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What Are The Things To Look Out For With Commercial Property and Commercial Property Insurance?

Commercial property is a complex investment at the best of times. But when disaster strikes, commercial landlords have to deal with the challenges associated with things such as vacant buildings, and from that point on it's a think-quick approach to move forward to reap the rewards of the asset. Vacant buildings pose a multitude of risks and are one of the biggest commercial property insurance challenges that exist, and this continues to force landlords to invest in safeguards to protect their assets.

Spotlight

The Andrews Organization Inc

The Andrews Organization is a full-service real estate management company overseeing more than 350 buildings across the New York metropolitan area. Headed by Founder and CEO Eugene Andrews, The Andrews Organization offers a comprehensive real estate enhancement program to its clients including management of daily building operations, budgeting and financial planning, and 24-hour emergency response. Its Capital Projects Divsion oversees major restoration and repair projects throughout the City, working with the finest architects, engineers, and contractors.

OTHER ARTICLES
Real Estate Technology

Revitalizing Multifamily Communities with Impactful Resident Services

Article | July 18, 2022

Impactful service-enriched housing programs and onsite supportive services build a foundation for serving the unique needs of a rental community’s tenant base. Quality services that address the individual concerns of each resident help eliminate the challenges that force turnover and increased expenses for property managers. Service-enriched housing includes the incorporation of programs and services within a community that advances the social and economic skill set of tenants. Meeting net operating income (NOI) and covering debt service obligations are key performance indicators for property managers. Tenants must be valued because they are crucial to improving the financial performance of a community or property. Without support in discovering a realistic path to self-sufficiency, these improvements made will not promote the stabilization of a tenant population. The key outcome for a community through the implementation of service-enriched housing programs is internal revitalization. Tenants benefit socially and economically from services that support access to job readiness, education and financial growth. During this time of economic instability, our resident services coordinators help remove barriers that plague many living in rental housing communities. Through its partnership with Esusu, Rainbow has alleviated tenants’ significant economic hardship by bridging default payments with no-interest loans. Tenants can use the company’s rent reporting platform, which sends on-time rental payment data to the three major credit bureaus – allowing them to build and develop their credit scores. Prioritizing tenant empowerment offers tangible and intangible changes in a property, leading to increased financial performance and improved tenant retention. It also reduces turnover costs for property management such as flooring, paint and reletting fees. Free programs and services also improve the marketability of a property to prospective tenants. Rainbow communities have seen a reduction in community vandalism since the implementation of youth enrichment programs that keep children engaged and supported in their education. Quality service-enriched housing programs, such as those offered by Rainbow Housing Assistance Corporation, provide direct access to resources that support the needs of physically and mentally disabled individuals, veterans, chronically homeless, single-parent households, families and seniors. Additionally, this type of outreach attracts the interest of local city, state and federal agencies as it helps stabilize the most vulnerable communities, cutting city and government expenses on a number of levels. This type of approval can even lead to further funding and support for initiatives that will enrich the future of affordable housing services. Key programs and resources address life skills, financial intelligence, education, employment, youth and senior programs, resources to eliminate emergency situations, and social development in a multifamily community. The implementation of a professional, service-enriched housing program with onsite staff ensures that these offerings are tailored to each community and primed for longevity. A stable tenant base will determine the solvency of a community and reposition the financial performance of an asset.

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Real Estate Investment, Asset Management

Is Commute Time Becoming a Housing Factor?

Article | May 5, 2023

While many workers plan, at least according to recent surveys, to continue spending at least part of each week working from home, a shorter commute still seems to be holding increasing appeal. The National Association of Home Builders (NAHB ) says its first quarter Home Building Geography Index (HBGI) indicates not only a pandemic driven shift in construction to low density, low cost markets, but a rapid expansion in areas with the shortest commutes. Litic Murali, writing in NAHB's Eye on Housing blog, says workplaces are moving toward hybrid home/office work models which could affect 30 to 40 percent of the American workforce. This will give renters and buyers increased market power over their travel times and the ability to reduce both housing and transportation costs. The nationwide average commute is 26 minutes. Those counties in the bottom quintile (lowest 20 percent) have a commute time of 18 minutes or less while the commute in the highest quintile is 28 minutes. The data show that 36.2 percent of the U.S. population resides in the counties in that top slice. The HBGI indicates that the top two quintiles with the longest commutes together had 63.6 percent of single family building. However, growth was strongest in that bottom quintile with a four-quarter moving average annual growth of 22.2 percent.

