Prime Properties Unveils Prime Ownership to Offer Safe Haven in Economic Storm
Dallas-based company is working to assist homeowners keep their investments by guiding them through the process of renting their homes while the market stabilizes. Taking advantage of a market flooded with a high caliber renter is proving to take the burden off of some victims of predatory lending.
Dallas, TX (PRWEB) February 21, 2009 -- Prime Properties, a Dallas-based property management company is rolling out a program to assist troubled homeowners in the areas they serve. While focusing on their clients, the homeowner, Prime Ownership will be able to also help prospective tenants.
David Kadleck, President & CEO observed, "Victims of predatory lending have options other than foreclosure. There are ways that we can help them keep their homes as landlords until they're in a better financial position." That led to the idea of Prime Ownership and the first part of the two-fold approach: Rent out their residence while riding out the economic downturn. During this tumultuous time this offers the homeowner two pluses: keep their investments while the market stabilizes and attract a higher caliber of tenant.
This leads to the second part of the program. People who have been displaced from their own homes due to economic strain, whether through foreclosure or simple "cinching the belt" now have many other options beyond the fields of apartment complexes that dot the suburban landscape. Prime Properties manages over 2,300 single family residences in five major metropolitan areas: DFW (the entire Metroplex is serviced by the corporate location), Tulsa, Oklahoma City, Baton Rouge/Lafayette, and Austin. With rents from $995 to $10,000 monthly, there is a wide range of home types that fit every family and lifestyle.
"The American Dream is moving back to the traditional," said Prime Properties COO, Kevin Martin. "People want to be able to buy homes, but they now realize that with that dream comes sacrifice. Spending a couple of years in a rental home may afford a family some time to save enough to buy a home of their own."
While the field of real estate employment is on the decline in general, Prime Properties has increased their team of property managers by 25% over the last 6 months to respond to the demands of the industry. Many of the tenants renting with Prime Properties are former homeowners themselves and tend to treat the homes as if they were their own. Prime Properties has seen a spike in security deposit returns.
"I've had to start handing out thank you gifts to our tenants at the end of their terms with us," said Charles Riska, Director of Property Management. "It used to be we would have to use the entire deposit to fix broken items in the home, but lately we see a lot more tenants taking pristine care of the rental home. We realized that it directly correlated with the amount of former homeowners taking tenancy of these houses."
Prime Properties is a Dallas-based property management company with locations in 5 Southwest Metro locations. Prime Properties has been in business since 1986, and employs a staff with over 100 years combined management experience. With over $3 million in rent processed each month, Prime Properties leads the single family residential industry.
Contact:
Layla Bush
(214) 432-1967
www.primeprop.com
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