by markjohnson | May 2, 2019 | In The News, JPAR, JPAR News, Real Estate, What's New
By: JIM DALRYMIRE || Staff Writer with Inman
JPAR Instant Offers is designed to be as convenient as an iBuyer but casts Texas brokerage JP & Associates as a facilitator of deals rather than a purchaser of properties
Jim Dalrymple II
Interesting article:
They say everything’s bigger in Texas, and that’s apparently true when it comes to iBuying competition: Frisco, Texas-based brokerage JP & Associates Realtors formally announced Tuesday it has teamed up with a tech company to launch an agent-centric cash offer program.
JPAR Instant Offers is being billed as an iBuyer, though it differs from the type of instant cash offer programs that other, bigger companies have built. Would-be sellers can go online and get an immediate rough offer for their property. Within 24 hours, a JP & Associates representative will come out and visit the home to confirm its value and discuss options with the seller. The property owner can then opt to sell their home the traditional way and have it show up on multiple listing services or proceed with the cash option.
Sellers who opt for cash should have their finalized, official offer within another 24 to 48 hours.
J.P. Piccinini
“We give you the closing that you want,” J.P. Piccinini, founder and owner of JP & Associates, told Inman.
Up to this point, the program resembles other iBuyers, which generally tout the ease and speed of a cash offer. However, what sets JPAR Instant Offers apart is the source of its offers; while major players like Opendoor and Zillow buy properties on their own, JP & Associates sources its offers from third party investors.
“Focus on what you love to do.”
“We’re nothing more than a facilitator connecting the seller with the potential buyer, the investor,” Piccinini said. “We have buyers across the United States.”
Piccinini explained that his company has built a stable of “thousands” of potential investors that includes past clients, hedge funds, home flippers, rental property owners and others. After a seller chooses to proceed with a cash offer, the property goes to a kind of internal, digital marketplace that only JP & Associates agents can view. Those agents can then broadcast listings seeking cash offers to investors.
JP & Associates agents handling instant offer deals are paid by the sellers. Piccinini said that agents can work out their own payment arrangements with sellers, and can opt to receive anything from a flat fee to a traditional commission.
The system has only been live for about a week, but Piccinini said that he expects the response time from investors to be “hours.” He also said that the cash offers will tend to be about 10 percent less than what sellers might have received on the open market, which some people are willing to accept in exchange for greater convenience.
JPAR Instant Offers’ unique setup has a handful of ramifications. For one thing, all the offers that go through the program are handled by a JP & Associates agent, unlike conventional iBuyers, which in some cases are willing to work both with agents or with sellers directly.
Some iBuying programs such as Coldwell Banker’s cataLIST, Keller Williams’ Keller Offers and Redfin Now also rely on agents to guide customers through the transaction process. Many such programs are still relatively new, however, and it remains to be seen how they may fair against now-entrenched disruptors like Opendoor.
Involving outside investors also frees JPAR Instant Offers from the price and property type constraints that other cash offer firms face. Companies like Opendoor and Offerpad, for example, have tended to only buy mid-priced, relatively modern tract homes concentrated in places like Arizona and Texas.
JPAR Instant Offers, on the other hand, has no price constraints and can work with sellers in any of the seven (and soon to be more) states where the company has offices and franchises. According to Piccinini, that’s possible thanks to the diverse list of investors that JP & Associates has compiled; while hedge funds might only be interested in the same types of properties iBuyers want, home flippers or rental investors may be looking for something entirely different.
“We have a very, very large pool of buyers,” Piccinini added, “A very diverse pool of investors.”
JP & Associates isn’t the only independent firm to start an iBuyer. Late last year, Broker Anthony Lamacchia launched Offer Now as part of his company Lamacchia Development. Lamacchia told Inman in March that he started the cash offer program in response to companies like Opendoor, Zillow and Redfin.
Seen together, all of these programs illustrate how widely the appetite for iBuying has spread in the industry.
JP & Associates has teamed up with technology company OfferAI to run the JPAR Instant Offers system. OfferAI first launched last year and created a way for property owners to sell quickly to investors.
In an email to Inman, OfferAI founder and CEO Jack Burns said the JPAR Instant Offers program will “give sellers fiduciary representation throughout the iBuyer experience.” In the future, the partnership will also let JP & Associates set up their own websites and market themselves as iBuyers, Burns said. That program is currently being beta tested, and it will eventually become available to agents at other brokerages as well.