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Real Estate Technology

Why the Growing Number of Homes for Sale Is Good for Your Move Up

Article | July 21, 2022

Are you thinking about selling your current home? If so, the biggest question on your mind may be: if I sell now, where will I go? If this resonates with you, there’s something you should know. The number of homes coming onto the market is increasing and that could make it easier for you to move up this summer. While this news has clear benefits for buyers who are craving more options for their home search, what does that mean for current homeowners like you? It gives you two distinct opportunities in today’s housing market. Opportunity 1: Take Advantage of More Options for Your Move Up If your current house no longer meets your needs or lacks the space and features you want, this gives you even more opportunity to sell and move up into the home of your dreams. As more options come to market, you’ll have more to choose from when you search for your next home. Partnering with a local real estate professional can help make sure you see these listings as soon as they come onto the market. And when you do find the one, that professional can advise you on how to write a winning offer to seal the deal. Opportunity 2: Sell Before You Have More Competition Just know that, in order to make sure your house shines above the rest, it may make sense to put your home up for sale before your neighbors do the same, creating more competition in your area. The increase in the number of homes being listed for sale is expected to continue, and a recent study from realtor.com says two-thirds of homeowners looking to sell say they’ll do so by August. A real estate professional can advise you on what you need to tackle to get your house ready to list so they can put that for sale sign up in your yard sooner rather than later. That’s because the process of getting a home ready to sell isn’t taking as long as you may think. As a result, you can capitalize on today’s sellers’ market and get ahead of the competition. Bottom Line If you’re a current homeowner looking to sell, let’s connect to begin the process. You have a unique opportunity to benefit from the additional homes being listed today and sell before your house has more competition.

Read More
Buying/Selling

Lockdowns To Push Back Spring Selling Season

Article | August 18, 2021

The spring selling season might be pushed back for a couple of weeks or even months as lockdowns restrict activity in some states and territories, according to CoreLogic. Prior to the COVID-19 pandemic, sales and listing turnouts typically rise from September to November. Over the ten years to December 2019, the growth in new listings during spring averaged 15.7% while sales hit 6.8%. CoreLogic head of research Eliza Owen said both sales and listings tend to be most seasonal in the capital cities, particularly in Sydney and the ACT. With the lockdowns, however, the in-demand locations might not witness the same level of activity this upcoming spring, which is only two weeks away. "Observing housing market performance through lockdowns reveals that both sales and listings volumes will fall through lockdowns," Ms Owen said. What can be learned from last year's Melbourne lockdown? The extended lockdown in Melbourne last year could provide a glimpse as to what could happen in this year's lockdowns. Melbourne was in lockdown from mid-July to late October. During the period, listings dropped consistently, hitting the lowest at 1,411 in the four weeks to September, which was 80.7% lower than the previous five-year average. There are several factors that contributed to the slowdown during the period. Aside from the obvious restrictions that have limited inspections and auctions to virtual sessions, the low levels of consumer confidence also dampened the overall market sentiment, with vendors being unsure whether they would get an optimal price for their properties. Mortgage repayment deferrals and other government support also contributed, as these prevented distressed sales. However, when restrictions in Melbourne got lifted by late October, there was a sudden shift in the market mood, with listings quickly recovering. "New listings volumes through December 2020 trended an average 40.4% higher than the previous five-year average, suggesting the spring selling season of 2020 was 'pushed back' into the final months of the year," Ms Owen said. Lockdowns to only postpone market activity Ms Owen said the trend in sales and listings through a lockdown indicate the relative stability of the economy and the housing market amid the COVID-19 pandemic. "This has meant that housing purchasing decisions were more likely to have just been postponed through lockdowns, rather than abandoned all together.” In fact, the muted sales activity through lockdowns actually led to an uplift in sales across Melbourne in December of 2020 and July 2021, a time when seasonally, sales volumes would usually be far more subdued. "There are tailwinds in place for housing market demand to suggest this may happen again; household savings rates remain elevated, new average mortgage rates continue to reach new record lows, and many government fiscal stimulus and broader institutional responses have been resurrected amid renewed lockdowns," Ms Owen said. Affordability might become a concern The consistent surge in prices across capital cities in recent months have already resulted in the inevitable constraints in affordability. CoreLogic's Hedonic Home Value Index in July showed a 1.6% gain in dwelling values, a retreat from the previous growth of 1.9%. Ms Owen said some support schemes that supported consumer sentiment, such as JobKeeper and HomeBuilder have already ended which could dampen the expected rebound in demand. The rising threat of the Delta variant of COVID-19 might also be a major headwind, as it could result in further lockdowns which will ultimately impact the incomes of Australian households. "With affordability constraints becoming a larger obstacle in the market, as well as the potential for tighter credit conditions further down the track, if buyer activity does not match the lift in listings we could see a gradual rebalancing between sellers and buyers," Ms Owen said.

