TenantAccess, an Austin, Texas-based provider of property preservation, management, and leasing services, has expanded its presence with 348 property managers located throughout the United States.

Paul Hayman, president of TenantAccess, explained that previously the company was well represented in the South, but he said, the spatter pattern of vacant homes stretching to every corner of the country meant they needed to have distribution across the United States. By adding more than 300 property managers to its network, the company more than doubled its capacity, and more importantly Hayman said, it gave TenantAccess a presence throughout all 50 states.

These new TenantAccess property managers will be responsible for maintaining the company’s growing portfolio of foreclosed properties, paying bills, collecting rents, and communicating with tenants. The company says its expanded workforce offers servicers, banks, and investors peace-of-mind that their property will be supported and maintained 24/7, no matter where it’s located.

Today’s housing crisis has led to unprecedented numbers of foreclosures nationwide, and TenantAccess says the opportunity to bring financial stability to the market relies on the industry’s ability to quickly occupy this surplus of foreclosed properties. To support this idea, TenantAccess has created an all-inclusive turnkey solution that it says allows property owners, renters, communities, and government agencies to easily and rapidly qualify, rehab, lease, and manage residential properties.

According to Hayman, this approach couldn’t be more timely considering the recent passage of the Protecting Tenants at Foreclosure Act, which requires lenders and servicers to honor any “bona fide” lease agreements in place on foreclosed properties. Hayman says the legislation has thrown financial institutions into the role of defacto landlords, or what he calls “unintentional landlords.”

Hayman explained that the new law has created a lot of uncertainty and many institutions don’t currently have the skillsets to handle property management, but he added, “Because the banks are in this defacto role, I believe it’s going to create new possibilities and new opportunities for dealing with the large numbers of foreclosures out there. The renting option was never on the table before. That’s the most exciting part, especially for communities and families that are trying to stay in their homes.”

In addition, Hayman said, a number of the large institutions are piloting or looking to roll out their own lease-and-hold rental strategies as alternatives to foreclosure. He pointed to the recent announcement of Fannie Mae’s Deed for Lease Program, for example, which enables qualifying homeowners facing foreclosure to remain in their homes as renters if they voluntary transfer the property deed back to the lender.

“TenantAccess was born out of the industry’s need for a single residential rental and property management company,” said Hayman. “Our mission is to maximize portfolio returns for our clients by eliminating the worries of property management.”

Hayman added that through the company’s dedicated, and now expanded, team of local property managers, clients can quickly rent their properties while providing an optimal lessee experience.

“It’s been proven that if renters are happy they are more likely to maintain the property, pay their bills on time, and have greater potential to be the ultimate property buyer,” Hayman said.

Hayman explained that TenantAccess scrutinizes prospective property managers before they are added to the company’s roster. The property management firms must show proof of general liability insurance, errors and omissions (E&O) insurance, as well as meet the specific insurance requirements of the company’s bank clients. In addition, property managers must be licensed in compliance with local requirements, and TenantAccess performs rigorous background and security checks.

“The firms that meet our standards are really an all-star team of property managers,” Hayman said. “On average they have more than 19 years of relevant REO experience and add tremendous local credibility and knowledge to our team.”
As a subsidiary of “FirstService Corporation”:http://www.firstservice.com and in partnership with “Field Asset Services”:http://www.fieldassets.com, TenantAccess says it offers clients more than 30 years of REO, residential property management, and leasing experience, allowing lenders, servicers, and investors to focus on portfolio management, not on property management.