Melbourne-based real estate management group RUN Property has announced its expansion into South Australia with operations planned to start in October.
RUN currently has offices in Victoria, New South Wales and Queensland.
In a statement today RUN said it plans to achieve growth in the South Australian market by leveraging its existing landlord base.
The company said its current clients have additional properties in the SA region.
“The South Australian market represents an exciting opportunity where fees are typically 20 per cent higher than in Victoria and New South Wales and our expansion into South Australia represents our commitment to providing our services throughout Australia and achieving our growth targets,” RUN’s chief executive Rob Farmer said today.
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The SA move is part of a suite of changes at the company which is changing its name to Real Estate Corp Ltd, subject to approval at its early October annual general meeting.
The ASX-listed group’s business units include RUN Property, Agentplus – a provider of technology and outsourced services to the real estate industry, and the recently launched Maintenance Matcher – a maintenance provider sourcing platform.
“It is RUN Corp’s goal to build a portfolio of real estate related businesses and has therefore decided to change the name of the public entity to Real Estate Corp Limited,” the company said in its annual report last month.
“The Board feels that this better reflects the function of the business and its intention to build a diversified real estate group. This will be put to shareholders at the next AGM.”
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RUN Property provides sales, leasing and management services with a rent roll it values at $60 million.
RUN Corp was started in 2005 by Farmer and a group of friends to offer premium management services.
Shortly after starting the business, high profile Sydney residential property agent John McGrath sold his rent roll into Run and former chief executive of NAB Frank Cicutto joined as a major shareholder and chairman.
RUN Corp grew to a rental roll of more than 20,000 properties, more than 250 employees and 25 offices before hitting some head winds.
McGrath, broke from his share sale agreement and strategic alliance with Run, settled for a confidential sum and ended his association in 2008.
Run’s share price was hit after a refinancing deal, trading between 2 cents and 5 cents.
After a series of restructures and sales the price recovered and has doubled in the last six months from 16 cents to 32 cents.
Its full year dividend was 0.8 cents.
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