What can we do for you?
Management
The management of REO properties is a specialty that requires much more than the standard residential real estate action plan. Properties that have been foreclosed on generally require extra attention to insure a quick sale at the highest and best price. Managing the daily, weekly and monthly upkeep of these properties requires a company with prior knowledge, proper resources and detailed accounting. We feel that our track record of success managing properties in the Kansas City area qualifies us for handling these responsibilities.
Property Management Key Services:
•Supervise repairs and maintenance
•Monthly inspection reports
•Manage routine maintenance, lawn, snow, trash
•Select on-site property manager when applicable
•Timely payment of property expenses
•Handle the process of activating and paying all utilities
•Eviction assistance
•Leasing service
•Rent collection
Construction
Since a large number of REO’s have been neglected and left vacant, a clean up and repair company is normally needed to bring the home back to living condition. Vacant properties are secured immediately and monitored throughout the foreclosure process to help prevent vandalism and further damage to the property. Our in-house contractors can provide quick and accurate bids and subcontract work to our preferred vendor list if needed. We then evaluate the cost of repairs to market value ratio. If this target cannot be met we recommend an "as is" sale. At that time, only cleaning and general maintenance are recommended to protect and maintain the property.
Construction/Maintenance Key Services:
•Initial inspection and evaluation of property condition (within 48 hours of contact)
•Provide a detailed report with photos of the condition of the property
•Secure, winterize, and re-key property
•Provide estimates for clean-out, repair and maintenance
•Evaluate environmental and compliance issues
•Provide necessary sub-contractors and construction supervision
Sales & Marketing
After the property evaluation and setup, we move forward with our marketing efforts. A written BPO (broker's price opinion) based on the current "As Is" condition as well as an estimated "As Repaired" value will be completed along with a photo essay. A full report will normally be completed within 7 days. Valuation is the key to capturing that all-important first month of marketing. If a property is overpriced at the start, it may miss the chance of market exposure by being eliminated as overpriced by potential buyers. Even if subsequent reductions have it priced correctly later.
Representations of these properties require creative marketing to remove connotations of low/no value associated with the term "foreclosure". For this reason, we usually do not use a bank name or the term "foreclosure" in any ads or publications, unless requested.
We provide detailed monthly inspections and status reports. Our monthly reports include such information as the condition of the property, number of showings, a summary of offers to date, and agents’ recommendations.
Marketing/Sales Key Services:
•Establish marketing strategy with financial projections
•Provide qualified real estate broker and agent
•Establish tracking/monitoring system
•Review strategy and pricing every 30 days
•Prepare and submit marketing strategy
•Complete Broker Price Opinions (BPO's)
•Full MLS listing with complete home details and photos
•Listings advertised on multiple real estate websites
•Offer cooperative fee to buyers agents
•Provide detailed net sheet with all offers
•Coordinate closing process
•Ensure timely receipt of sale proceeds
•Ensure finalization of all services
•Submit detailed closing file for your records