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Morningstar Credit Ratings assigned Carrington Property Services, as a residential vendor, both as a real estate owner asset manager and property manager for residential single-family rental properties, a top ranking with a stable outlook.
“CPS’ extensive track record in single-family rental property management should strongly position the company as a master, oversight, and standby residential property manager as the volume of single-family rental securitizations increases in the next 18 months,” Morningstar said.
The forecast reflects a pervasive audit, quality-control and compliance culture across the company, which is the result of a strong training regimen, comprehensive and client-driven policies and procedures, internal performance monitoring and reporting, and proactive vendor-management protocols.
In addition, as a subsidiary of Carrington Holding Company, CPS is able to leverage various corporate services and has an extensive performance history as a single-family rental property manager dating back to 2006.
What particularly impressed the audits is the tech know-how at Carrington.
"In conjunction with the development of the property-management business, CPS has developed a robust proprietary technology that manages all aspects of the single-family rental property lifecycle, provides extensive performance reporting to senior management and provides a continuous monitoring and scoring feedback loop over the property manager performance," the report said.
"CPS has created the requisite technology and infrastructure to serve as a master single-family rental property manager for a government-sponsored enterprise as well as third-party clients," it concluded.
