South Fla. Company Launches Condo Matchmaker to Meet Growing Rental Demand

By Erika Schnitzer, Associate EditorMiami—Developer Sales Group LLC, an interactive sales and marketing organization specializing in the South Florida real estate industry, recently launched PlumPads, a rental real estate firm specializing in matching multifamily properties with qualified leasing prospects.“We perform as a transactional broker, bringing buyers and lessors together,” explains Michael Internoscia (pictured), owner of Developer Sales Group and founder of PlumPads. Headquartered in Miami with affiliate offices in Houston, PlumPads works with developers, owners and banks who are unable to sell their properties in the current market by renting unoccupied condos quickly during the downturn. Additionally, the PlumPads management division facilitates relationships between residents and property managers—including security deposits, maintenance and repairs— following the rental agreement.The practice of releasing new products and converting condos has almost ceased to exist, Internoscia tells MHN. “Instead of fighting through the marketplace, PlumPads is for renting products for developers and bankers. We know there is a window to sell again. This is a cure-all to sit on real estate, rent it up and ride the storm,” he says.According to Internoscia, there are an additional 18,000 condos coming online in Miami, a figure that does not include what has already come to market. He believes it will take another three to five years for all products currently on the market to be absorbed.According to Internoscia, PlumPads has completed 75 open listing transactions in the last 90 days.“For the average institutional investor, REIT, or any firm that owns tons of multifamily, rates are dropping because of the competition of the shadow market,” says Internoscia. Therefore, today’s shadow market allows many consumers to rent upscale residences at highly discounted rates, Internoscia asserts. “The average renter today can rent in the most gorgeous building with some of the finest amenities,” he adds.While PlumPads currently operates only in Fla.’s Miami-Dade, Broward and Palm Beach counties, as well as Houston, Internoscia hopes to take the company national with franchise partners.“PlumPads will definitely succeed in any highly concentrated condo marketplace,” Internoscia says, citing Boston, Chicago, Las Vegas and Scottsdale, Ariz. as examples of such markets. “The reason is because there has been so much product released and sold to investors over the past three to five years. The concentration of condos has surpassed the number of people.”