There are currently 3 different types of vendors who are actively being recruited to complete work within the Property Preservation Industry.
- Inspection Vendor
- Maintenance Vendor
- Repair Vendor
Here is a brief overview of what is expected from each of these 3 types of vendors.
As an REO inspector or property preservation inspector, you will be responsible for weekly or monthly inspections of the bank’s foreclosure properties to determine such things as occupancy status (Is the property vacant or occupied?) current condition of the property (Are there any new damages to report?), perform quality control checks on the repair orders being completed by other vendors. You do not need any construction background to complete inspections, but it would be helpful.
Believe it or not, many banks are actively renovating their foreclosure houses in an attempt to sell them for the most amount of money in the least amount of time. Banks are also forced to complete repairs to cure city code violations and to address damages related to an insurance claim. Repair Vendors need to know how to use basic estimating software, be able to give accurate start and finish dates, and have all the necessary the equipment and crew(s) or subcontractors to complete these repairs as quickly as possible. Construction knowledge is a must to be a successful repair vendor.
As a repair vendor, you will be hired to complete 2 types of work orders:
1) Bid Orders
2) Repair Orders
A Bid Order is when your client sends you a request to physically inspect a property and then prepare an itemized estimate to repair “damages”. Your client will normally tell you exactly what type of damages they want you to estimate. These repairs can include but are not limited to roof repairs or replacement, total rehabs, repairs to correct damages such as theft damage, water damage, vandalism damage, disaster damages, etc.
A Repair Order is what you receive once your bid (estimate) gets approved, and your client sends it over to you as a request to complete the repairs per your bid. You would then take the necessary steps to complete the repairs or arrange to have them completed using your own network of independent contractors.
As a maintenance contractor, you will be completing mostly smaller jobs that do NOT require you to have any specialized construction background. Typical property preservation maintenance jobs include changing locksets, boarding up or repairing broken window panes, performing winterizations, removing debris, cleaning entire properties (maid services) and depending on the client, you may also receive work orders that involve grass cutting & other misc lawn maintenance.
You will also have to complete some inspection type tasks such as noting the current condition of the properties that you are working on as well as basic estimating of minor property repairs. Although you do not need any extensive construction background to complete these basic property maintenance jobs, it would be helpful. if you wanted to accept the larger repair jobs along with these maintenance jobs.