Prudential Select Properties Promises to Grow Local Distressed Properties Market

PRLog (Press Release) - Mar. 1, 2013 - St Louis announced a working relationship with the Carrington Property Network (CPN), an exclusive national network of leading residential real estate brokerage firms. Carrington will assist in increasing Prudential Select Properties (PSP) in two ways: by facilitating their participation in the distressed property market, and by enabling them to work with institutional real estate investors. PSP will have access to Carrington's institutional real estate services as well as 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," noted 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% 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 Prudential Select St. Louis, helping them successfully participate in this market segment. Growing in convenience and demand, the Saint Charles real estate market will particularly benefit from PSP’s new partnership with the CPN Network.

"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," noted 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."

Prudential Select Properties in St. Louis, MO 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."

Leading residential brokerage companies who may be interested in CPN should visit the company's web site at http://www.carringtonpn.com to submit an inquiry.

As proven experts in St. Charles real estate, a Prudential Select Properties realtor can help find the right home. To attend a Saint Charles open house or broaden a search to include other neighborhoods in the area, contact a local Prudential Select Properties realtor to provide a wide selection of home buying options.