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:
- Bid Orders
- 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 when 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.