OfferAI charges an administrative fee on the transactions it facilitates for JP & Associates. The company is independent of JP & Associates, though the brokerage’s parent Vesuvius has invested in OfferAI.
News of JPAR Instant Offers was first reported by CandysDirt.com.
A number of companies including Opendoor, Zillow and Redfin have been aggressively expanding their own cash offer programs. Though these companies’ strategies vary, at least some of the bigger players clearly see the value of iBuying as a tool for generating leads. During a recent earnings call, for example, Redfin CEO Glenn Kelman said that his company’s cash offers are usually rejected but the iBuyer program is nevertheless important.
Piccinini said that JPAR Instant Offers will serve a similar function, with the program’s greatest value being its ability to start conversations with potential sellers. Ultimately, he said he would “be surprised” if cash offers ever accounted for more than 3 percent of his firm’s business.
Competition among iBuyers is also shaping up to be particularly fierce on JP & Associates home turf. Not only are established players like Opendoor and Offerpad operating in Texas, but Keller Williams announced last week that it plans to go live with its iBuyer program in May. That program will launch in the Dallas area — the metro region with the most JP & Associates offices.
Piccinini, however, said that he is not concerned about competition with other iBuyer companies. Cash offers still account for only a small percentage of deals, he explained, and in any case he express confidence that his company could win market share away from its rivals.
“What they’ve done is they’ve paved the road for us,” he said. “I think if anything they ought to be concerned about us.”
Source: https://www.inman.com/2019/05/01/indie-brokerage-launches-unconventional-ibuyer-program/
by markjohnson | Apr 1, 2019 | Franchise, JPAR, JPAR News, Real Estate, Texas, What's New
“Since October of 2018, we have opened more than 20 franchises across the United States with more in development,” said Giuseppe ‘JP’ Piccinini, Founder/President of JP & Associates REALTORS®. “However, given the fact that this will be our first franchise in Texas where JPAR was born and made, I am beyond thrilled for what this opportunity has in store for the agents and communities in this bustling market.”
Chris Sears, industry acclaimed, long-time real estate professional has partnered with JP & Associates REALTORS® to open its first Texas franchise in the city of Houston.
“Having witnessed first-hand the success and growth of this company,” Sears stated, “I am both pleased and very excited to open this franchise.”
Mr. Sears’ resume is far from mediocre, which boasts notable titles and accolades, such as CEO and Team Leader of a $1.6 billion sales volume producing brokerage, Trainer, Business Coach and Consultant to 4 of the top 10 brokerages in the Houston MSA (with over a decade’s worth of experience), and most recently, President and COO of the 4th largest real estate brokerage in Houston, TX.
During his 22 years in the business, Chris has overseen 60,000+ real estate transactions in 7 states (and internationally), closed over $9.7 billion in real estate transactions since 2005, served two terms on the Texas Associates of Realtors Commercial Contracts Task Force, with over 16 years as a qualified, corporate sales trainer.
“The Houston market and its agents are in for a real treat,” said Frank Gay, CEO of JP & Associates REALTORS® Franchise Division. “Chris is an incredibly driven, lucrative individual that possesses the skills and ability to create successful Realtors. Without a doubt, there could not be a more suitable person to partner with in opening this new location.”
JP And Associates REALTORS® (JPAR) is one of the top 50 real estate brokerages in the US. A full-service transaction fee based real estate brokerage, it has been recognized as one of the top 10 fastest growing brokerages in the country by REAL TRENDS as well as also being a back to back INC5000 nominee. It operates multiple offices across Texas, Louisiana, South Carolina, California and Florida, expanding nationwide, offering franchising opportunities for entrepreneurial real estate professionals.
by markjohnson | Feb 28, 2019 | In The News, JPAR, JPAR News, What's New
“Informative, inspiring,” and of course, “entertaining!” These are just several of the words agents and business partners have used to describe JP & Associates REALTORS® biggest event of the year. Celebrating their top producers, the Frisco-based real estate company took over Dallas’ Gilley’s South Side Ballroom for the fashionably dressed, red-carpet occasion. The evening was filled with music, smiles, and laughter, as well as several motivational, and memorable moments.
