Treating REO properties like Homes, not inventory. Our goals include short DOM, high ROI for the Seller, and high Owner Occupant sales.
Fast Occupancy Checks at Assignment
Our team understands the delicate nature of the eviction process and the importance of making the transition from occupied to vacant as smooth and fast as possible. At The Service Team we know that Relocation assistance is often not only a cost effective alternative to eviction but a viable compromise that allows the occupant to leave the property with financial assistance and in the least confrontational manner possible. We contact the occupant and negotiate relocation assistance and any other options available to the occupants of REO properties in a respectful and professional manner. We provide the options, offer a clear and detailed explanation of all options available and answer any questions or concerns with the upmost courtesy. We will then negotiate relocation assistance in a quick and efficient manner and when an agreement has been reached our office provides clear, clean paperwork for the relocation assistance agreement. We maintain contact with the occupant from beginning to end and complete the relocation transaction in a courteous and professional manner.
We take BPO's very seriously at The Service Team. Selling an REO asset is like solving a puzzle, and the purchase price is one of the biggest pieces to that puzzle. If the price is too high, the home can sit on the market eventually ending up with a lower net. If it’s too low, then the values in the neighborhood are affected, and the banks and homeowners are hurt. At The Service Team we consider all property factors and market factors for accurate BPO's. We know most asset managers never get to see the home they are valuing before they list it, it's our job to produce a BPO that is as good, or better, than walking in the front door of the home. So whether you're in California, Texas, or Georgia, you should still feel like you've been to the property & have a good grasp on the location, condition, features, layout, and overall marketability of the Home.
In addition to standard square feet, lot size, comparable style, etc., we also take into close consideration the school district of the comps & subject, actual repairs needed, and a realistic estimate of the repair costs. A BPO with 100 or more photos is not out of the norm. Our thought process is, the more photos the better, so long as the BPO platform allows it. If we adjust for a repair, we always include a photo to justify the adjustment.
Weekly Property Inspections
The Service Team takes routine property inspections one step further. Our concept is that the same person visiting the home continuously can continuously miss the same small item. So we switch up the routes. All of our properties are routinely inspected by multiple individuals. We document inspections & report issues. Our inspectors carry items like air fresheners, batteries, and standard light bulbs, so we don’t have to hassle an asset manager or preservation company for approval on something that we can handle during our inspection. Additionally, no one in the office is exempt from visiting properties. To property sell it, we need to see it, walk it, and smell it!
Getting bids, overseeing repairs and funding the repairs, while awaiting reimbursements are all part of being an REO agent. The Service Team recommends repairs when that's what's best for the property and the seller. We treat every home like our own when inspecting and signing off on repairs. If we wouldn't accept the quality of repairs in our own homes, then they aren't good enough for you either. The Service Team uses a network of quality contractors for repairs, or we can work with any of the sellers designated contractors. All contractors used are licensed, insured, and carry workman's comp.
Utility and Property Maintenance
At The Service Team, listing a property doesn't begin and end with a sign in the yard. Property management and utility coordination is just second nature for us. We offer as little or as much as you require in the way of property maintenance. From turn on and maintenance of water, electric and gas to lawn service and pool maintenance, The Service Team will coordinate all of your property maintenance needs in an organized and efficient manner that makes it that much easier for you to focus on the bottom line.
Fully Marketed Properties
The Service Team believes in creative marketing. When an asset manager assigns us a property, we treat it like you have assigned us your personal home, not just 'an REO'. Photos are taken with wide angle cameras & lights on. We use creative descriptions and revise the description & photos for a 'fresh look'. We pay to showcase our listings on several websites, and offer additional incentives (at no cost to the seller). The Service Team uses technology for a lot of things, but feedback is not one of them. We feel there's a much better chance of optimizing on a potential sale that may have been missed by picking up the phone & talking to the agents that showed our homes, than with an automated system. We consider all feedback, all market changes, and changes in the area inventory on monthly marketing reports. If we ask for a price reduction or a change in marketing plan, it’s not an empty request; we give you quality factual information so you can make an educated decision on your marketing plan.
Contract to Close
A contract doesn’t do anyone any good if it doesn’t close. At The Service Team, every contract we have is typed in office, to avoid errors and long execution times. We use digital signing when it’s allowed by the Seller, and nothing is submitted that isn’t clean, clear and completely legible. All contracts are followed meticulously from acceptance to close. We have several “form” emails we use so everyone is on the same page throughout the process. However, much like our feedback, sometimes there is no substitute for basic forms of contact. So, that’s just what we do. Every single week we check on every single one of our contracts via phone, email, or any means possible. We have even been known to send someone to a lenders office for a face to face when responses weren’t being received via conventional methods. We ensure title is ordered, and received. Track inspections and appraisals and negotiate, oversee, and confirm contract negotiated, or lender required repairs. All while keeping our ultimate goals in mind – close on time, and before the end of the month! And get a home owner into their new home with as much ease and efficiency as possible. We do more work, so everyone else can do less