01 Value the roll properly
Rent rolls trade on a multiple of annual management fee income. We model the multiple against portfolio quality and average fee per property.
What we do
Read the deal before the lender does.
02 Separate the goodwill
Sales goodwill sits in agent reputation, listing pipeline, and VPA income — partly tied to people who can leave. We price that risk honestly.
03 Build the capital stack
Senior debt, vendor finance, and earnout each carry a different cost and certainty. We mix them to balance day-one funding against your equity.
04 Fund the transition
A separate working capital facility covers staff, marketing, and technology while the business settles under new ownership.
A real estate agency runs on two very different revenue engines. The rent roll throws off recurring management income — predictable, valuable, and separable. The sales business earns commission that rises and falls with the market. Lenders treat each differently. We map both before we go anywhere near a credit team.
We're a small team working with a small number of clients. Based in Canberra, connected nationally. We structure first, then go to lenders who understand agency valuations — whether you're buying your first business or adding to a growing portfolio. And if borrowing isn't the right move yet, we'll tell you when not to borrow.
Transaction types
Three ways to acquire.
We fund agency acquisitions across a range of structures — each with its own funding considerations and opportunities.
01 Full Agency Acquisition
The complete purchase of an operating agency — rent roll, sales business, brand, staff, and premises. We structure funding across the whole transaction, including goodwill, plant and equipment, and working capital.
02 Rent Roll Only Acquisition
Buying a rent roll without the sales business — often the most efficient way to scale a property management operation. We fund the roll and integrate it into your existing agency.
03 Franchise Buy-in
Acquiring an existing franchise territory, or converting an independent agency to a franchise model. We navigate the added complexity of franchise fees, territory rights, and brand requirements.
Capital structure
Agency deals rarely run on one source of capital.
We structure the right mix to optimise your position — lowest cost where we can, certainty where it matters, and the least possible day-one equity.
01 Senior Debt
The primary lending, secured against the rent roll, property assets, and business cash flow. The lowest-cost component of your capital stack — we access specialist lenders who understand agency valuations.
02 Vendor Finance
A deferred purchase price paid to the seller over time. Often critical to bridging the gap between senior debt and your available equity — we help negotiate terms that work for both sides.
03 Earnout Structures
Performance-linked payments tied to rent roll retention, revenue targets, or other milestones. They align incentives between buyer and seller while reducing day-one funding.
04 Working Capital Facility
A separate facility covering the transition period — staff costs, marketing, technology, and operating expenses while the business stabilises under new ownership.
Due diligence
Where lenders focus.
Every agency acquisition is different, but lenders consistently look hard at these areas when assessing your transaction.
01 Rent Roll Valuation
How the roll is valued — typically a multiple of annual management fee income. Multiples vary by market, portfolio quality, and average fee per property.
02 Sales Business Goodwill
The value attributed to the sales operation — agent reputation, listing pipeline, VPA income, and historical commission earnings.
03 Staff & Key Personnel
Retention of key property managers and sales agents is critical to roll value and listing pipeline. Lenders assess this risk closely.
04 Lease & Premises
The terms of any commercial lease, or the chance to acquire premises as part of the deal — each affects the overall funding structure.
05 Restraint of Trade
The vendor's non-compete obligations post-sale. Strong restraint clauses protect the buyer and give lenders confidence in ongoing value.
06 Integration Plan
How the acquired business will be integrated — systems, branding, staff, and client communication. A clear plan strengthens your proposal.
Our process
From opportunity to settlement.
From the first review through to settlement, here's what working with us looks like.
01 Review the Opportunity
We assess the target agency, its financials, rent roll quality, and sales performance. You get an honest view of fundability before committing to due diligence.
02 Value the Business
We prepare a detailed valuation covering rent roll multiples, sales goodwill, plant and equipment, and working capital — the foundation of every lender submission.
03 Structure the Deal
We design the optimal mix of senior debt, vendor finance, earnout, and equity — balancing cost of capital against deal certainty and your personal risk.
04 Negotiate Vendor Terms
We work alongside your solicitor to negotiate vendor finance and earnout terms that are both fundable and commercially sensible for both parties.
05 Secure Lender Approval
We submit to selected lenders with a fully packaged proposal — targeted submissions to credit teams who understand real estate agency transactions.
06 Navigate to Settlement
We coordinate every party — solicitors, accountants, the vendor, and lenders — so conditions are met and settlement proceeds smoothly.