • How many properties are owned by the vendor or affiliated with the vendor? •W hat is the ratio of Landlords to properties? • Are there a lot of multiple property clients? •W hat is the current staffing structure – how may staff doing what roles? • Are the current staff willing to transition and are they good team members
• How many tenancies are on fixed term, how many on periodic? • How long has the vendor been managing the rent roll? • Has the vendor purchased any rent rolls previously? • What has been the net growth/loss in the rent roll over the last few years? • Has the trust account always been balanced? • Is there a signed Management Authority for each property? • Is there a signed Tenancy Agreement for each current tenancy? • Have regular inspections been carried out on each property? • Is there an ingoing inspection carried out for the current tenant? • How many outstanding maintenance issues are there? • Are there tribunal hearing or insurance claims pending? • What are the property files like – are there many 14 Day notices or letters from tenant?
•W hat are the current wage costs?
• Is there a bond lodged at the Bond centre for each managed property?
• Will the Vendor/key staff remain for a period of time after settlement?
• Is there an office key available for each property?
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COMMUNICATION
Plan
In lead up to settlement day, write and provide these letters to the agent you are taking over from, and ask them to send this communication prior to settlement date.
Recipient
Issue date
Purpose of communication
Owner email/letter
At discretion of current agent
Advising of change to new agent. Introduction to Harcourts and contact details of HOD or BO for owners to contact. (Keep track of who actually contacts them, and notify the current agent.)
Tenant email/letter
At discretion of current agent
Advising of change to new agent. Includes date of settlement and new payment methods and authorities (to be provided by Harcourts).
At discretion of current agent
Advising of change to new agent. Includes date of settlement. Request to have all invoices up to date and submitted prior to settlement. Information on where to submit invoices after settlement.
Trades email/letter
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On settlement day
Recipient
Issue date
Purpose of communication
Owner email/letter
Day of settlement
• Introduction to PM team with all contact details. • Prompt owners to address any ‘outstanding issues’ (recommend issuing Owners with a copy of the original entry/property condition report). • Address tenants changing payment methods, there may be some arrears/late payments during this process. • Include any explanation of owner portals (if applicable).
Owner – wacant or advertised properties for rent
Day of settlement (or prior if possible)
• Formal introduction and discussion regarding advertised property.
Day of settlement
• Introduction to PM team with all contact details. • Prompt tenants to address any outstanding maintenance or repairs. • Issue them with a copy of the original entry/property condition report and their tenancy ledger (to immediately surface any issues).
Recipient
Issue date
Purpose of communication
Owner
When tenant returns payment authority form
When tenant returns payment authority form.
Tenant
For tenants who continue to pay using old method
Follow up letter to update payment method.
Owner
Before first EOM/ Statement period
An explanation of how to read statements generated by your trust.
Tenant
1-2 months after initial settlement
Follow up asking for any outstanding items.
Tenant email/letter
After settlement
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Preparation
Priority tasks
• Keys; make sure you have enough available space for the new properties.
☐ Create a spreadsheet of all properties being acquired, to track status of acquisition tasks. I would recommend columns for:
• Keys; make sure you have enough available key tags for the new properties. • Lease renewals; do you know how many tenants are on periodic leases, or leases expiring in the next 30 -60 days. • Routine inspection; will you be scheduling to inspect the entire acquired portfolio in the retention period? (Highly recommended to ascertain: the condition of properties, what keys don’t work, any outstanding maintenance that needs addressing.) • Properties available for rent; Can you advertise them under Harcourts branding before settlement?
• Tenant payment authority received • Owner introduction call • Old key number • New key number • Routine inspection scheduled and completed • Application on file • Latest lease on file (also check these to what is in the CRM system) • Entry condition report on file • Initial key copy on file • Bond held with your relevant Bond Authority ☐ Redirection and change of addresses for creditors
Things to plan and consider… ☐ Will you inspect the entire acquired portfolio in the retention period? ☐ How many leases are periodic/due in the next 60 days? ☐ Will current/outstanding maintenance merge to your new system – will this need to be entered manually? ☐ Will current/outstanding tenant invoices merge over with data – will this need to be entered manually?
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• City council • Water rates • Body corporate/strata • Insurers Some organisations may require this communication to come directly from the property owner, so provide a templated letter for them to sign to make it easier. ☐ Change of managing agent to bond authority.
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RESOURCES All the documents we talk about in this guide are available to download from Harcourts Hub, as fully editable Word documents. Included are: • Spot File Checklist • Rent Roll Statistics • Change Of PM Acquisition • Landlord Merger • Landlord Settlement Day • Landlord Rebrand • Landlord New Agreement • Landlord Intro Team • Tenant Merger • Tenant Rent Payments • Tenant Rebrand • Tenant Settlement Day
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THE BOTTOM
Line
• Investors and tenants need to have a positive experience throughout the transition period. • Vendor and buyer should have a joint communication plan to ensure all parties are aware of the changes. This includes alerting all tenants to when the change will take place and what date to start paying into the new trust account. • Put a plan into place to ensure that investors return new management agreements before settlement. • Post settlement, the buyer should have a plan for ensuring they start relationship building activities with investors and tenants. Send a welcome video from the principal and follow up with a call. • Ensure that you are on the latest version of your software and contact your software provider to book in a data merge. This should ensure a smooth transition of all vital client data and reporting. • You must also ensure that you have all available copies of photos, tenancy agreements and routine inspection reports. • Work out how your staff structure will change with this addition to the rent roll. You may wish to look at how to best set out portfolios in terms of location. • To ensure new managements stay with the buyer, it is vital that your property managers quickly establish strong relationships with investors and tenants. A video from the property manager and phone call is an excellent way to impress. Acquiring a rent roll means a whole new database of clients to build relationships with. Provide the finest experience in property management from day one and watch your asset grow! 20
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