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Real Estate Technology

Meeting Real Estate Expectations with Sustainability

Article | July 18, 2022

Impactful service-enriched housing programs and onsite supportive services build a foundation for serving the unique needs of a rental community’s tenant base. Quality services that address the individual concerns of each resident help eliminate the challenges that force turnover and increased expenses for property managers. Service-enriched housing includes the incorporation of programs and services within a community that advances the social and economic skill set of tenants. Meeting net operating income (NOI) and covering debt service obligations are key performance indicators for property managers. Tenants must be valued because they are crucial to improving the financial performance of a community or property. Without support in discovering a realistic path to self-sufficiency, these improvements made will not promote the stabilization of a tenant population. The key outcome for a community through the implementation of service-enriched housing programs is internal revitalization. Tenants benefit socially and economically from services that support access to job readiness, education and financial growth. During this time of economic instability, our resident services coordinators help remove barriers that plague many living in rental housing communities. Through its partnership with Esusu, Rainbow has alleviated tenants’ significant economic hardship by bridging default payments with no-interest loans. Tenants can use the company’s rent reporting platform, which sends on-time rental payment data to the three major credit bureaus – allowing them to build and develop their credit scores. Prioritizing tenant empowerment offers tangible and intangible changes in a property, leading to increased financial performance and improved tenant retention. It also reduces turnover costs for property management such as flooring, paint and reletting fees. Free programs and services also improve the marketability of a property to prospective tenants. Rainbow communities have seen a reduction in community vandalism since the implementation of youth enrichment programs that keep children engaged and supported in their education. Quality service-enriched housing programs, such as those offered by Rainbow Housing Assistance Corporation, provide direct access to resources that support the needs of physically and mentally disabled individuals, veterans, chronically homeless, single-parent households, families and seniors. Additionally, this type of outreach attracts the interest of local city, state and federal agencies as it helps stabilize the most vulnerable communities, cutting city and government expenses on a number of levels. This type of approval can even lead to further funding and support for initiatives that will enrich the future of affordable housing services. Key programs and resources address life skills, financial intelligence, education, employment, youth and senior programs, resources to eliminate emergency situations, and social development in a multifamily community. The implementation of a professional, service-enriched housing program with onsite staff ensures that these offerings are tailored to each community and primed for longevity. A stable tenant base will determine the solvency of a community and reposition the financial performance of an asset.

