Selecting a Property Preservation Partner
Technology is No Longer a “Nice to Have” — It’s a “Need to Have”
By Anthony Scotese
A property preservation partner can be the difference-maker for investors who are juggling a growing number of properties in their portfolio. From repairs and rehabilitation to grass cutting and snow removal, many have come to rely on these services to keep defaulted, vacant or occupied properties in great condition. However, not all providers are created equal. There are several factors to consider when selecting a property preservation partner. Here are five things to keep-in-mind when beginning to shop around:
1. Experience and expertise
Choosing a partner who can perform inspection, landscape and rehab services for your properties is a big undertaking and requires a certain level of trust. Do not put your properties in the hands of just anyone.
To ensure your investments are secure, ask the following questions when interviewing potential partners:
» How long have you been doing property preservation work?
» How many clients do you work with?
» Would I have a dedicated relationship manager working with me if I select you as my provider?
» What sets you apart from your competitors in this space?
Do not be afraid to ask the hard questions to ensure you are selecting the right partner for you.
2. Nationwide footprint
This should go without saying, but if you have properties spanning various states/regions, you want to ensure your property preservation partner operates in your footprint. Regardless if you have properties in multiple states, if you are an investor planning to scale in the future, it is important to select a partner that can help you and not hinder you in those endeavors.
Make sure to ask potential partners about their coverage area before signing on the dotted line.
3. Reporting capabilities
Reporting capabilities should be top-of-mind when considering a property preservation partner.
Understanding the standard and custom reporting options available to you, which can help you make sound decisions regarding services you may need to order for particular properties, is of the upmost importance.
You may not think reporting is a necessity but making informed decisions by leveraging data is the best way to ensure your assets are safe and secure.
4. Technology and innovation
What technology is available to you that can make your life easier?
Nowadays, technology is infused into all aspects of the origination lifecycle. If a provider does not have a focus on technology, you could risk missing out on opportunities to scale or refine your portfolio. For example, investors have benefited from automated decision-making technology to quickly adapt to real-time industry changes to achieve their performance goals and minimize risk. From managing client objectives to placement and order delivery to vendor management, technology is changing the face of investing.
Technology is no longer a “nice to have” – it’s a “need to have” if you wish to remain competitive in this challenging landscape.
5. Disaster planning
The hurricane seasons over the past two years have been above normal in terms of severity and number of named storms. And it is not just locations that are in FEMA-designated Special Flood Hazard Areas (SFHAs) that are at risk as a weather-related disaster can happen anywhere, at any time.
You need to ensure your property preservation partner can quickly aggregate damage information and target impacted areas quickly after weather events. From there, you will need their support with ordering needed inspections of properties, filing hazard claims and facilitating needed repairs due to roof damage, flooding, electrical and plumbing issues, and more. Quick remediation of any issues related to weather damage to properties is critical to protecting assets and ensuring no further damage is sustained due to neglect.
