Latest news with #realestate
Finextra
an hour ago
- Business
- Finextra
Citi invests in embedded mortgage platform Vontive
Citi has made an equity investment in Vontive, an embedded mortgage platform for investment real estate. 0 The Wall Street giant has also led a $150 million securitisation for Vontive, establishing the startup's securitisation shelf, marrying a traditional structure for credit investing with its technology for digitally originating, underwriting, and servicing business-purpose mortgages at scale. Vontive's platform connects private credit investors with real estate entrepreneurs. The firm says this removes barriers for private credit to finance and, in doing so, tackles an urgent real-world problem: the more than 70 million homes that were built before 1980 now in need of renovation as the US faces a chronic shortage of affordable housing. The startup's technology promises to apply granular knowledge of housing markets, properties, borrowers, and document requirements to streamline and improve operations. This all helps capital allocators to access complex and esoteric credit assets. "There is unprecedented demand for private credit exposure from financial institutions but delivering it consistently and at scale requires Vontive's sophisticated technology," says Vontive CEO Charles McKinney. "The combination of Citi's equity investment and full suite of capital markets solutions will enable us to supercharge Vontive's growth sustainably."
News.com.au
2 hours ago
- Business
- News.com.au
Melbourne's Metro Tunnel project transforms Shrine into hot property
A Metro Tunnel real estate boon is turning Melbourne's Shrine of Remembrance into hot property. The St Kilda Rd and South Melbourne office precinct neighbouring the soon-to-be opened Anzac Train Station opposite the Shrine has been tipped for rent rises of as much as $35 a square metre (8.5 per cent) as the new rail hub comes online this year. It follows another leasing boon along Swanston St where food and retail operators have been signing up long-term leases in anticipation of increased foot traffic in that area. Commercial real estate firm JLL has tracked significant increases in leasing activity in the area, with more than 19,500sq m of office space within the Anzac Station's walking-distance catchment attracting new leases in the past year. While Property Council data indicates Melbourne's CBD has close to a million square metres of office space untenanted, withan 18 per cent vacancy rate, there are now 26 buildings in walking distance of the future train station on St Kilda Rd with full occupancy. JLL head of strategic research Annabel McFarlane said after years of construction disruption the anticipated completion of the metro tunnel, businesses were already moving to take advantage of the area — something that was expected to happen in the years ahead to the Arden-Macaulay precinct on the other side of the CBD. 'We are already seeing it's influence in the St Kilda Road office precinct, with increased office leasing activity around the St Kilda Road ANZAC station site now that the worst of the above ground disruption has come to an end,' Ms McFarlane said. 'We anticipate this to accelerate for this precinct as the benefits of the location become apparent with the opening of the station and businesses seek to access a wider talent pool. 'The businesses are confident that it will give them access to more staff and better foot access for their customers.' Separate research by the firm shows there is an 8.5 per cent premium for city-fringe office hubs within walking distance of train stations in South Yarra and Richmond. 'A similar uplift in average rents to office assets in the ANZAC station precinct of St Kilda Road implies rents could rise from circa $415 per sqm pa to approximately $450 per sqm pa when the Metro rail project completes,' Ms McFarlane said. Ms McFarlane said while needs were changing for many offices, particularly the amount of desk space required, the need for space wasn't necessarily dropping – as many businesses were seeking more meeting rooms and collaborative areas. Ironically, work from home is part of what they believe is driving the demand along the Metro Tunnel. 'Work from home has amplified the importance of well located offices, because you are potentially competing with work-from-home and if you need to have your staff connected in a building, you want to be in a better location to make that worthwhile for your staff to come in,' Ms McFarlane said. Overall, the Metro Tunnel is expected to divert about 32.7 million commuters a year from traditional rail routes. It is expected to open to public use in the coming months, with stores inside the train stations having already attracted strong leasing activity from a mix of dining and retail groups. In addition to Anzac Station on St Kilda Rd, the other new stations will include Parkville and Arden Stations north of the city, as well as CBD stops at the State Library and Town Hall. While already well connected pockets of Melbourne such as Collins St, and particularly the Spring St end of it, were clearly the city's main attractions, and there was ongoing demand for the eastern end of the CBD, the infrastructure boon would have an impact. 'We feel the Anzac Station will have the most noticeable change as it wasn't well connected before,' Ms McFarlane said. While Parkville which is also part of the new tunnels list was already very much in demand for education and biomedical businesses, she added that the future of the Arden-Macaulay precinct on the north side of the city was likely to see a similar result to the Anzac Station pocket over time. 'Arden is the next most interesting, but it's a slow burn,' she said. The JLL research follows separate observations from commercial real estate firm Fitzroys, who have observed plunging vacancy rates for retail venues in Melbourne's CBD. In 2023 there was a 14.1 per cent vacancy rate, by earlier this year it was just 6.1 per cent. But along Swanston St it has dropped to just 2.6 per cent, lower than even the Parliament end of Collins St — regarded as the city's premier commercial precinct. Most of it has been driven by eateries. Fitzroy's director James Lockwood said the shift was coming off the back of anticipation of the Metro Tunnel works being completed and an increase in commuter traffic. Late last year it was also revealed that signiciant leases have been signed within the stations by operators including IGA, People's Coffee, Sushi Sushi, KFC, Starbucks and 7-Eleven.
