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Residential investment specialist Blue Chip has changed the management of its short-term accommodation business.
Bribanc will no longer manage this business which has now been outsourced to First Street, according to Blue Chip.
Neil Bell, chief executive of Blue Chip associate Diem, said the new arrangement would benefit investors.
"We are pleased that we are already seeing a significant increase in tenancies and demand for short-stay accommodation," Bell said in a letter.
"Diem is pleased to report that the operation of Bribanc's short-term property management business has now been outsourced to First Street, a renowned specialist in the short-term-stay accommodation area," the letter said.
Last week, Blue Chip announced it had transferred its property management business from Bribanc to Harcourts.
But investors should approach only Bribanc - not Harcourts or First Street - if they had any issues, Bell said.
The underlying relationship with the tenants had been outsourced to the two new firms but Bribanc was still the key contact on all property matters, he said.
Blue Chip also apologised for rent delays, saying client-by-client reconciliations were a long process and it was now not possible to pay all late rent by the end of this month.
"We are here to create your wealth and will not have you penalised as a consequence of the very changes that we have put in place to help you achieve your goals," Bell said.
Blue Chip investors are meeting today to consider a list of problems.
Greta Norman, the investor based in Epsom who has organised the gathering, said property investment specialist and author Olly Newman would chair the meeting which she also hoped would be attended by legal experts.
Investors had a number of areas of concern, including properties without code compliance certificates, money paid for properties not yet finished, a desire by some investors to take control of managing their own properties and various payment issues.
Mark Bryers, Blue Chip's founder and executive director, asked in the Weekend Herald for investors to give the company more time.
The firm had been going for 7 1/2 years and only five weeks' rent was late, an issue that was being resolved, Bryers said.
* Blue Chip investors will meet at 7pm at the Jack Dickie Hall, 174 Green Lane West, Auckland.
