HomeStar Property Solutions
As investors and general contractors, the owners of HomeStar Property Solutions know the property preservation and asset management business from both sides.
“We definitely understand the pain points of buying and servicing distressed properties and associated cost disposition strategies,” said Micheal Breese, CEO of HomeStar. “We also understand how much detailed information investors require in order to make calculated decisions asset-by-asset.”
HomeStar uses its background to its advantage, providing “white-glove” services customized for each client. “We know that every dime counts when it comes to managing ROI, and we have created an infrastructure of systems and pricing around being the investor,” Breese said.
Because of its approach, HomeStar has built a reputation among up-and-coming servicers and industry veterans who are just getting started. “We operate on a different model that gives small and medium servicers and investors the kind of attention they don’t get from bigger companies, while still handling larger volumes,” Breese explained. “We build a unique strategy for each client.”
HomeStar sees itself as a junior partner to its clients, offering a spectrum of services through a national vendor network. Clients range from banks and nonbanks to investors buying REO properties to create rental returns. While some clients opt for straightforward property maintenance, others draw on HomeStar’s knowledge and expertise in property investments.
“We really want to drive results for our clients. Our goal is to be a part of the brain trust that helps drive their success. That type of involvement includes heavy analysis and brainstorming on where our client is going to buy — down to the street level.”
Investing in the right technology is an important part of HomeStar’s commitment to excellence and its technology platform has been set up to provide complete transparency, according to Breese. “Our secure systems are tailored to accommodate client needs and allow us to provide customized reporting with accurate, up-to-date snapshots of what’s going on with their portfolio,” Breese said.
HomeStar’s platform, Atrium, uses geo-coding to track vendors and delegate work orders. Vendors can upload inspection photos in real-time, which means quality control occurs while they are still on-site, resulting in faster updates to clients.
HomeStar’s approach to managing vendors starts with researching vendors based on expertise related to the job type and their proximity to the job location.
“We are very careful about who we allow to represent us. We find out what a vendor’s strengths are and only assign work based on those strengths,” Breese said. “This prevents a grass-cut guy from taking a repair job just to get work.”
HomeStar sees strategic partnerships as a critical part of broadening its services, and continues to find ways to become more vertically integrated across multiple service lines.
“The future of companies our size depends on forward-thinking and if you can’t adapt and evolve as a company you’ll die off. We have to involve ourselves in a bigger future.”
That bigger future for HomeStar includes HomeStar Properties I, a fund that will allow Breese and his partner, Ben Brunson, to buy non-performing loans and distressed properties with the intention of rehabbing them through HomeStar Property Solutions. Breese plans to expand their disposition strategies to include distressed assets and rentals as well as the repackaging of non-performing loans.
To Breese, the most rewarding part of running HomeStar is working with clients as a team. “Clients invest a lot in us, not just monetarily, and it’s our mission to invest just as much or more into their success. We’re engaged, available and willing to get creative in figuring out ways to get clients the returns they’re looking for.”