First Preston is the premier provider of single-family residential management and marketing services to financial institutions, government organizations and corporations. For more than two decades, the company has set the standard of performance for the REO services industry. Since its inception, First Preston has organized, managed and accelerated the sale and closing of more than 350,000 properties representing more than $30 billion of invested capital.

Technology-Assisted Business Model

Efficiently managing the takeover, administration and sale of a single REO property is a complex undertaking. The process involves the harmonious interactions of dozens of stakeholders. Hundreds of specialized activities must be performed by property managers, listing agents, legal counsel and other real estate professionals. Additionally, each property requires a unique set of vendor services, many of which are provided by small, local businesses. The successful coordination of these activities results in a cost-effective, fair-value sale within the shortest possible timeframe. The REO management and marketing process becomes exponentially more complex as hundreds of properties become thousands, and geographic boundaries are expanded.

By combining its vast experience with technology, First Preston has built the organizational infrastructure necessary to manage and sell a virtually unlimited number of properties. First Preston clients benefit from pre-established brokerage and vendor networks that operate within a carefully defined and well-managed set of operating procedures. The company uses two powerful web-based technologies provided by HomeTelos, LLC, an affiliate, in the delivery of its services.

A History of Operating Excellence, Integrity and Innovation

Since its formation in 1988 as a small, woman-owned business, the owners have remained committed to the core principles of Operating Excellence, Integrity and Innovation. These principles are embedded in the First Preston company culture, but extend beyond First Preston to the vast community of local brokers and vendors that provide critical subcontracted services. Many of these small businesses are far more successful as a direct result of the operating support provided to them by the company. In 2005, the principals of First Preston were recognized as “National Entrepreneurs of the Year” by Ernst & Young. This award specifically noted the company’s operating model which employs thousands of small business owners in the delivery of its REO services.

At First Preston, integrity means “Doing what is right, not what is easy”. The company embraces diversity and inclusion in all its endeavors, and demands absolute integrity from its workforce; but integrity is much more than an axiom or a policy. At First Preston integrity is a way of doing business. Process integrity has been carefully woven into its operations; from vendor qualification through a technology-assisted sales methodology. The company’s commitment to process integrity allows First Preston to manage large numbers of assets for multiple clients; each, at a granular level.

Reflecting the dynamic business environment, First Preston continuously seeks to lead change, and provide clients with innovative products and services that respond to ever-changing market realities.