PodProperty
PodProperty is an online legal service provider, that specializes in co-ownership agreements for tenants in common.[1][2][3][4][5][6][7] The company’s business model and value proposition is to be viewed and positioned as “a pioneer” in the home co-ownership industry.[8][9][10][11][12]
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Type | Private |
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Industry | Co-Ownership Services |
Founded | April 2006 |
Founder |
|
Headquarters | |
Products | Co-Ownership Guide |
Services | Co-Ownership Agreements |
Website | podproperty |
History
Jeremy Levitt and Jonathan Stambolis co-founded PodProperty in April 2006.[1][2][9][10] Stambolis is a director of PodProperty, and Levitt is the company's chief executive officer (CEO).[8][13][14] The business is built around the legal arrangement of co-ownership of houses, apartments or real estate in Australia.[9][12] The company was established during Australia's housing affordability crisis when there was soaring property prices and rising interest rates on home mortgages.[1][8][15]
It was reported in November 2006 (six months after PodProperty was established) that the company was receiving 30-40 enquiries a day for its co-ownership guide.[1] In June 2007, PodProperty made a submission to the New Zealand Parliament Commerce Select Committee Inquiry into Housing Affordability in New Zealand.[16][17] Its submission "focuses on shared equity schemes and, in particular, co-ownership as a means of improving the affordability of housing in New Zealand, based on the success of this initiative in Australia".[17] The company said in a report in February 2010 that the estimated number of people it has assisted with their co-ownership plans grew 51 percent and it attributed the growth to the effects of the global financial crisis and people wanting to spread their mortgage risk.[11]
Services and products
PodProperty facilitates co-ownership agreements and offers legal advice for individuals interested in purchasing property together as tenants in common.[3][5][11][15][18][19] Their Co-Ownership Agreement caters to various relationships, including friends, family members, and de facto partners, allowing them to address property-related matters.[2][5][20] The company provides a free Co-Ownership Guide and also offers a service to assist homeowners and real estate investors in selling part of their investments.[5] They charge for their co-ownership agreements, with fees based on a "per person" basis.[2][10][12][20][21][22]
Affiliations
PodProperty has a strategic partnership with the Commonwealth Bank of Australia (CBA) and Mortgage Choice which has PodProperty listed as their preferred source of co-ownership agreements.[7][13][20][23][24] It launched a co-ownership initiative with the now defunct Wizard Home Loans in 2007 to provide specialised services for single first home buyers looking to purchase property together.[15][18][25]
In 2007, PodProperty organised the co-ownership of a holiday property in Queensland involving five Australian couples living in Indonesia, the Northern Territory and Victoria and assisted another group to buy in Niseko, Japan.[10] They arranged a co-ownership agreement for two friends who pooled their deposits to buy an apartment in Surry Hills, New South Wales in 2008.[26][27] The company also assisted a brother and sister in 2008 to buy an apartment in Sydney's North Bondi and helped them to look for a second one too.[19] In 2013, PodProperty drew up a co-ownership agreement for the sales of a five-bedroom house in Cottage Point, New South Wales waterfront on Sydney's Pittwater.[14]
Recognitions
The company's chief executive officer (CEO), Jeremy Levitt, was nominated as a 2007 SmartCompany Idol.[15]
See also
References
- "Great Australian dream on line". The Daily Telegraph. Sydney. 20 November 2006. Retrieved 13 September 2013.
- Majella Corrigan (4 August 2007). "Collective ownership". The Australian. Retrieved 13 September 2013.
- Crystal Ja (3 November 2007). "Teaming up to enter the market". News.com.au. Retrieved 13 September 2013.
- Kate Robertson (8 February 2010). "Getting a toehold in the market". The Canberra Times. Retrieved 13 September 2013.
- Larry Schlesinger (9 November 2012). "Buy with friends rather than miss out on a good property opportunity: John Symond". Property Observer. Retrieved 13 September 2013.
- "Jeremy Levitt: Executive Profile & Biography". Bloomberg Businessweek. Retrieved 13 September 2013.
- "Property Share Fact Sheet" (PDF). Commonwealth Bank of Australia. p. 1. Retrieved 13 September 2013.
- Alia McMullen (10 November 2006). "Rate rise good news for investors". News.com.au. Retrieved 13 September 2013.
- Robert Mowbray and Nicholas Warren (July 2007). "Shared-equity home-ownership: welfare and consumer protection issues". Shelter Brief 33. Shelter NSW: 24. ISSN 1448-7950. Retrieved 13 September 2013.
- Janet de Silva (8 July 2007). "He ain't heavy, he's my co-owner". The Sydney Morning Herald. pp. 1 & 2. Retrieved 13 September 2013.
- Katherine Jimenez (24 February 2010). "Groups pool resources to buy a home". The Australian. Retrieved 13 September 2013.
- "One stop home co-ownership shop". SmartCompany. Retrieved 13 September 2013.
- Catriona Montalvo (28 November 2012). "Protecting yourself when going halves in a mortgage". Living Space. Commonwealth Bank of Australia. Archived from the original on 3 November 2013. Retrieved 13 September 2013.
- Jonathan Chancellor (1 March 2013). "No sharing so Notting Lane, Cottage Point set for March 28 auction". Property Observer. Retrieved 13 September 2013.
- Amelie Mills (4 March 2009). "Jeremy Levitt – Podproperty". SmartCompany. Retrieved 13 September 2013.
- "Submission to New Zealand Parliament Commerce Committee Inquiry into Housing Affordability". Submitted by PodProperty (NZ). New Zealand Parliament. 15 June 2007. pp. 1–7. Retrieved 13 September 2013.
{{cite web}}
: CS1 maint: others (link) - New Zealand Monetary Policy and the Residential Housing Market – A Scoping Study Working Paper (PDF). Prepared by PricewaterhouseCoopers. Centre for Housing Research, Aotearoa, New Zealand (CHRANZ). May 2009. p. 192. ISBN 978-0-9864505-2-5. Retrieved 13 September 2013.
{{cite book}}
: CS1 maint: others (link) - Raquel De Brito (4 November 2007). "Real estate Perth, Western Australia". PerthNow. Retrieved 13 September 2013.
- David Potts (23 November 2008). "Prenups not just for the Hollywood types". The Sydney Morning Herald. p. 5. Retrieved 13 September 2013.
- "Partners > Co-Ownership agreements". Mortgage Choice. Retrieved 13 September 2013.
- Wendy Mason (14 April 2008). "Avoid aches in the joint". Herald Sun. Retrieved 13 September 2013.
- Cispin Hull (September 2006). "Help for investors in strife". All Homes. Retrieved 13 September 2013.
- "What is co-ownership?". Mortgage Choice. Retrieved 13 September 2013.
- Tian Yang (24 November 2009). "Jeremy Levitt, 2009 Anthill 30under30 winner". Australian Anthill. Retrieved 13 September 2013.
- "Wizard, PodProperty launch initiative to facilitate co-ownership". The Adviser. 7 November 2007. Retrieved 13 September 2013.
- Mercedes Maguire (20 April 2008). "Roads to the big dream". The Daily Telegraph. Sydney. Retrieved 13 September 2013.
- Vikki Campion (18 July 2009). "Proof that mortgages and mates can mix". The Courier-Mail. Retrieved 13 September 2013.