FirstService Corp. says the Obama administration should pursue a diverse approach to large-scale sales of real estate owned properties (REOs).
In response to the Federal Housing Finance Agency's REO request for information, the firm – parent company to Colliers International, First Service Residential Rental Management, Field Asset Services and TenantAccess – advocated for a strategy that supports investors across a wide spectrum of size, geography and not-for-profit affiliations.
"When considering potential investor partners and strategy, scale and speed-to-market should be critical requirements," says Paul Hayman, a FirstService executive and CEO of TenantAccess. "There are many institutional and private investors with access to capital, but initializing the management of a local market housing strategy that includes a diverse and scattered property portfolio can present significant logistical challenges."
FirstService recommends the development of a national set of standards for valuations, assessments and improvements, as well as a national set of standards for renter service, property habitability and neighborhood stabilization. By creating these national standards, investors of all sizes and locality can manage larger portfolios across diverse geographies, the company says.
FirstService also proposes performance management and third-party auditing at both the property and investor level.