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Carrington Property Services Forms Three New Operational Divisions

Looking to increase its capacity and capabilities in residential asset management services, Carrington Property Services has realigned its operations into three divisions.

The establishment of the three divisions—rental, REO administration and centralized services—benefits lenders and servicers because they can deal with increasing single-family residential asset portfolios with greater cost-effectiveness and single point of contact simplicity.

“The new structure brings enhanced capabilities in a broad range of solutions for helping our clients manage their residential property portfolios,” said Steve Ozonian, chief real estate officer of Carrington Holding Company. “Since each property has its own individual characteristics, our clients have expressed the desire to use multiple strategies simultaneously—ranging from rental to REO and short sale management—with a single point of contact for vendor management. The reorganization makes that happen with ease and transparency.”

The rental division uses proprietary systems and technology that ensures consistency and quality control to control all areas of property management, including tenant, rental and property tracking. The programs are currently in compliance with the Protecting Tenants in Foreclosure Act to manage properties in 34 states.

CPS’s administration division offers asset management, property preservation and REO broker functions to handle asset disposition. The firm uses its own monitoring and reporting tools to track performance and simplify portfolio management.

The last division, centralized services, monitors the operations of the other two branches. The division ensures that consistency, oversight and quality control in property assessment, valuation process, property preservation, invoicing, and financial accounting from both the rental and administrative divisions functions properly.

“Carrington Property Services now offers even more effective ways to use all the strategies available,” Ozonian said. “For the first time, lenders and servicers have a one-stop capability to manage all aspects of the asset management life cycle.”