Read More
Real Estate Investment, Asset Management

Real Estate Property vs Asset Management: Understanding the Fine Line

Article | May 5, 2023

While many workers plan, at least according to recent surveys, to continue spending at least part of each week working from home, a shorter commute still seems to be holding increasing appeal. The National Association of Home Builders (NAHB ) says its first quarter Home Building Geography Index (HBGI) indicates not only a pandemic driven shift in construction to low density, low cost markets, but a rapid expansion in areas with the shortest commutes. Litic Murali, writing in NAHB's Eye on Housing blog, says workplaces are moving toward hybrid home/office work models which could affect 30 to 40 percent of the American workforce. This will give renters and buyers increased market power over their travel times and the ability to reduce both housing and transportation costs. The nationwide average commute is 26 minutes. Those counties in the bottom quintile (lowest 20 percent) have a commute time of 18 minutes or less while the commute in the highest quintile is 28 minutes. The data show that 36.2 percent of the U.S. population resides in the counties in that top slice. The HBGI indicates that the top two quintiles with the longest commutes together had 63.6 percent of single family building. However, growth was strongest in that bottom quintile with a four-quarter moving average annual growth of 22.2 percent.

Read More
Real Estate Technology

What role do circular economy ideas play in real estate?

Article | July 21, 2022

Are you thinking about selling your current home? If so, the biggest question on your mind may be: if I sell now, where will I go? If this resonates with you, there’s something you should know. The number of homes coming onto the market is increasing and that could make it easier for you to move up this summer. While this news has clear benefits for buyers who are craving more options for their home search, what does that mean for current homeowners like you? It gives you two distinct opportunities in today’s housing market. Opportunity 1: Take Advantage of More Options for Your Move Up If your current house no longer meets your needs or lacks the space and features you want, this gives you even more opportunity to sell and move up into the home of your dreams. As more options come to market, you’ll have more to choose from when you search for your next home. Partnering with a local real estate professional can help make sure you see these listings as soon as they come onto the market. And when you do find the one, that professional can advise you on how to write a winning offer to seal the deal. Opportunity 2: Sell Before You Have More Competition Just know that, in order to make sure your house shines above the rest, it may make sense to put your home up for sale before your neighbors do the same, creating more competition in your area. The increase in the number of homes being listed for sale is expected to continue, and a recent study from realtor.com says two-thirds of homeowners looking to sell say they’ll do so by August. A real estate professional can advise you on what you need to tackle to get your house ready to list so they can put that for sale sign up in your yard sooner rather than later. That’s because the process of getting a home ready to sell isn’t taking as long as you may think. As a result, you can capitalize on today’s sellers’ market and get ahead of the competition. Bottom Line If you’re a current homeowner looking to sell, let’s connect to begin the process. You have a unique opportunity to benefit from the additional homes being listed today and sell before your house has more competition.

