REO assets are notorious for being in poor condition once a broker or agent takes possession. Previous owners, squatters, petty criminals and the wear and tear of abandonment often leave properties damaged. With this as a stark reality for REO agents and brokers, how can one best manage repairs, working with reliable vendors all while marketing the property for sale?

Preservation, Upkeep and Restoration of REO Assets

Safety is the primary concern with any REO property. Secondarily, remediation for potentially hazardous conditions is necessary. Environmental remediation, such as mold and radon, repairing damage from fire, smoke, water or even methamphetamine contamination are all essential to make a property livable before it goes on the market.

The property may be in need of electrical or structural upgrades to meet code requirements. There is a host of regulations you must meet when marketing a property. Under normal circumstances, the property would generally be in a condition that would warrant a quick entry onto the market. With an REO property, that may not always be the case if there have been damages incurred, or the property has fallen victim to criminal activity or vandals.

Additionally, it may be necessary to hire a vendor to do occupancy status checks and even at times evict or assist in move outs. In almost all cases a vendor may be needed to remove remaining personal property, secure swimming pools, board doors and even rekey or secure a door and windows. In some instances you might end up lucky and find a vendor that can handle all the services you need for the property, but more likely than not, several vendors will be needed to complete your task list to meet your property preservation, upkeep, and restoration goals.

Using Real Estate Workflow Software To Manage Your Vendors and Renovations

The big question is how do you keep track of so many renovations, code requirement, properties and vendors all at once? As is the case in many situations involving REO assets, workflow management software can be a lifesaver.

 Especially when juggling multiple vendors and repairs, it’s critical to make sure all timelines are being met and vendors are completing tasks on schedule. Furthermore, all permits, code regulations and municipal ordinances must be followed to avoid any legal trouble with REO properties. It’s virtually impossible to log progress, completion and follow up on these tasks involving several vendors without comprehensive workflow software. Not only is it critical to track progress towards goals, but proper documentation is one of the more important and possibly volatile part of managing REO assets.

With good real estate workflow management software, you can rest assured that everyone is on the same page when it comes to managing your REO properties. Meet your goals, stay organized and always know the status of any of your properties by managing your workflow through a central management software.