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A certified valuer will listen to your situation and answer any questions you may have, at no cost.
A property management portfolio in Box Hill and a sales team in Bayside can sit under the same sign and still be two different businesses, so we value them one at a time.
A Melbourne rent roll is valued on a multiple of its annual management income, taken from comparable portfolio sales and moved up or down for arrears, average fee, landlord concentration, tenure and how tightly the properties cluster. Sales commission is valued separately on maintainable earnings, because it is cyclical and depends on individual agents.
The trigger is usually a portfolio changing hands. A principal in Glen Waverley is buying a neighbouring agency's rent roll and needs to know what the managements are really worth. A director is leaving a Richmond agency and the shareholders' agreement calls for a market value. A bank wants a valuation before lending against a portfolio. A property settlement in the Melbourne registry of the Federal Circuit and Family Court needs the agency valued at a set date, or two directors have fallen out and need a figure they can both work from.
Lenders accept rent rolls as security in a way they rarely accept other small-business goodwill, so a valuation is often needed to secure finance even when no sale is planned. The lender will read the report closely, which is a good reason to commission one that can take that scrutiny.
A certified valuer will listen to your situation and answer any questions you may have, at no cost.
The Market Approach leads. Rent rolls are bought and sold across Melbourne often enough that real portfolio transactions are the best evidence available, and buyers think about price in exactly those terms.
We apply a multiple to annual management income, cross-referenced to a value per managed property where the evidence supports it. The starting range comes from comparable portfolio sales, and the report explains why the subject portfolio sits where it does within that range.
Six factors do most of the work: arrears and vacancy, the average management fee, how much of the portfolio sits with a handful of landlords, how long the managements and tenancies have run, how widely the properties are spread, and how well the management agreements are drafted.
The sales department is treated as a separate business. Commission rises and falls with the property market and often walks out the door with a top agent, so it is valued by capitalising maintainable earnings at a higher risk loading than the management income. One blended multiple would hide that gap.
We capitalise the portfolio's sustainable profit after the principal's involvement is replaced with the salary of a head of property management. That shows whether the multiple still holds once the real cost of running the roll is counted.
Of little help beyond setting a floor. The value of a rent roll lies in its management agreements and landlord relationships, which the market and income results capture and the balance sheet does not.
Disagreements between valuers usually come down to these, so the report shows each adjustment alongside its reason. For agencies and rent rolls they are:
Where the properties are matters as much as how many there are. A roll concentrated in Dandenong, Cranbourne or Werribee has a different tenant base and arrears history from one in Hawthorn, Brunswick or Glen Waverley. A portfolio scattered from Frankston to Craigieburn costs more per property to inspect and service than one clustered within a few neighbouring suburbs, and buyers adjust their offer for that travel time.
Rent rolls are regulated assets. In Victoria, estate agent licensing, trust accounts and the conduct of property managers are governed by the Estate Agents Act 1980 (Vic) and administered by Consumer Affairs Victoria, while the tenancies themselves fall under the Residential Tenancies Act 1997 (Vic). A management agreement has to be properly signed and enforceable for its income to count, and the trust account has to be in order before a buyer will complete. We review a sample of agreements and the trust account audit history rather than assuming the paperwork is sound.
Landlord decisions feed straight into the value. When an investor sells, the management leaves the roll unless the agency keeps the buyer as a client, so the valuation looks at recent losses and gains rather than a single snapshot. Nationally, the count of rental, hiring and real estate services businesses rose 3.7 per cent in 2025 to 2026, and Victoria recorded a net increase of 19,581 actively trading businesses across all industries (Source: ABS, Counts of Australian Businesses, July 2022 to June 2026, released 18 August 2026).
Before any figure appears, the report states why it was prepared, the standard of value, the valuation date and the records we worked from, including what was missing. It goes on to show each approach we considered, the method chosen, every adjustment to the agency's income and costs with its reason, and how the results were weighed to reach a range.
Portfolio values are tested by buyers' due diligence, lenders' credit teams and, when directors or spouses fall out, by a second expert in the Supreme Court of Victoria or the Federal Circuit and Family Court. The question they ask first is why the multiple sits at that point in the range. Our reports follow APESB, APES 225 Valuation Services and are signed by a certified valuer who will answer it.
Which managements did you exclude from the income base, and why? If the answer is none, the arrears and notice list has not been read.
An Indicative valuation suits a principal deciding whether to sell the rent roll, buy one, or simply understand what the portfolio is worth today. It is for internal decision-making and is not written for third party reliance. A Summary report is the usual choice for a portfolio purchase, a new director coming in, or a loan secured over the roll. A Detailed report is the level for a family law matter, a dispute between directors, or any engagement a second expert will review.
Let the reader set the depth. A bank, the ATO, a court or another valuer will push harder on the figure than the principal will, so the report has to be built for the toughest reader it is likely to meet.
For internal decision-making. Useful for testing an offer, setting an expectation before a negotiation, or deciding whether to go to market. It is not written for third party reliance.
Sets out the approaches applied, the normalisation adjustments made and the reasoning behind the conclusion. The usual choice for a sale, an ownership change or a finance application.
Applies and reconciles all relevant approaches in full. The level required where a court, the ATO, a lender or another expert will review the opinion.
Talk your situation through with a certified valuer before you commit to anything, at no cost.