Ted Klumb, a commercial real estate broker at Equity Commercial Real Estate LLC, recently launched his own business, Ted Klumb Owner’s Representative LLC.
Despite starting the new business, Klumb is still working at Equity Commercial.
His Menomonee Falls-based business will provide turnkey services to financial institutions for their non-performing commercial and residential real estate. Those services include simple board ups, repairs, cosmetic improvements, and property management while getting the properties on the market and sold quickly.
Klumb said his objective is to provide a financial institution with a single source, low cost vendor to preserve the value of their non-performing real estate while selling it as rapidly as possible. The company aims to be a single source resource for financial institutions of any size, to reduce their losses on foreclosed, distressed, real estate owned, or at risk property. The company provides services to analyze the property, list the property for sale, preserve the value of the property and perform simple repairs up to major construction completion.
“We want to give banks and credit unions more time to generate business and reduce or eliminate their duties as property caretakers,” Klumb said. “They have told us they want to concentrate on generating new business instead of fixing old business. While discussing the business model with my business advisors, we all thought there must be a million people in the market doing this right now. Through our due diligence, we discovered that few, if any, offered turnkey solutions to financial institutions and fewer were locally based.”