PodProperty

PodProperty is an online legal service provider that specialises in co-ownership agreements for tenants in common.[1][2][3][4][5][6][7] It is a pioneer in the home co-ownership industry.[8][9][10][11][12]

PodProperty Pty Ltd
TypePrivate
IndustryCo-Ownership Services
FoundedApril 2006
Founder
Headquarters
Sydney, Australia
ProductsCo-Ownership Guide
ServicesCo-Ownership Agreements
Websitepodproperty.com.au

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 per cent year on year 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 arranges co-ownership agreements and letters of legal advice for people who want to buy property together as tenants in common.[3][5][11][15][18][19] The PodProperty Co-Ownership Agreement can set out the rights and obligations between people in many different types of relationships, including groups of friends, family members, de facto partners (either heterosexual or same-sex) or a combination of these types of relationships, and it can be used to set out how the co-owners want to deal with any other issues relating to the property.[2][5][20] The company has a co-ownership guide for home buyers and real estate investors, which explains how co-ownership works, its importance and how to start or end a co-ownership.[1]

The PodProperty Co-Ownership Guide is given out for free.[5] The company also provides a service to help home owners and real estate investors sell down part of their investments.[21] It charges for co-ownership agreements, and would be co-owners pay on a "per person" basis for this service.[2][10][12][20][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]

Recognistions

The company's chief executive officer (CEO), Jeremy Levitt, was nominated as a 2007 SmartCompany Idol.[15]

See also

References
  1. "Great Australian dream on line". The Daily Telegraph. 20 November 2006. Retrieved 13 September 2013.
  2. Majella Corrigan (4 August 2007). "Collective ownership". The Australian. Retrieved 13 September 2013.
  3. Crystal Ja (3 November 2007). "Teaming up to enter the market". News.com.au. Retrieved 13 September 2013.
  4. Kate Robertson (8 February 2010). "Getting a toehold in the market". The Canberra Times. Retrieved 13 September 2013.
  5. 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.
  6. "Jeremy Levitt: Executive Profile & Biography". Bloomberg Businessweek. Retrieved 13 September 2013.
  7. "Property Share Fact Sheet" (PDF). Commonwealth Bank of Australia. p. 1. Retrieved 13 September 2013.
  8. Alia McMullen (10 November 2006). "Rate rise good news for investors". News.com.au. Retrieved 13 September 2013.
  9. 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.
  10. 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.
  11. Katherine Jimenez (24 February 2010). "Groups pool resources to buy a home". The Australian. Retrieved 13 September 2013.
  12. "One stop home co-ownership shop". SmartCompany. Retrieved 13 September 2013.
  13. 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.
  14. Jonathan Chancellor (1 March 2013). "No sharing so Notting Lane, Cottage Point set for March 28 auction". Property Observer. Retrieved 13 September 2013.
  15. Amelie Mills (4 March 2009). "Jeremy Levitt – Podproperty". SmartCompany. Retrieved 13 September 2013.
  16. "Submission to New Zealand Parliament Commerce Committee Inquiry into Housing Affordability". Submitted by PodProperty (NZ). New Zealand Parliament. 15 June 2007: 1–7. Retrieved 13 September 2013. Cite journal requires |journal= (help)CS1 maint: others (link)
  17. "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: 192. ISBN 978-0-9864505-2-5. Retrieved 13 September 2013. Cite journal requires |journal= (help)CS1 maint: others (link)
  18. Raquel De Brito (4 November 2007). "Real estate Perth, Western Australia". PerthNow. Retrieved 13 September 2013.
  19. David Potts (23 November 2008). "Prenups not just for the Hollywood types". The Sydney Morning Herald. p. 5. Retrieved 13 September 2013.
  20. "Partners > Co-Ownership agreements". Mortgage Choice. Retrieved 13 September 2013.
  21. Cispin Hull (September 2006). "Help for investors in strife". All Homes. Retrieved 13 September 2013.
  22. Wendy Mason (14 April 2008). "Avoid aches in the joint". Herald Sun. Retrieved 13 September 2013.
  23. "What is co-ownership?". Mortgage Choice. Retrieved 13 September 2013.
  24. Tian Yang (24 November 2009). "Jeremy Levitt, 2009 Anthill 30under30 winner". Australian Anthill. Retrieved 13 September 2013.
  25. "Wizard, PodProperty launch initiative to facilitate co-ownership". The Adviser. 7 November 2007. Retrieved 13 September 2013.
  26. Mercedes Maguire (20 April 2008). "Roads to the big dream". The Sunday Telegraph. Retrieved 13 September 2013.
  27. Vikki Campion (18 July 2009). "Proof that mortgages and mates can mix". The Courier-Mail. Retrieved 13 September 2013.
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