Real Property Management, a Salt Lake City-based, nationwide residential property management company, says it has transitioned thousands of REO properties into rentals by using a “lease and hold” strategy.

The company states that many foreclosed owners are still in their properties taking advantage of the leasing program.

Real Property Management offers its rental initiatives to former owners of foreclosed properties or to new tenants. Local, regional, and national banks, as well as other mortgage owners are now turning to a lease and hold strategy as REO inventories balloon, according to the company.

“With our real-time solutions like customizable 24/7 Web-based, integrated reporting and accounting system, we see ourselves as a valuable ally to agencies, investment clubs, banks, and individuals confronting the uphill battle of property management during these times,” said Kirk T. McGary, president of Real Property Management.

Real Property Management has managed properties for 23 years and currently manages tens of thousands of properties nationwide.