Even as the real estate market continues to balance out, there are still thousands of bank-owned properties out there, and the one thing that every REO property owner and manager wants is to get these things off the market, or at least have them start generating revenue.
This can present a problem for many REO property managers, as they are often lenders who tend not to keep resources on hand for dealing with these things. It might be a good time, this year, to start preparing the path to clearing the slate. Check out these New Year’s resolutions for REO property management so you can get that foreclosure property in shape and get it off the market.
Consider Integrated Software
Banks and lenders are already experts with the use of integrated software packages. They use them to track and manage funds, budgets and transactions all over the world in a smooth manner. There are also integrated packages for real estate owned property management. If you haven’t integrated one, you may consider it. These can combine the management of payment, communications, documents and even screening of tenants all in one place.
Commit to Education
If you have REO properties on your ledger, it’s important to educate those who are going to be in charge of maintaining those properties and getting them on the market. If you have REO properties, you need to consider signing onto or committing to an education program to keep them up with the local laws regarding their property. It can not only increase the efficiency of your management, but can save you thousands in fines and costs.
Create a Strategy for Your Properties
You’ll need to create a solid strategy for your property management. Do you want to sell it to an investor? Rehab it and flip it yourself? Convert it into a rental property? Whichever goal you seek to achieve with your properties, sit down and create a solid strategy and plan of action. This will be of major importance in helping to convert your properties from a financial resource drain to an income-generating investment.
Commit to Hiring an REO Property Management Firm
The single best thing you can do, to keep your REO properties in great shape, and to get them off the market or properly converted to a revenue stream, is to make a New Year’s resolution to hire an REO property management firm. A property management firm has the knowledge, experience and resources to keep your properties in excellent shape as well as in compliance with all state, federal and local laws.
If you want to avoid the potential for fines and penalties, reduce drain on your financial resources, and increase the potential for revenue and a quick sale, the right REO property management service is the answer. For many years, First Freedom Preservation has been here to create marketability with affordability and efficiency, and we’re ready to help you. Explore the various services we offer, and make a New Year’s Resolution to call us for help today.