Wendy Machanik Properties, now under a curatorship imposed by the Estate Agency Affairs Board as a result of accusations concerning the misuse of Trust Funds and an EAAB initiated audit, could soon be rescued by the Rawson Property Group playing a White Knight role.
Tony Clarke, MD of the Rawson Property Group, which is one of the few real estate marketing groups to have grown significantly in the recessionary conditions of 2010 (their sales turnover last year rose by 70%) said that he is negotiating with Machanik and with the EAAB to take over Machaniks entire existing real estate operation.
'It is,' said Clarke 'tragic that the agents in that company now find themselves debarred from earning a living as their Fidelity Fund Certificates have not been reissued. If, as we hope, finalisation of the takeover can be achieved, all Machanik agents will be immediately transferred to our staff list where they would be able to operate legally under the Rawson banner with their clients protected by our groups Fidelity Funds arrangements'
Clarke said that he had no inside information about the matters of which Machanik Properties is accused but if 'indiscretions' had occurred they would probably have been due to the tough conditions which all SA agencies had experienced over the last two years.
'What I can say is that we have had a long and happy relationship with Wendy Machanik and have always admired her drive, energy and business ability'
The Rawson Group, said Clarke, has been on a growth path for some five years (he took over as MD roughly five years ago) and has, unlike so many other National real estate agencies, continued to expand during the last two years. In 2010 alone, they sold 32 new Franchises bringing the total in the group to over 120 and they are now operating in all nine provinces. They also have subsidiary companies in bond origination, property development and auctioneering.
'Whether or not the Machanik deal goes through, we will continue to be on the look out for other real estate businesses that are struggling and we are confident that we will be able acquire them knowing, as always, that we can add value to them'
For further information contact Tony Clarke on 021 658 7100 or email tony@rawsonproperties.com.
