Carrington Announces New Division to Serve REO and Short Sale Market
Carrington Property Services LLC has announced the introduction of the Carrington Property Network (CPN), an exclusive national network of leading residential real estate brokerage firms. Carrington will assist these firms to increase their business in two ways: by facilitating their participation in the distressed property market, and by enabling them to work with institutional real estate investors. CPN members will have access to Carrington's institutional real estate services as well as real estate-owned (REO) listings, short sale leads, investor buyers, and property management and BPO fulfillment services. CPN brokerage firms will be selected by Carrington and must be ranked in the top five in their market in terms of transactions and sales volume, and have the infrastructure in place to manage institutional business in order to qualify for consideration for CPN membership.
"Carrington has established a track record as the leader in the area of real estate services for institutional customers, and CPN is a way for us to expand our coverage by partnering with established, successful residential real estate brokerages across the country," said Steve Ozonian, chief real estate officer for Carrington Holding Company, the parent company of Carrington Property Services. "CPN members will be located in markets that complement our already-established network of company-owned Atlantic & Pacific Real Estate offices."
Institutional real estate sales have grown in importance in recent years, as the volume of distressed property sales has increased dramatically. Distressed properties—short sales and foreclosed homes—have consistently accounted for between 25-30 percent of all residential home sales for the past three years, and have been in high demand among prospective homebuyers and investors. CPN will provide training and support to its members to help them successfully participate in this market segment.
"Our objective is to complement the traditional resale and relocation services currently provided by residential brokerage companies with best-in-class institutional real estate services," said Michael Harris, president of Carrington Property Services. "We also intend to work closely with our CPN brokers to extend the offer of these services to our customers who have need for local and regional real estate professionals to help them effectively and efficiently dispose of their inventory."
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