Read More
Buying/Selling

Lockdowns To Push Back Spring Selling Season

Article | August 18, 2021

The spring selling season might be pushed back for a couple of weeks or even months as lockdowns restrict activity in some states and territories, according to CoreLogic. Prior to the COVID-19 pandemic, sales and listing turnouts typically rise from September to November. Over the ten years to December 2019, the growth in new listings during spring averaged 15.7% while sales hit 6.8%. CoreLogic head of research Eliza Owen said both sales and listings tend to be most seasonal in the capital cities, particularly in Sydney and the ACT. With the lockdowns, however, the in-demand locations might not witness the same level of activity this upcoming spring, which is only two weeks away. "Observing housing market performance through lockdowns reveals that both sales and listings volumes will fall through lockdowns," Ms Owen said. What can be learned from last year's Melbourne lockdown? The extended lockdown in Melbourne last year could provide a glimpse as to what could happen in this year's lockdowns. Melbourne was in lockdown from mid-July to late October. During the period, listings dropped consistently, hitting the lowest at 1,411 in the four weeks to September, which was 80.7% lower than the previous five-year average. There are several factors that contributed to the slowdown during the period. Aside from the obvious restrictions that have limited inspections and auctions to virtual sessions, the low levels of consumer confidence also dampened the overall market sentiment, with vendors being unsure whether they would get an optimal price for their properties. Mortgage repayment deferrals and other government support also contributed, as these prevented distressed sales. However, when restrictions in Melbourne got lifted by late October, there was a sudden shift in the market mood, with listings quickly recovering. "New listings volumes through December 2020 trended an average 40.4% higher than the previous five-year average, suggesting the spring selling season of 2020 was 'pushed back' into the final months of the year," Ms Owen said. Lockdowns to only postpone market activity Ms Owen said the trend in sales and listings through a lockdown indicate the relative stability of the economy and the housing market amid the COVID-19 pandemic. "This has meant that housing purchasing decisions were more likely to have just been postponed through lockdowns, rather than abandoned all together.” In fact, the muted sales activity through lockdowns actually led to an uplift in sales across Melbourne in December of 2020 and July 2021, a time when seasonally, sales volumes would usually be far more subdued. "There are tailwinds in place for housing market demand to suggest this may happen again; household savings rates remain elevated, new average mortgage rates continue to reach new record lows, and many government fiscal stimulus and broader institutional responses have been resurrected amid renewed lockdowns," Ms Owen said. Affordability might become a concern The consistent surge in prices across capital cities in recent months have already resulted in the inevitable constraints in affordability. CoreLogic's Hedonic Home Value Index in July showed a 1.6% gain in dwelling values, a retreat from the previous growth of 1.9%. Ms Owen said some support schemes that supported consumer sentiment, such as JobKeeper and HomeBuilder have already ended which could dampen the expected rebound in demand. The rising threat of the Delta variant of COVID-19 might also be a major headwind, as it could result in further lockdowns which will ultimately impact the incomes of Australian households. "With affordability constraints becoming a larger obstacle in the market, as well as the potential for tighter credit conditions further down the track, if buyer activity does not match the lift in listings we could see a gradual rebalancing between sellers and buyers," Ms Owen said.

Read More
MORE ARTICLES

Spotlight

The Andrews Organization Inc

The Andrews Organization is a full-service real estate management company overseeing more than 350 buildings across the New York metropolitan area. Headed by Founder and CEO Eugene Andrews, The Andrews Organization offers a comprehensive real estate enhancement program to its clients including management of daily building operations, budgeting and financial planning, and 24-hour emergency response. Its Capital Projects Divsion oversees major restoration and repair projects throughout the City, working with the finest architects, engineers, and contractors.

Related News

Real Estate Advice

Zillow unveils a new look for property pages, their biggest redesign in 5 years

PR Newswire | October 25, 2023

Zillow is launching a big update to the look and feel of for-sale property listings on its website, improving home shoppers' experience with a more intuitive and simplified layout. The enhanced design of for-sale property listings on Zillow.com offers a wider, single-scroll format, making it easier for home shoppers to find key information, such as square footage, the Zestimate feature, lot size and home type. The new layout also introduces a media section at the top of the page that better showcases photos and 3D tours. By clicking on a photo, the media section expands, providing a full-page, magazine-style layout for seamless navigation through the rest of the home's photography. "The new design delivers a fun and efficient way to browse homes on the Zillow website, making it easier for home shoppers to navigate and process information," said Jenny Arden, chief design officer at Zillow. "We introduced a wider layout for images, larger fonts for the most important facts and a clearer articulation of what makes the home special to help our users quickly understand if the home is right for them." Zillow's app updates: Navigate with ease and simplify financing with the Home Loans tab In addition to the redesign on the Zillow website, for-sale property listings on the Zillow app (iOS) are also receiving an update. This new look minimizes excessive scrolling by allowing users to more easily find the information that matters the most to them, whether that's home facts and features, a cost calculator or the Zestimate history. When viewing a for-sale listing on the app, users will see a new look that presents the home details categorized into sections such as "What's Special,"' "Market Value," "Monthly Cost" and "Neighborhood." Users can click into particular sections of interest to find more details. This new look will be available before the end of the year on the Zillow iOS app. Zillow is also introducing a new "Home Loans" tab on the Zillow app to help shoppers become buyers. Users can now easily figure out their budget, connect with a lender, get prequalified with Zillow Home Loans℠, and track their loan status — all in one place. "Financing is a critical part of the home-buying process, and 60% of buyers say setting their budget is their first step when buying a home. With this update, we're helping the millions of people browsing the Zillow app better understand what they can afford within their budget and see a clear path toward getting the mortgage they need," said Matt Daimler, senior vice president of product at Zillow. "We're already seeing an impact: Customers are saying it's easier than ever to access and use our financing tools and get prequalified with Zillow Home Loans."

