There are dark adverse clouds vitiating the real estate climate in Tampa Bay. In it a couple sees opportunity to make hay. Renowned entrepreneurs Bill Eshenbaugh and Lynda Keever have launched a new venture targeting to bring help to the lending bodies burdened and weighed down by an ever increasing list of repossessed properties.
The couple is optimistic that US Asset Management & Disposition Corp. will be able to give a one point contact for all the services required to rehabilitate the “special assets” hanging in the books of the bank and sell them off. Eshenbaugh of Eshenbaugh Land Company said, “By taking charge of foreclosed properties, USAsset Management is helping banks solve several problems.By outsourcing these functions, we could help them reduce staff, speed up paperwork through our high-speed secure Web platform and alleviate the hiring and supervision of brokers and vendors.”
At the core of the plan is the web platform that will enable asset managers to link with a task list related to each of the properties. When the unit is ready to be marketed, the proper REO specialists would be notified. The company’s data base would contain the details of these specialists. They in their turn would respond to the proposals of marketing the units.
Keever has recently retired from Florida Trend magazine. He said, “It’s our goal to help the banks achieve their goals with the property. On any given day, there might be 10 or 50 reminders to that asset specialist of what they’re supposed to do that day with their properties.” He added, “If you’re a lawn care company or a Realtor who wants an assignment, you can sign up on our site for free. If we need services in Kansas or Florida, we’ll look up people on our Web site first. We’ll have a great database of companies who can handle the services we want.”
The company will be focusing on residential units for at least another year. By that time the commercial properties are expected to hit the real estate market. It would then think about handling problems related to office condos, retail outlets and modest warehouses. Matters pertaining to land would be sent to be dealt with by Eshenbaugh Land Company. He explained, “If it’s a $10 million or a $30 million shopping center, it’s not likely they’ll give that to us. They’ll go with Cushman & Wakefield or somebody else. We think our niche is in the smaller commercial.”