Morningstar Credit Ratings has issued a ranking of MOR RV 1 for Carrington Property Services, following an assessment of Carrington's operational infrastructure and client-driven performance.
Morningstar also assigned Carrington, as a residential REO asset manager and residential single-family rental property manager, a forecast of ‘stable,’ based on the quality controls the company has in place.
‘We are thrilled to announce that Carrington has earned the highest rating given by Morningstar to a residential vendor for both residential single-family rental property management and REO asset management,’ says Kevin Cloyd, president of Carrington Property Services, in a release. ‘These rankings validate what our customers have come to know about Carrington's platform – that our national scale, operational expertise and metric-oriented focus can deliver superior results to real estate investors and financial institutions seeking to maximize the value of their single-family residential real estate assets.’
The ranking is based on an assessment of Carrington's vendor management capabilities, performance history and execution, property management expertise, comprehensive business model, policies and procedures, effective training programs, robust technology environment, disaster recovery and business continuity and risk management.
In its assessment, Morningstar noted Carrington's effective vendor selection and management of an extensive network of real estate professionals and a large volume of REO properties on a national scale, as well as its grading system used to effectively monitor and report performance, manage capacity, and streamline workflow to match or surpass client benchmarks.
Additionally, the ratings firm highlighted Carrington's extensive performance history as a single-family rental property manager, its national footprint as a manager of more than 35,000 properties since 2007, and the development of RentPointe, Carrington's proprietary software application specifically designed to meet the complexities of managing diverse portfolios of single-family rental properties.
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