TenantAccess launches new property management biz for larger investors
Austin-based TenantAccess, a leasing and property management firm, is prepping for investors to acquire large amounts of real estate-owned properties by launching a division called PropertyAccess. The division will offer real estate management services for hedge funds, pension funds, private equity firms and other larger investors that plan to buy REO properties in bulk. The move is being done in anticipation of a new government-led program to relieve the nation's distressed housing. These properties, under management by the government-sponsored enterprises Fannie Mae and Freddie Mac, may be sold off in bulk, according to one available option. The property management tools offered through the Property Access division will provide clients with centralized real estate management, billing and reporting data. “Building on our expertise and experience in the industry, we are excited to deliver expanded property management services to the growing number of large and medium-sized investors entering the dynamic foreclosure market,” said Paul Hayman, president of TenantAccess. “PropertyAccess provides our investor clients with additional solutions to help them maximize portfolio returns and eliminate the worries of property management.” PropertyAccess is catering the service to larger investors who need complex data management systems to track the performance of properties located in various geographic regions across the country. The firm will evaluate the condition of REO properties acquired, compare area rentals to recent sales in markets, tap into relationships with licensed real estate agents and handle lease management while also overseeing maintenance, repairs and renovations. The plan comes at a time when the market, including analysts at Morgan Stanley (MS), are pushing for the government to approve a plan that will allow investors to buy REO in bulk for the purpose of converting those homes into rental properties. Write to: Kerri Panchuk.