Read More

Real Estate Technology

Barings and Foulger Pratt Close Acquisition of $50+ Million Build-to-Rent Community in Raleigh, NC

Business Wire | October 19, 2023

Barings, one of the world’s largest diversified real estate investment managers, today announced its joint venture with Foulger Pratt to acquire a 172-unit build-to-rent (BTR) community in the Raleigh, N.C. metropolitan area. The $50+ million acquisition marks Barings’ entrance into the BTR market and builds on the firm’s $12.5+ billion* U.S. real estate equity platform. The transaction brings Foulger Pratt’s BTR portfolio to 700 homes and approximately $250 million in investment across North Carolina and Maryland. “We believe build-to-rent is one of the fastest growing segments of the housing market given demographic trends, evolving consumer preferences, and a national housing shortage,” said Joe Gorin, Barings’ Head of U.S. Real Estate Equity. “We are excited to partner with the well-established team at Foulger Pratt on our first BTR acquisition and look forward to deploying more capital into attractively priced assets as we scale our capabilities in this segment.” “Foulger Pratt is excited to continue its investment in the Carolinas through the delivery of quality rental housing in partnership with Barings – one of the world’s leading investment managers,” said Cameron Pratt, Chief Executive Officer of Foulger Pratt. The community will consist of 89 townhomes and 83 single-family detached units situated on 39 acres in Wendell, N.C. – just east of Raleigh. The initial deliveries of homes are expected to be available for lease in H1 2024. “We anticipate strong job, population, and household growth in this emerging submarket and believe this property will be well-positioned to offer an affordable rent alternative, a high quality of life, as well as easy access to key employment centers and top-tier universities,” said Kevin Miller, Barings’ Head of Real Estate Acquisitions, Eastern U.S. Barings has been investing in U.S. real estate equity for nearly 30 years and today has $35.5 billion* in U.S. real estate AUM across equity and debt, with nearly 130 dedicated real estate investment professionals across six U.S. offices managing more than 550 assets.

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Real Estate Technology

JPAR Meets Consumer Demand for Floor Plans in Real Estate Listings with CubiCasa Partnership

PR Newswire | October 17, 2023

JPAR, a leading name in real estate, is proud to announce a groundbreaking partnership with CubiCasa, a pioneer in floor plan technology. The partnership marks one of CubiCasa's first partnerships with a residential real estate brand. The companies have joined in executing a vision to bring a floor plan to every listing. In a survey by the National Association of REALTORS®, it was revealed that 67% of home buyers consider floor plans "very useful" in their property search, yet this essential feature is often overlooked in listings. Following photos and listing data, a floor plan is the most coveted data asset for consumers. "We want every interaction with one of our agents and listings to be a quality experience for consumers. This partnership empowers our sales professionals to meet the demands of modern buyers by providing them with the information they need to make some of the largest decisions in their lives," said Daniel Butbul, VP of Operations at JPAR's Affiliated Network. "Our goal is to have floor plans available on 90% of JPAR listings by the end of 2024," added Butbul. Effective immediately, agents may now register for a JPAR-sponsored CubiCasa account, accessible through the JPAR® OneStop HUB. "It's incredibly exciting to work with JPAR® on this project. They share our vision of a better real estate search experience powered by floor plans being attached to every listing, and our technology is the world's single-easiest and most-scalable solution to creating floor plans," according to Jeff Allen, President, CubiCasa. The CubiCasa app streamlines the process of creating floor plans for listings, requiring just 5-10 minutes to scan the property using almost any mobile device. Agents can then upload the scan on-site or at their convenience. CubiCasa's advanced AI technology transforms the scan into a professional-grade floor plan, which is delivered within 6-24 hours, available with and without measurements. About JPAR - Real Estate JPAR – Real Estate is a full-service real estate brand and franchise platform offering a highly competitive transaction fee-based model and agent-centric culture. The JPAR® platform provides agents seven (7) days-per-week support, a comprehensive tech stack, marketing, lead generation, training, and mentoring. JPAR® affiliated owners benefit from compliance review, 1-on-1 consulting, recruiting support, and a peer network of influential industry leaders. The company boasts more than 4,000 agents operating in 65 offices across 27 states, Washington, D.C. and closes over $8B annually in sales volume. About CubiCasa Headquartered in Oulu, Finland, CubiCasa is the global market leader in mobile indoor scanning and is known for its fast and easy-to-use floor plan app on the App Store and Google Play Store. CubiCasa's technology is used in 160 different countries and has helped create over 1 million floor plans to date. CubiCasa provides technology for the real estate, appraisal, and mortgage industries and is on a mission to digitize real estate.