The Seppes, so named after the brokerage’s Founder and Owner, Giuseppe ‘JP’ Piccinini, boasted an attendance of nearly 800 JPAR agents and guests for its 5th Annual Awards Gala. This Oscar style event remains highly anticipated by the entire company and its offices across the US.
“Each year, The Seppes just gets bigger and better,” Piccinini said. “Seven years ago, I held JPAR’s first award ceremony in my own living room. It’s amazing to think we’re now hosting in venues which hold all of our agents from across the nation.”
Similar to the Oscars, each award is presented by two speakers, for which there are numerous categories, all based on the year’s productivity for the winning agent. Previous award winners, staff, and even company executives act as presenters, announcing the nominees and singing praises to the winners in their uniquely, notable fashions. Awards range from Top Producer to Mentor or Rookie of the Year to the Circle of Excellence Sales awards for exceeding expectations in real estate sales.
Rookie of the Year winner, Jackie South, had one of the most moving acceptance speeches of the evening. Having faced several difficult challenges in 2018, it became clear how much she values her JPAR family. “I absolutely love JP & Associates,” South stated. “Without this culture, and more specifically, the help of my mentor, there is no way I could have ever met the needs of my clients, let alone received this award.” She then added, “I am so grateful to be a part of such a wonderful company that truly cares for its agents.”
After the awards, guests enjoyed door prizes and a raffle for charity. Live music by Emerald City Band had the crowd up and dancing in between hors d’oeuvres and cocktails.
“I’ve never seen a real estate brokerage focus so much on the needs and desires of its agents,” said Trenton Johnson, winner of the Top Sales Agent award for the third consecutive year in a row. “The Seppes is amazing evening, but each day, JPAR goes above and beyond to make sure my business and clients are taken care of in every possible way. If you enjoy working hard and having fun, this is the place to be.”
JP And Associates REALTORS® (JPAR) is one of the top 50 real estate brokerages in the US and #1 independent brokerage in Texas. A full-service transaction fee based real estate brokerage, it has been recognized as one of the top 10 fastest growing brokerages in the country by REAL TRENDS as well as also being a back to back INC5000 nominee. It operates multiple offices across Texas, Louisiana, South Carolina and Florida, expanding nationwide, offering franchising opportunities for entrepreneurial real estate professionals.
For more information on franchising opportunities, visit www.jpar.com or email [email protected]
by markjohnson | Jan 25, 2019 | Florida Market, In The News, JPAR, JPAR News, Real Estate, What's New
JP & Associates REALTORS® (JPAR) is excited to announce their entry into the Florida market with their first office location in Orlando. Cindy & Sean DeCoster have been managing offices and selling real estate throughout Central Florida for nearly 2 decades. They, along with their partnership group, bring their vast experience and love for the Industry to the JPAR Family with the addition of a new franchise, JP & Associates REALTORS® City & Beach.
Cindy DeCoster recently served as the 2018 Women’s Council of REALTORS® Florida President. She currently serves as the Council’s Florida Past President as well as serves on the Council’s National Executive Committee and State President’s Advisory Group (PAG). Cindy is well known throughout the Real Estate Industry and often speaks at Industry Events across the Country. She operates the Central Florida location as the CEO/Principal and Sean is the Qualifying Broker.
Outside of Texas, this is JP & Associates REALTORS® 3rd state that they have entered into within the last 90 days. JPAR opened a franchise location in South Carolina earlier this month as well as another in Louisiana in December of 2018.
JPAR Franchising, LLC (Franchising Division) entered into a Multiple Location Expansion Agreement to broaden the brand’s presence across several different strategic markets within the Sunshine State. The first two offices are in Orlando and Melbourne, with several more scheduled to open in the near future. Orlando is currently open for business and Melbourne is scheduled to open its doors in early March 2019.
Frank Gay, CEO of JPAR Franchising, LLC stated, “I have had the pleasure of knowing Cindy & Sean for nearly 20 years. Cindy’s servant leadership and giving of herself to this Industry is unparallel to anyone I have known. Orlando is an exciting and fast-moving market. We believe the JPAR system with its Culture of Productivity & Service will thrive, based on Orlando’s highly transactional environment. I cannot think of any better Operators that are suited to take this challenge on and partner with us than Cindy & Sean.”
