PropertyAccess, a leading provider of national property management services for institutional investors, is taking the guesswork out of the REO-to-rental market for investors by offering a unique solution that addresses the entire lifecycle of property management including assessment, evaluation, renovation, management, maintenance and future disposition.
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The industry?s support to release the excess of REO properties from government-owned enterprises through bulk sales to investors is growing. Thirty-three senators recently sent a letter to the Administration urging it to adopt new programs to alleviate the housing crisis, while the FHFA received over 4,000 responses to their RFI supporting a national rental program and numerous reports proving REO-to-rental is a sound strategy have been released from industry influencers such as Morgan Stanley, Harvard and GAO, said Paul Hayman, CEO of PropertyAccess. Investors have the capital and are eager to jump into the game, but access to larger pools of assets is quickly becoming a challenge. Needless to say, 2012 is going to be a pivotal year for investors in the REO-to-rental market and we need to begin sooner rather than later.
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According to financial filings at the close of the third quarter 2011, there were more than 220,000 foreclosed and REO properties being held by HUD, Fannie Mae and Freddie Mac combined. These numbers do not include the shadow inventory that has yet to hit the market, and that has been projected to be in the range of 1.6 2 million properties.
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Owning and maintaining these properties is exerting pressure on the GSEs, banks, servicers and the housing market in general while at the same time making neighborhood revitalization and stabilization a challenge.
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According to Hayman, The opportunity is real. The convergence of high REO inventory levels and depressed housing prices, along with an increased demand for rentals, is creating a perfect storm for investors. The time for investors to get their feet wet is now. Gaining knowledge, finding trusted partners, and proving their investment models will be critical.
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As a division of TenantAccess, PropertyAccess offers investors access to the largest, single sourced, national network of local property managers with over 500 professionals in addition to 13,000 local contractors and 7,000 professional inspectors performing more than 40,000 inspections per month. Additionally, PropertyAccess provides an unparalleled set of property management services with enterprise level central oversight and back office management. By partnering with PropertyAccess, investors are guaranteed a single source solution with visibility and scale to meet all of their property management needs today and in the future.
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About PropertyAccess
PropertyAccess, a division of TenantAccess, is a single source national property management solution for professional investors. PropertyAccess delivers the full spectrum of services addressing the property management lifecycle including valuation, acquisition, renovation, leasing, management, maintenance, and future disposition. With a national network of over 500 local property managers, brokers and leasing agents, PropertyAccess is an enterprise level solution built to serve enterprise level customers with national reach and local knowledge. TenantAccess is a subsidiary of FirstService Corporation. For more information, visit http://www.PropertyAccess.com and http://www.TenantAccess.com.
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About FirstService
FirstService Corporation (NASDAQ: FSRV) is a global leader in the rapidly growing real estate services sector, providing a variety of services in commercial real estate, residential property management and property services. As one of the largest property managers in the world, FirstService manages more than 2.3 billion square feet of residential and commercial properties through its three industry-leading service platforms: Colliers International, the third largest global player in commercial real estate services; FirstService Residential Management, the largest manager of residential communities in North America; and Property Services, including Field Asset Services, one of Americas largest providers of property preservation and distressed asset management and FS Brands, one of North Americas largest providers of property services through franchise networks.
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FirstService generates over US$ 2.2 billion in annual revenues and has more than 20,000 employees worldwide. More information about FirstService is available at http://www.firstservice.com.
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Source: http://realestateinvesting.com/blog/2012/02/02/turn-reo-properties-into-profitable-rentals/
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