Company: Marketplace Homes
Company Description: Marketplace Homes, based in Metro Detroit, has operations in over 30 markets throughout the United States. Founded in 2002, Marketplace Homes employs over 70 people. Marketplace Homes is the leading innovator in creative Real Estate solutions, helping to sell over 540 new construction homes in 2011.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Real Estate
Nomination Title: Marketplace Homes
Tell the story about what this nominated organization achieved since January 1 2011 (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
27.8% of all residential properties with a mortgage are currently underwater. There are few solutions offered to these property owners looking to move beyond short-selling or foreclosing. In 2010, Marketplace Homes, an innovative real estate firm, helped sell 205 new construction homes. The reason behind Marketplace Homes’ success is largely due in part to their 6 Year Guaranteed Lease™ program. When a client buys a new construction from one of Marketplace Homes’ preferred new builder partners, Marketplace will agree to lease their current home for up to 6 years. The homeowner will receive a payment every month, even if there isn’t a tenant. In addition, utilities, maintenance and repairs are handled by Marketplace Homes. In 2011, Marketplace Homes set out to sell 365 new construction homes-one home per day. By the end of that same year, 543 new homes had been sold with help from Marketplace Homes. In addition to helping 543 families build the home of their dreams, hundreds of tenants were also able to move.
With many companies in the real estate industry experiencing a downturn, Marketplace Homes is growing faster by the minute. With over 3000% percent revenue growth since 2008 and employee growth at 146% and rising, Marketplace Homes has already established themselves as an industry leader. Working with over 25 of the nation’s recognized top builders. Marketplace Homes has been featured on national media outlets such as FOX Business, Builder Magazine, Founderbuzz, and Crain’s, along with multiple local features.
Marketplace Homes is revolutionizing the concept of cloud real estate. All communication is conducted via telephone and email, thus allowing Marketplace to operate in over 21 different markets across the country. With the 2011 introduction of the inteliTour, prospective tenants are able to have a guided tour of the property completely over the phone. Residential Solutions Managers give detailed descriptions and suggestions to allow prospective tenants to envision themselves living in the home. Along with the inteliTour, Marketplace Homes also introduced the innovative Home Concierge industry game changer. Upon signing the lease with Marketplace Homes, a client is given a Home Concierge coordinator to assist them through the entire moving process. A coordinator will handle any and all concerns, questions, or issues that may arise. Since launched, this customer-service based process has been adapted by other Fortune-500 companies in hopes of duplicating Marketplace’s dedication to service.
In addition to Marketplace Homes’ dedication to customer service, Marketplace actively participates in local causes in the Metro Detroit area. Each month, employees are encouraged to make a donation to a pre-determined charity of the month. This donation will then be matched by the company. Past recipients have included the Laura Marie Pediatric Heart Endowment Fund, the Michigan Heat and Warm fund, and the Salvation Army. Marketplace Homes also donates to several families during the holidays, providing monetary and gift donations.
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Provide a brief (up to 100 words) biography about the leader of this nominated organization:
Mike received his Bachelor of Marketing Degree from Elli Broad College of Business at Michigan State University.
He began his career at Pulte Homes where he created “Solutions Based Sales”. Mike is a well-respected Metro-Detroit Businessman and Entrepreneur. He has grown Marketplace Homes from a one person basement office to an organization in over twenty markets with annual sales in excess of $450 million. Did we mention he accomplished all this before his 30th birthday!
Mike has been honored with multiple awards including: “50 Companies to Watch List” by Governor Rick Snyder, the Stevie Award Nomination for "Most Innovative Company in the United States under 100 Employees", the Crain's Detroit 20 in their 20's winner and the Michigan Economic Bright Spot Award winner. In addition, Mike has received recognition in numerous publications including Forbes Magazine, Builder Magazine, Detroit News, Detroit Free Press and DBusiness Magazine.
Mike is a firm believer that all individuals are artists and everything from answering phones, to crafting million dollar deals can be accomplished artistically. One of Mike’s favored awards was recently presented to him from the team at Marketplace Homes, a personalized canvas with the word “Artist” etched across it.