Industry News

Brokerage company forms venture to service REO properties

Howard Hanna teams with vendor management company

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Howard Hanna Real Estate services, a brokerage company with 122 offices and 3,600 sales associates in four states, has partnered with a vendor management company to create a new entity to manage and sell bank-owned properties across the country, according to an announcement today. Other real estate companies have also sought to build or strengthen specialties in foreclosure-related properties as that market niche has exploded with the market downturn. The new company, National Real Estate Asset Management, is intended to provide a range of services for customers holding bank-owned foreclosure properties, also known as real-estate owned or REO properties. "Through (this company), customers holding foreclosed properties can work with one partner who handles every aspects of property dissolution -- from eviction to the sale of property," according to the announcement. Howard Hanna partnered with National Real Estate Information Services, a privately held vendor management company, to laun...