Livonia, MI (PRWEB) July 26, 2017
Marketplace Homes, a property manager for more than 2,500 single-family homes in 28 states and the largest broker of new construction homes in the U.S., has announced a partnership with Detroit-based Finance Michigan Inc. to fund its continued growth and disruption of the real estate industry.
Marketplace Homes will devote most of the $5 million in new capital toward expanding its exclusive home buyout model. Purchasing a new construction home is frequently a challenge, as the buyer must dispose of the old home. Marketplace Homes’ exclusive buyout model provides cash for the old home in order to facilitate new construction.
Marketplace Homes also offers a guaranteed lease program for new construction homebuyers who want to lease their old home instead of selling it. Marketplace Homes will guarantee a competitive rent payment every month to make renting a more viable option.
"This is a better way to do real estate," Marketplace Homes CEO Mike Kalis said. "If we say we will sell your home for a certain price, we mean it. And we don't just say we'll get you a certain amount of rent for your home; we literally guarantee it."
By relieving homebuyers of their old properties, Marketplace Homes helps its partner builders — a roster that includes DR Horton, Lennar, Taylor Morrison, and more than 20 additional top builders in America — avoid unexpected cancellations that result in billions of dollars in unsold inventory each year.
"Our buyout program and guaranteed lease make purchasing a new construction home a seamless process, and our partner builders are selling more homes because of it," Kalis added.
Beyond strengthening its home buyout model, Marketplace Homes also plans to increase its tech presence, which currently allows the company to value, market, and sell properties in 28 major U.S. markets. Furthermore, it expects to use the funds to acquire property management companies in synergistic markets and hire additional full-time real estate experts.
Real estate will have tremendous tailwinds to grow over the next several years as the industry returns to normalized permit levels. This resurgence is one of several reasons Finance Michigan decided to invest in Marketplace Homes.
"We are very excited to partner with Marketplace Homes," Stan Dickson, president of Finance Michigan, said. "I was Mike’s landlord when he first started the company, and I have watched the company grow from one person to a team of more than 80 employees and from one state to nearly 30 states. It's special to see such a thriving business in our home state."
About Marketplace Homes
Founded in 2002, Marketplace Homes has sold more than $3 billion in new construction homes and gained a controlling interest in nearly 23,000 single-family properties. The company has been featured in more than 50 media outlets, including Fox Business, The Detroit News, Chicago's Daily Herald, and Builder magazine. It was named "Real Estate Company of the Year" by the American Business Awards, featured multiple times on Inc.'s "America's Fastest-Growing Companies" list, and highlighted by Michigan Gov. Rick Snyder as one of the state's "50 Companies to Watch."
Currently located in a state-of-the-art 25,000-square-foot office in Livonia, Michigan, Marketplace Homes has a staff of 80 team members servicing 28 states.
Learn more at marketplacehomes.com.
About Finance Michigan
Based in downtown Detroit, Stan Dickson and Finance Michigan Inc. have been funding and supporting Michigan-based entrepreneurs and businesses for more than 30 years. With more than $100 million to invest, the firm funds differentiated and determined companies and entrepreneurs who have exhibited traction in their respective industries and are poised for exponential growth.
Finance Michigan’s current portfolio includes companies in community banking, manufacturing, pet treats, restaurants, commodities, technology, and much more. It successfully sold Genesis Genetics last year to NYSE-listed CooperSurgical Inc. after co-founding the company with a single lab in Detroit and growing to five domestic and 13 international labs.
Learn more at financemichigan.com.