Fast Company
3 hours ago
- Business
- Fast Company
How automation improves real estate interactions
Miscommunication, missed messages, forgotten requests—these are the hidden costs of doing business in real estate. In the real estate industry, manual data entry mistakes, such as misallocated expenses or incorrect financial reporting, can cost companies millions annually. Research indicates that manual data entry has an error rate ranging from 1% to 4% and each error can cost up to $25 to rectify. These costs can manifest as missed investment opportunities, unresolved tenant issues, and lost client trust. Real estate professionals cannot afford to ignore these inefficiencies. But it doesn't have to be this way. Automation is transforming real estate by eliminating these friction points, not just for large firms but for small businesses and independent professionals as well. When used correctly, automation doesn't replace the human touch—it enhances it—bringing clarity, consistency, and professionalism to every interaction. Clarity and consistency through automation In any business, consistency is key to maintaining professionalism. Automation allows companies to standardize processes, ensuring that terms, policies, and interactions are clear and uniform. This not only minimizes misunderstandings but also builds trust with clients and partners. Everyone knowing what to expect reduces disputes and enhances professionalism. In real estate, this is especially true in lease management. Automated enforcement of lease agreements ensures that terms such as late fees, payment deadlines, and maintenance responsibilities are clearly outlined and consistently enforced. Clear, legally compliant lease terms reduce ambiguity and prevent disputes. For real estate agents, investors, and landlords managing their own properties, automation makes it easier to comply with local laws by applying consistent terms across all leases or transactions, protecting interests, and building client trust. Additionally, automated in-app messaging leads to stronger relationships and fewer misunderstandings by providing a centralized platform where landlords and tenants can communicate. Real-time, two-way communication directly within a secure system eliminates the need for scattered text threads, emails, or missed calls. Landlords can track and manage conversations efficiently, while tenants gain a clear channel for addressing concerns, receiving updates, or asking questions. Predictable and respectful communication Automation can also elevate customer interactions by maintaining consistent, respectful communication. In business, this means automated reminders for appointments, follow-ups, or deadlines, ensuring clients are kept informed without feeling overwhelmed or neglected. For property managers and landlords, this is exemplified by automated rent payment reminders and notifications. Rather than sending ad-hoc texts or emails—sometimes at inconvenient hours such as early morning or late night—landlords can set up reminders delivered consistently at the same time of the day and on the same days of the month. This reduces late payments, maintains professionalism, and respects tenants' personal time. Automation also supports multiple payment methods, offering tenants convenience while providing landlords with a clear, trackable payment history. Streamline management Effective management requires keeping track of tasks, requests, and communications without anything slipping through the cracks. Automation excels at this, offering centralized systems where tasks are logged, prioritized, and tracked. In real estate, this is best seen in maintenance management. Automated systems allow tenants to submit maintenance requests, which are then logged, categorized, and tracked. Tenants can see the status of their requests, reducing repetitive follow-ups, while landlords have a clear record of completed work, costs, and vendor interactions. Enhance client experiences Businesses across industries are increasingly focused on the client journey, ensuring that every touchpoint is smooth and satisfying. In real estate, automation can transform this experience by streamlining scheduling, property showings, and follow-ups. For real estate agents, this might mean automated property match notifications or self-service scheduling tools that allow prospective buyers or renters to book showings without waiting and prevent double bookings. Beyond convenience, automation elevates professionalism. Agents and landlords can maintain consistent follow-ups, ensuring that clients receive timely responses and critical information without delays. This reduces client anxiety, builds trust, and helps real estate professionals create a reputation for reliability and responsiveness. Furthermore, automation can help investors offer value-added services that improve tenants' financial well-being. For example, credit-boosting features allow tenants to report on-time rent payments to major credit bureaus, helping them build their credit scores over time. This benefits both tenants, who see improved credit, and landlords, who often experience a noticeable increase in on-time payments. Such features make rental properties more attractive to prospective tenants and foster long-term loyalty. Data-Driven Decisions for Smarter Investments Automation is a game-changer for investors who rely on data to drive decision-making. Automated tools can collect and analyze market trends, rental yield data, property valuations, and