Read More

Real Estate Advice

Zillow unveils a new look for property pages, their biggest redesign in 5 years

PR Newswire | October 25, 2023

Zillow is launching a big update to the look and feel of for-sale property listings on its website, improving home shoppers' experience with a more intuitive and simplified layout. The enhanced design of for-sale property listings on Zillow.com offers a wider, single-scroll format, making it easier for home shoppers to find key information, such as square footage, the Zestimate feature, lot size and home type. The new layout also introduces a media section at the top of the page that better showcases photos and 3D tours. By clicking on a photo, the media section expands, providing a full-page, magazine-style layout for seamless navigation through the rest of the home's photography. "The new design delivers a fun and efficient way to browse homes on the Zillow website, making it easier for home shoppers to navigate and process information," said Jenny Arden, chief design officer at Zillow. "We introduced a wider layout for images, larger fonts for the most important facts and a clearer articulation of what makes the home special to help our users quickly understand if the home is right for them." Zillow's app updates: Navigate with ease and simplify financing with the Home Loans tab In addition to the redesign on the Zillow website, for-sale property listings on the Zillow app (iOS) are also receiving an update. This new look minimizes excessive scrolling by allowing users to more easily find the information that matters the most to them, whether that's home facts and features, a cost calculator or the Zestimate history. When viewing a for-sale listing on the app, users will see a new look that presents the home details categorized into sections such as "What's Special,"' "Market Value," "Monthly Cost" and "Neighborhood." Users can click into particular sections of interest to find more details. This new look will be available before the end of the year on the Zillow iOS app. Zillow is also introducing a new "Home Loans" tab on the Zillow app to help shoppers become buyers. Users can now easily figure out their budget, connect with a lender, get prequalified with Zillow Home Loans℠, and track their loan status — all in one place. "Financing is a critical part of the home-buying process, and 60% of buyers say setting their budget is their first step when buying a home. With this update, we're helping the millions of people browsing the Zillow app better understand what they can afford within their budget and see a clear path toward getting the mortgage they need," said Matt Daimler, senior vice president of product at Zillow. "We're already seeing an impact: Customers are saying it's easier than ever to access and use our financing tools and get prequalified with Zillow Home Loans."

Read More

Real Estate Technology

Barings and Foulger Pratt Close Acquisition of $50+ Million Build-to-Rent Community in Raleigh, NC

