Community housing provider Evolve is the latest to launch a purpose-driven real estate agency, which will funnel its profits into more affordable housing and programs for disadvantaged individuals.
Echo Realty will focus on managing affordable housing properties on behalf of local and state government, property developers and private property investors.
“Unlike traditional real estate agents whose sole objective is to generate profits, Echo Realty is uniquely positioned to do property differently,” its chief executive Andrea Galloway said.
“Our focus on creating thriving communities means we deliver high quality outcomes for the property owner, the tenant and the local community.”
The news follows a trend of social enterprise real estate agencies and community housing providers creating spin off commercial real estate agencies to add income streams for affordable housing.
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Ms Galloway said the organisation would also work to change the perception of those in the community that opposed affordable housing developments.
“It’s my belief that Australians cannot afford to not support affordable housing,” she said.
“With the support of government policy and everyone in the community, affordable housing can be a win-win for all stakeholders.”
Member for Parramatta Geoff Lee helped launch the venture at an event on Tuesday night.
“Affordable housing is a significant issue in NSW and we need to work with the community and industry to find real solutions,” he said.
“Most people agree we need to increase supply of affordable housing. I commend CEO Andrea Galloway and Evolve Housing for leading in innovation in this area. This new initiative demonstrates their dedication and commitment to driving better outcomes and to helping people achieve independence.”
Echo Realty will began rolling out services in October 2017 with initial access to more than 600 properties in the greater Sydney region and the Central Coast of NSW.
Evolve Housing owns or manages about 3020 social and affordable housing properties across 26 local government areas in NSW, with 60 per cent in the high need area of Western Sydney.
The Fifth Estate’s Green Rebellion Goes West cruise on Friday afternoon will include discussion of affordable housing in Western Sydney. See here for more information. To be in the running for a double pass to the cruise please send a question you would like to ask our panellists to: firstname.lastname@example.org