investment forecasts in real-time. This gives investors immediate access to insights that can guide strategic decisions. Beyond basic data access, automation also allows for customized dashboards where investors can visualize performance metrics across their portfolio. This helps them quickly identify high-performing properties, spot emerging opportunities, and make informed decisions faster than competitors relying on manual research. For instance, RentRedi runs surveys that provide critical insights into landlord behaviors, from how they prepare for tax season to how they screen tenants. Understanding these patterns helps professionals benchmark their practices, anticipate challenges, and make more informed decisions. Additionally, we partner with Chandan Economics to develop data reports that offer broader market insights by tracking trends in rental demand, property values, and landlord investment plans. Access to this kind of data ensures that professionals are not making decisions based on guesswork but on solid, actionable intelligence. Elevating Industry Standards In an industry where professionalism can make or break a deal, automation allows real estate professionals to minimize miscommunication and hidden costs. Businesses that embrace automation can reduce costly errors and deliver consistent, high-quality service that sets them apart. As they raise the bar for professionalism, they gain a competitive edge, build stronger client relationships, and operate more efficiently. This means that even the smallest landlords can adopt best practices once reserved for large corporate investors. Automation allows real estate professionals to focus on higher-value tasks like client relationships and portfolio growth. As automation becomes the norm, professionalism in real estate is becoming the standard, rather than the exception.
ABC News
4 hours ago
- Business
- ABC News
ACCC announces investigation into REA Group
The Australian Competition and Consumer Commission has announced it is in the early stages of an investigation into REA Group, the 33 billion-dollar operator of over concerns about competition in the real estate industry. The investigation comes as the News Corp-controlled real estate advertising service has told customers it would increase subscription prices for real estate agents by as much as 78 per cent from July 1. Guest: Tim McKibbin, chief executive of the Real Estate Institute of New South Wales Producer: Grace Stranger The REA Group released the following statement: "REA is committed to providing choice, value and flexibility to its customers and consumers, and remains focussed on delivering products and services that improve the property experience of buyers, sellers and renters. "REA is cooperating fully with the ACCC and is unable to comment further for confidentiality reasons."
National Post
4 hours ago
- Business
- National Post
SmartStop Self Storage REIT, Inc. Announces Acquisition of Self-Storage Facility in the Denver Metropolitan Statistical Area
Article content LADERA RANCH, Calif. — SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE: SMA), an internally managed real estate investment trust and a premier owner and operator of self-storage facilities in the United States and Canada, announced the acquisition of a self-storage facility located at 5885 W Colfax Ave in Lakewood, Colorado, within the Denver Metropolitan Statistical Area. Article content Article content The newly acquired facility comprises approximately 66,850 net rentable square feet and offers approximately 600 storage units across six buildings, including one three-story building, one two-story building, and three one-story buildings. The property features a mix of drive-up, ground-level interior non-climate-controlled, and upper-level interior climate-controlled units, with access provided by three elevators. Article content Strategically positioned approximately 3.5 miles from downtown Denver, the facility boasts excellent visibility along West Colfax Avenue, which experiences a daily traffic count of approximately 22,000 vehicles. The surrounding area reflects a strong demographic profile, including a projected five-year population growth rate of 3.0% within a three-mile radius. This facility will serve the neighborhoods of Eiber, Two Creeks, Edgewater, Morse Park, North Alameda, and Sloan Lake. Article content 'Our continued investment in high-quality storage assets within strong, growing markets like the Denver MSA is part of our long-term strategic vision,' said Wayne Johnson, President and Chief Investment Officer of SmartStop. 'With its central location, modern layout, and diverse unit mix, this facility is well positioned to meet customers' needs throughout the Lakewood and greater Denver communities.' Article content SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE:SMA) is a self-managed REIT with a fully integrated operations team of approximately 590 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of May 29, 2025, SmartStop has an owned or managed portfolio of 221 operating properties in 23 states, the District of Columbia, and Canada, comprising approximately 157,600 units and 17.7 million rentable square feet. SmartStop and its affiliates own or manage 41 operating self-storage properties in Canada, which total approximately 34,400 units and 3.5 million rentable square feet. Additional information regarding SmartStop is available at Article content Article content Article content Article content Article content