Business Wire | October 19, 2023

Barings, one of the world’s largest diversified real estate investment managers, today announced its joint venture with Foulger Pratt to acquire a 172-unit build-to-rent (BTR) community in the Raleigh, N.C. metropolitan area. The $50+ million acquisition marks Barings’ entrance into the BTR market and builds on the firm’s $12.5+ billion* U.S. real estate equity platform. The transaction brings Foulger Pratt’s BTR portfolio to 700 homes and approximately $250 million in investment across North Carolina and Maryland. “We believe build-to-rent is one of the fastest growing segments of the housing market given demographic trends, evolving consumer preferences, and a national housing shortage,” said Joe Gorin, Barings’ Head of U.S. Real Estate Equity. “We are excited to partner with the well-established team at Foulger Pratt on our first BTR acquisition and look forward to deploying more capital into attractively priced assets as we scale our capabilities in this segment.” “Foulger Pratt is excited to continue its investment in the Carolinas through the delivery of quality rental housing in partnership with Barings – one of the world’s leading investment managers,” said Cameron Pratt, Chief Executive Officer of Foulger Pratt. The community will consist of 89 townhomes and 83 single-family detached units situated on 39 acres in Wendell, N.C. – just east of Raleigh. The initial deliveries of homes are expected to be available for lease in H1 2024. “We anticipate strong job, population, and household growth in this emerging submarket and believe this property will be well-positioned to offer an affordable rent alternative, a high quality of life, as well as easy access to key employment centers and top-tier universities,” said Kevin Miller, Barings’ Head of Real Estate Acquisitions, Eastern U.S. Barings has been investing in U.S. real estate equity for nearly 30 years and today has $35.5 billion* in U.S. real estate AUM across equity and debt, with nearly 130 dedicated real estate investment professionals across six U.S. offices managing more than 550 assets.

Read More

Real Estate Technology

JPAR Meets Consumer Demand for Floor Plans in Real Estate Listings with CubiCasa Partnership

PR Newswire | October 17, 2023

JPAR, a leading name in real estate, is proud to announce a groundbreaking partnership with CubiCasa, a pioneer in floor plan technology. The partnership marks one of CubiCasa's first partnerships with a residential real estate brand. The companies have joined in executing a vision to bring a floor plan to every listing. In a survey by the National Association of REALTORS®, it was revealed that 67% of home buyers consider floor plans "very useful" in their property search, yet this essential feature is often overlooked in listings. Following photos and listing data, a floor plan is the most coveted data asset for consumers. "We want every interaction with one of our agents and listings to be a quality experience for consumers. This partnership empowers our sales professionals to meet the demands of modern buyers by providing them with the information they need to make some of the largest decisions in their lives," said Daniel Butbul, VP of Operations at JPAR's Affiliated Network. "Our goal is to have floor plans available on 90% of JPAR listings by the end of 2024," added Butbul. Effective immediately, agents may now register for a JPAR-sponsored CubiCasa account, accessible through the JPAR® OneStop HUB. "It's incredibly exciting to work with JPAR® on this project. They share our vision of a better real estate search experience powered by floor plans being attached to every listing, and our technology is the world's single-easiest and most-scalable solution to creating floor plans," according to Jeff Allen, President, CubiCasa. The CubiCasa app streamlines the process of creating floor plans for listings, requiring just 5-10 minutes to scan the property using almost any mobile device. Agents can then upload the scan on-site or at their convenience. CubiCasa's advanced AI technology transforms the scan into a professional-grade floor plan, which is delivered within 6-24 hours, available with and without measurements. About JPAR - Real Estate JPAR – Real Estate is a full-service real estate brand and franchise platform offering a highly competitive transaction fee-based model and agent-centric culture. The JPAR® platform provides agents seven (7) days-per-week support, a comprehensive tech stack, marketing, lead generation, training, and mentoring. JPAR® affiliated owners benefit from compliance review, 1-on-1 consulting, recruiting support, and a peer network of influential industry leaders. The company boasts more than 4,000 agents operating in 65 offices across 27 states, Washington, D.C. and closes over $8B annually in sales volume. About CubiCasa Headquartered in Oulu, Finland, CubiCasa is the global market leader in mobile indoor scanning and is known for its fast and easy-to-use floor plan app on the App Store and Google Play Store. CubiCasa's technology is used in 160 different countries and has helped create over 1 million floor plans to date. CubiCasa provides technology for the real estate, appraisal, and mortgage industries and is on a mission to digitize real estate.

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