It is no secret that the number of foreclosures has increased since Covid developments in 2020, but few people know how large a role a property preservation company plays in the process. After a bank seizes possession of a home, they become responsible for keeping the property in top shape. They are also responsible for making any repairs or renovations that will get the house back on the market. While it is easy to see the banks as the bad guys in a foreclosure situation, they actually have a lot to lose if they do not proceed with caution. After all, they have already lost money on the previous owner’s unpaid mortgage and they must now put enough money into the property to make it appealing to buyers.
By using property preservation services from the jump, you won’t be taken by surprise by massive issues left from a forgotten home or building. In fact, property preservation is key to making sure your property is never forgotten in the first place. Here’s why property preservation needs to be at the forefront of your mind when it comes to protecting your investment.
What is property preservation?
Property preservation is a combination of services built specifically to keep your REO property in mint condition, whether through client-specific maintenance or even re-keying services. While property management can often be a headache, working with the right provider can help you preserve your property minus the stress.
With property preservation, your REO investment will be taken care of by a team dedicated to your specific needs. By employing property preservation solutions, you’ll also guarantee that your property isn’t losing value that could have been otherwise avoided.
What does property preservation include?
There are many factors in property preservation services, firsthand being typical maintenance that, if left untouched, can lead to a quickly lowered home value. In addition, property preservation includes other categories like boarding and safety repairs.
Here’s what you can expect from the right property preservation provider:
- Re-keying and securitization
- Boarding to prevent vandalism or other risks to the property
- Property maintenance
- Personal property and debris removal with complete documentation and photographs
- Preparation for sale or conveyance
- Safety repairs, and ongoing, client specific maintenance
At Leading Edge Companies we’re dedicated to solutions that make sense for our clients — and that includes property preservation services geared towards protecting your REO investments the right way. Are you ready to add property preservation into your investment’s wheelhouse? Give us a call today.