JP Piccinini, Chairman & CEO of JPAR brokerage added, “Our Vision at JPAR has been to build a company so valuable for our REALTORS® that the value it brings to THEIR business will be PRICELESS. Cindy and Sean are the perfect leadership team to spread the JPAR Vision across Central Florida & beyond.”
JP And Associates REALTORS® is one of the top 50 real estate brokerages in the US. A full-service, transaction fee based real estate brokerage, it has been recognized as one of the top 10 fastest growing brokerages in the country by REAL TRENDS as well as also being a back to back INC5000 nominee. It operates corporate-owned and franchise locations across Texas, Louisiana, South Carolina, and Florida, expanding nationwide, offering franchising opportunities for entrepreneurial real estate professionals.
For more information on franchising opportunities, visit www.jpar.com or email [email protected]
Each JPAR Franchising, LLC location is Independently Owned & Operated.
by markjohnson | Jan 11, 2019 | In The News, JPAR, JPAR News, Real Estate, What's New
JPAR Franchising, LLC (Franchising Division) has entered into a Multiple Location Expansion Agreement with Andy Brumbaugh of Magnolia Group SC, LLC to expand the brand’s presence across multiple markets within the Palmetto State to operate as JP & Associates REALTORS® Magnolia Group. The first office will open in early January 2019 and will be located in Lexington, SC. The second location is slated for a June 2019 opening, with others scheduled to open in the near future.
Andy Brumbaugh, President/Chief Executive Officer of Magnolia Group SC, LLC. stated, “JP’s business model is exactly what today’s agents are looking for and I’m thrilled to be the one to bring this opportunity to them. JP & Associates REALTORS® is known for Exceeding Expectations™ and we look forward to doing that across South Carolina.”
This is one of many upcoming franchise additions for the company, with the first franchisee opening its doors soon in Covington, LA.
Frank Gay, CEO of JPAR Franchising, LLC stated, “The trajectory of our company’s vision is taking us in directions where we see significant growth and impact. This company was built on the backs of amazing people, not bricks & mortar. We are beyond excited that Andy & Kristen are taking the lead on this journey for the agents across South Carolina to experience JPAR’s unique Culture of Productivity & Service along with Best in Class Technology of the company’s B.O.S.S.S.™ system & offerings.”
JP Piccinini, CEO of JPAR brokerage added, “The future is bright and what’s possible is endless.”
JP And Associates REALTORS® (JPAR) is one of the top 100 real estate brokerages in the US. A full-service transaction fee based real estate brokerage, it has been recognized as one of the top 10 fastest growing brokerages in the country by REAL TRENDS as well as also being a back to back INC5000 nominee. It operates multiple offices across Texas, Louisiana, South Carolina and Florida, expanding nationwide, offering franchising opportunities for entrepreneurial real estate professionals.
For more information on franchising opportunities, visit www.jpar.com or email [email protected]
by markjohnson | Jan 11, 2019 | In The News, JPAR, JPAR News, Real Estate, What's New
JP & Associates REALTORS® is pleased to announce our newest franchise, JP & Associates REALTORS® Gulf South located in Covington, LA. Jim and Stacie Doyle are the Owner Operators of the franchise which is located just North of New Orleans, up Lake Pontchartrain in Southeast Louisiana.
Frank Gay, CEO of JPAR Franchising, LLC stated, “We are pleased to Welcome Jim, Stacie and their brilliant team to JPAR as our newest Franchisees. Their vision for success in Louisiana perfectly aligns with the tools and support JPAR provides as a Franchisor. What makes our Culture of Productivity and Service so special is that we all live and breathe by our trademark of Exceeding Expectations™”.
JP Piccinini, CEO of JPAR brokerage added, “We are excited to welcome our new family members… the future is bright and what’s possible is endless.”
This is the first of many upcoming franchise additions for the company as well as the first entry into Louisiana.
JP And Associates REALTORS® (JPAR) is one of the top 100 real estate brokerages in the US. A full-service transaction fee based real estate brokerage, it has been recognized as one of the top 10 fastest growing brokerages in the country by REAL TRENDS as well as also being a back to back INC5000 nominee. It operates multiple offices across Texas, Louisiana, South Carolina and Florida, expanding nationwide, offering franchising opportunities for entrepreneurial real estate professionals.
For more information on franchising opportunities, visit www.jpar.com or email [email protected]
