Detroit-based Marketplace Homes partners with two Pennsylvania homebuilders to offer customers six years of rent for old home if they buy new from Heritage Building Group or Orleans Homebuilders

Audrey Dixon

Audrey Dixon

Aug 25, 2011 – Industry Intelligence

LOS ANGELES , August 25, 2011 () – Detroit-based Marketplace Homes is guaranteeing six years of rent payments to customers who purchase a new home from partner homebuilders Heritage Building Group or Orleans Homebuilders, reported Aug. 22.

The companies are working together to tackle one of the housing industry’s worst problems: painful sales prospects, Gary Rhoadarmer, Heritage Building’s marketing director said

Five years ago, Marketplace Homes was 100% focused on buying homes from homeowners looking into new builds, according to Managing Partner Mike Kalis. When home prices began to fall, the company had to reassess its strategy.

Although single-family homes, townhomes and condos that are listed for about US$1,800 a month are Marketplace’s main focus, Kalis said million-dollar homes had also gone through the program.

The company gets its revenues from real estate fees and a percentage of the rent payments.

The primary source of this article is, Levittown, Pennsylvania, on August 22, 2011.

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