Carrington Property Services introduced a new network that will help residential real estate brokerages increase their overall business in the distressed property market.
Over the past three years, institutional real estate sales have accounted for 25% to 30% of all residential home sales among prospective homebuyers and investors. Through the Carrington Property Network, firms will receive training to help them participate in buying short sale and foreclosed properties.
Members of the CPN will have access to the Santa Ana, Calif.-based firm’s institutional real estate services as well as REO listings, short sale leads, investor buyers, and property management and broker price opinion services.
“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.”
In order for a brokerage firm to join CPN, they must be selected by Carrington and be ranked in the top five in their market in terms of transactions and sales volume. Also, a firm must have infrastructure in place to manage institutional business to qualify for CPN membership.
“CPN is a way for Carrington 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 Co. “CPN members will be located in markets that complement our already-established network of company-owned Atlantic Pacific real estate offices.”
Prudential Select Properties, based in St. Louis, is the first brokerage to sign on with CPN.
“We’re excited about the potential opportunities for business expansion that CPN represents,” said George Bruns, president and CEO of Prudential Select Properties. “We believe that partnering with Carrington will open doors for us in the institutional real estate market, and allow us to build on our already-strong residential brand.”