Eric Workman, Vice President of Sales and Marketing for MACK Companies will be participating as a guest speaker at the Information Management Network’s Single Family Aggregation Forum in beautiful Miami, Florida next week.
MACK Companies’ VP of Sales and Marketing, Eric Workman, was interviewed on Fox Business News yesterday regarding single-family rentals in the Chicago-land area. This report by Fox comes in the light of increased interest in MACK’s business model as well as MACK Companies. Mr. Workman also spoke about the area’s economic diversity and a more fragmented housing supply that differs in many ways across the landscape.
CBS 2′s Derrick Blakley released a detailed report yesterday regarding MACK Companies‘ ability to transform foreclosed properties into move-in ready single family rentals. MACK has bought more than 1,000 foreclosed houses, renovated them and rented them out to new tenants. “When you’re doing the same thing to all the homes, it’s almost like an assembly line,” said Eric Workman, MACK’s VP of Sales and Marketing.
We feel great about such coverage because it speaks to the value of our business process. MACK Companies helps raise property taxes for governments, property values for neighbors and has the ability give new hope to renters, who then have the option to buy their home.
MACK Companies was more than pleased to discover that it had been declared a winner by MSN Real Estate. This comes as no surprise after experiencing a record year in which we acquired more than 200 homes in Chicago’s south and southwest suburbs. Eric Workman, Vice President of Sales and Marketing was quoted as saying “Owning a single-family home as a rental used to be a big mom-and-pop thing, with the owner managing it, this is really the first time in history you’ve had this much opportunity, this much rental demand and desire from very big Wall Street funds.”
The Wall Street Journal ran an article this week regarding early sellers scoring big from selling off properties in bulk. The Article’s author, Nick Timiraos, used MACK Companies as an example pointing to the sale of 196 homes to a Scottsdale, Arizona, based real estate investment firm, American Residential Properties. This record deal leaves little doubt that single-family rental homes are now one of the hottest asset classes.
Institutional investors have come to value foreclosures, which can be given new life as rental properties. Nationally homes prices have continued to rise by 6% while much of the nation’s inventory continues to shrink. The perfect combination of economic factors makes Chicago one of if not the best location to invest in single-family rental homes.
MACK Companies was recently featured in an article written by Amy Hoak for MarketWatch. The article talks about how investing in single-family homes is becoming a driving force which is stabilizing home values in communities across The United States. At the same time, institutional investors can see value in foreclosures that can be given new life as rental properties. The article goes on to speak about how average investors may be able to get a piece of the action as some companies may create publicly traded real-estate investment trusts, more commonly referred to as REITs, for single-family rental homes. This is not surprising given that, publicly traded REITs include those based on apartment properties as well as retail, office and industrial space.
FOX Business ran two segments last week with regard to investing in the single-family asset class. MACK Companies CEO and president James McClelland and Eric Workman, MACK Companies VP of Sales and Marketing were both interviewed. Fox Business wanted to shed the light on the increased interest in single-family home investments. Who better to talk to than MACK? Mr. McClelland spoke to the immense desire for volume from Wall Street. Mr. Workman had this to add ”Institutional investors have come into this market in a big way,” and that they either they want to enter into this line of work like MACK or merely want to acquire the asset.
The Street ran a story this month regarding wall street investors, flush with cash and hungry for yield, buying up foreclosed homes, leaving traditional real estate “flippers” struggling to find a bargain in some housing markets. Many publications have recently been reporting that the housing market is now showing signs of recovery and the inventory of foreclosed homes has begun shrinking. Eric Workman, MACK Companies VP of Sales and Marketing can certainly speak to the swift rise in demand for single-family homes.
The Chicago Tribune ran a story this morning which spoke about how many Americans are now forgoing homeownership in favor of renting. The demographic of Americans driving this demand for rentals is wide and varied. Obviously MACK Companies in a unique position to benefit from such a trend but we also feel very grateful that we can provide the housing stock necessary for such a demand. “The demand exceeds the supply among single-family-house rentals,” said Eric Workman, our Vice President of Sales.
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