BrokerageIndustry News

Carrington launches distressed property network

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An asset management company that specializes in bank-owned homes has launched a national network to help real estate brokerage firms work with institutional investors interested in distressed properties. Member firms will be selected by the company, Carrington Property Services. Only firms ranked in the top five in their market in terms of transactions and sales volume, and that have the infrastructure in place to manage business from institutional investors such as banks or pension funds, will be eligible to join the Carrington Property Network (CPN), the company said in an announcement. Short sales and real estate-owned (REO) homes have accounted for between 25 and 30 percent of overall home sales in the past three years, the company said, and CPN will train and support its members to take advantage of this high-demand market segment. Member brokerages will have access to Carrington's institutional real estate services, REO listings, short sale leads, investor buyers, and property m...