DataQuick partnered with RentRange to offer lenders, servicers and investors REO-to-rental and rental valuation intelligence.
The REO-to-rental option will keep try to help keep foreclosure properties occupied, offer homes to renters as well as provide lenders and servicers a return on investment.
The service may provide a much needed boost to a market that is full of investment money, but could use some help on execution.
"When evaluating the suitability of a REO to purchase as a rental, the income potential of the property, vacancy rate and local market characteristics are all key metrics to be considered," said founder and chief executive officer Walter Charnoff of RentRange.
He added, "Our unique dataset provides authoritative, granular and timely rental market intelligence necessary for REO-to-rental assessment."
DataQuick users will be able to access RentRange data as part of the company’s National Property Database file license. This will also include RentRange’s content as part of its RiskFinder suite of portfolio management solutions.
"History shows us that recovery from every economic downturn our country has faced has been led by the housing market," said president John Walsh of DataQuick.
Walsh added that "a more traditional recovery stemming from a robust purchase market has not come about as quickly as most would have liked, so alternatives are critical. Maximizing the rental and occupation of REOs serves to benefit renters, lenders, servicers and investors and is a viable, attractive alternative."